Director Jim Miller granted 191,327 BlueLine (BLMH) shares as compensation

Rhea-AI Filing Summary

BlueLine Holdings, Inc. director Jim Miller received 191,327 shares of common stock as equity compensation. The Form 4 shows that on December 31, 2025, Miller was awarded these shares at an implied price of $0.98 per share for his service on the company’s board.

After this grant, he directly holds 191,327 common shares. The transaction is coded as an acquisition and reflects stock-based compensation rather than an open-market purchase.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Miller James

(Last) (First) (Middle)

11516 DOWNEY AVE

(Street)

DOWNEY CA 90241

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/31/2025		A(1)		191,327	A	$0.98	191,327	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares reported herein were issued to Jim Miller on December 31, 2025 as compensation for service as a director of the Issuer, at an implied price of $0.98 per share.

	/s/ James Miller	01/27/2026
	** 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 did BlueLine Holdings (BLMH) disclose in this Form 4 filing?

BlueLine Holdings disclosed that director Jim Miller received 191,327 shares of common stock. The shares were granted on December 31, 2025 as compensation for his board service at an implied price of $0.98 per share.

How many BlueLine Holdings (BLMH) shares did Jim Miller acquire?

Jim Miller acquired 191,327 shares of BlueLine Holdings common stock. These shares were issued as compensation for his role as a director, rather than purchased on the open market, and represent his entire reported post-transaction holding.

What was the implied price per BlueLine Holdings (BLMH) share in Jim Miller’s grant?

The implied price per share for Jim Miller’s grant was $0.98. This valuation is stated in the footnote explaining the equity compensation issued on December 31, 2025 for his service as a director of the company.

Is Jim Miller’s BlueLine Holdings (BLMH) ownership direct or indirect?

Jim Miller’s reported ownership of 191,327 BlueLine Holdings shares is direct. The Form 4 classifies the post-transaction holdings as directly owned, with no indication that the shares are held through a trust, partnership, or other intermediary entity.

What role does Jim Miller hold at BlueLine Holdings (BLMH)?

Jim Miller serves as a director of BlueLine Holdings. The Form 4 indicates his relationship as a board member, and the disclosed share grant of 191,327 shares was issued as compensation for his service in this director role.

Was Jim Miller’s BlueLine Holdings (BLMH) stock transaction an open-market trade?

No, Jim Miller’s transaction was not an open-market trade. The Form 4 and its footnote state that 191,327 shares were issued to him as compensation for director services, at an implied price of $0.98 per share, rather than being bought or sold on an exchange.