[Form 4] Cogent Communications Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Schedule 13G/A (Amendment No. 4) – CI&T Inc. (CINT)

Five affiliated investment entities – BW Gestao de Investimentos Ltda., Brasil Warrant Administracao de Bens e Empresas S.A., Lepton Fund Ltd., Unicorp International Finance Corporation and Santana Investimentos Ltd. – report their aggregate ownership of CI&T’s Class A common shares as of 30 June 2025.

• Shared voting & dispositive power: 2,882,650 shares (12.2% of 23,602,836 outstanding) for BW Gestao, Brasil Warrant, Unicorp and Santana.
• Lepton Fund Ltd.: 2,439,440 shares, representing 10.3% of the class, held with shared voting & dispositive power.
• Sole voting/dispositive power: 0 shares for all reporting persons; all authority is shared.
• Control structure: BW Gestao is investment adviser to Lepton Fund and Mantiqueira Overseas Fund (additional 443,210 shares). Brasil Warrant controls BW Gestao. Unicorp holds all management shares of the Cayman funds and is controlled by Santana Investimentos.

The group certifies the holdings are passive and were not acquired to influence control of the issuer. No other material transactions, financial results or governance changes are disclosed.

For investors, the filing confirms a concentrated but passive 12.2% ownership position, providing transparency on the shareholder base and signalling continued exposure of this Brazilian/Cayman investment group to CI&T’s equity.

Positive

• Disclosure confirms the group maintains a 12.2% passive stake, providing transparency on a large holder of CI&T’s Class A shares.

Negative

• Ownership concentration: a single affiliated group controls over 12% of the float, reducing share dispersion and potentially affecting liquidity.

Insights

Equity Research Analyst

TL;DR: Passive filing shows group still owns 12.2% of CINT; no control intent or new transactions disclosed.

The amendment reconfirms that BW Gestao and its related entities control a noteworthy 2.88 million Class A shares. Because the filing is made under Rule 13d-1(d) and expressly disclaims control ambitions, the disclosure is informational rather than catalytic. The stake size—over 12%—keeps the group among CI&T’s largest shareholders and could support trading liquidity, but there is no implication of activism or near-term strategic influence. From a valuation or earnings perspective nothing changes; thus, market impact should be limited.

Corporate Governance Specialist

TL;DR: Significant but passive 12.2% stake increases ownership concentration; governance impact remains limited.

Ownership concentration is material: a single group holds more than one-tenth of the float. However, the absence of sole voting power and the certification of a passive intent reduce governance risk. Investors should monitor future amendments for any switch to 13D status, which would signal activist motives. At present, the filing merely enhances transparency of a complex Brazilian/Cayman ownership chain and does not alter CI&T’s control dynamics.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Howard Eve N

(Last) (First) (Middle)

2450 N ST NW

4TH FLOOR

(Street)

WASHINGTON DC 20037

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COGENT COMMUNICATIONS HOLDINGS, INC. [ CCOI ]

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)
06/30/2025

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	06/30/2025		A		1,968(1)	A	$0	14,633	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 of common stock reported reflects a quarterly payment to directors for Q2 2025 service. All shares are owned directly by Ms. Howard, a director of Cogent Communications Holdings, Inc.

	/s/ Eve Howard	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many CI&T (CINT) shares does BW Gestao and affiliates own?

They report 2,882,650 Class A shares, equal to 12.2% of the outstanding class.

What percentage of CI&T’s Class A stock is held by Lepton Fund Ltd.?

Lepton Fund Ltd. holds 2,439,440 shares, or 10.3% of the class, with shared voting power.

Is the 12.2% stake in CI&T reported as passive or activist?

All reporting persons certified the stake is passive and not intended to influence control of the issuer.

What is the date of the event triggering this Schedule 13G/A filing for CINT?

The event date is 30 June 2025.

Which entities are involved in the 12.2% ownership group of CI&T?

BW Gestao, Brasil Warrant, Lepton Fund, Unicorp International Finance Corporation, and Santana Investimentos.