Blum Holdings (BLMH) director discloses common stock warrant positions

Rhea-AI Filing Summary

Blum Holdings, Inc. insider Douglas Rosenberg reported his beneficial ownership of derivative securities as of 12/05/2025. Rosenberg, identified as a director of BLUM HOLDINGS, INC. (BLMH), holds multiple warrants to purchase the company’s common stock with different exercise and expiration dates.

The reported positions include warrants to purchase common stock at exercise prices of $0.17, $0.35, and $0.53 per share, each with specific expiration dates ranging from 12/30/2027 to 12/05/2028. The filing explains that the warrants are exercisable at any time for the underlying registered common stock and, if the underlying shares are unregistered, they may be exercised on a cashless basis at the holder’s election until they are automatically exercised on a cashless basis at expiration.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

ROSENBERG DOUGLAS

(Last) (First) (Middle)

11516 DOWNEY AVE

(Street)

DOWNEY CA 90241

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/05/2025

3. Issuer Name and Ticker or Trading Symbol
BLUM HOLDINGS, INC. [ BLMH ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants to Purchase Common Stock	12/30/2024	12/30/2027	Common Stock	117,647(1)	$0.17	D
Warrants to Purchase Common Stock	12/30/2024	12/30/2027	Common Stock	37,736(1)	$0.53	D
Warrants to Purchase Common Stock	05/07/2025	05/07/2028	Common Stock	75,472(1)	$0.53	D
Warrants to Purchase Common Stock	05/08/2025	05/08/2028	Common Stock	122,642(1)	$0.53	D
Warrants to Purchase Common Stock	09/16/2025	09/17/2028	Common Stock	571,429(1)	$0.35	D
Warrants to Purchase Common Stock	09/17/2025	09/17/2028	Common Stock	285,714(1)	$0.35	D
Warrants to Purchase Common Stock	12/01/2025	12/08/2028	Common Stock	228,571(1)	$0.35	D
Warrants to Purchase Common Stock	12/02/2025	12/02/2028	Common Stock	228,571(1)	$0.35	D
Warrants to Purchase Common Stock	12/03/2025	12/03/2028	Common Stock	571,429(1)	$0.35	D
Warrants to Purchase Common Stock	12/04/2025	12/04/2028	Common Stock	114,286(1)	$0.35	D
Warrants to Purchase Common Stock	12/05/2025	12/05/2028	Common Stock	571,429(1)	$0.35	D

Explanation of Responses:

1. The warrants are exercisable at any time for the underlying registered common stock, at their applicable conversion prices. In the event that the underlying common shares are unregistered, the warrants may be exercised at any time at the election of the holder on a cashless basis. The warrants are exercisable until the expiration date upon which the warrants shall be automatically exercised on a cashless basis.

	/s/ Douglas Rosenberg	12/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What does Blum Holdings (BLMH) insider Douglas Rosenberg report in this filing?

Douglas Rosenberg, a director of BLUM HOLDINGS, INC. (BLMH), reports his beneficial ownership of multiple warrants to purchase common stock as of 12/05/2025. These derivative positions and their key terms, such as exercise prices and expiration dates, are disclosed in Table II.

What types of securities are disclosed for BLMH in this insider ownership report?

The report discloses derivative securities, specifically warrants to purchase common stock of Blum Holdings, Inc. Each line in Table II lists a warrant series, including its exercise date, expiration date, the title of the underlying security (common stock), and the amount or number of shares it covers.

What are the exercise prices of the warrants reported for Blum Holdings (BLMH)?

The warrants reported have exercise prices of $0.17, $0.35, and $0.53 per share of common stock. Each exercise price is tied to particular warrant issuances with specified exercisable dates and expiration dates listed in Table II.

How many Blum Holdings common shares underlie some of the reported warrants?

Examples from Table II include warrants exercisable into 117,647 shares of common stock at an exercise price of $0.17 per share and warrants exercisable into 571,429 shares of common stock at an exercise price of $0.35 per share. Each warrant line specifies a distinct number of underlying common shares.

When do some of the reported BLMH warrants expire?

Selected warrant series have expiration dates including 12/30/2027, 05/07/2028, 09/17/2028, and 12/05/2028. Each warrant line in Table II provides both a date exercisable and an expiration date for that specific series.

What does it mean that the BLMH warrants may be exercised on a cashless basis?

The explanation states that if the underlying common shares are unregistered, the warrants may be exercised at any time on a cashless basis at the holder’s election. It further notes that the warrants are exercisable until their expiration date, at which point they will be automatically exercised on a cashless basis.

Is the ownership reported by Douglas Rosenberg direct or indirect?

In Table II, the warrants to purchase Blum Holdings common stock are reported with an ownership form of Direct (D). The Nature of Indirect Beneficial Ownership column is not used for these entries, indicating the positions are held directly.