Cardinal Infrastructure (CDNL) director reports 22,725 share purchase at $21

Rhea-AI Filing Summary

Cardinal Infrastructure Group Inc. disclosed that a company director purchased additional Class A Common Stock. On 12/11/2025, the director bought 22,725 shares at a price of $21 per share, increasing the director’s beneficial ownership to 29,212 shares, held directly.

The reported shares are subject to a lock-up agreement effective as of 12/9/2025 with Stifel, Nicolaus & Company, Incorporated and William Blair & Company, L.L.C. Under this agreement, the shares reported cannot be sold for 180 days following the lock-up date.

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^*

Lee Richard Melvin Jr.

(Last) (First) (Middle)

C/O CARDINAL INFRASTRUCTURE GROUP INC.

100 E. SIX FORKS ROAD, #300

(Street)

RALEIGH NC 27609

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Cardinal Infrastructure Group Inc. [ CDNL ]

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)
12/11/2025

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
Class A Common Stock	12/11/2025		P		22,725(1)	A	$21	29,212	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 on this Form 4 are subject to a lock-up agreement, effective as of 12/9/2025 (the "Lock-up Date"), between the Reporting Person and Stifel, Nicolaus & Company, Incorporated and William Blair & Company, L.L.C, pursuant to which shares of Common Stock reported herein cannot be sold for 180 days following the Lock-up Date.

	/s/ Tiffany Gidley, Attorney-in-Fact	12/11/2025
	** 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

What insider transaction did Cardinal Infrastructure Group (CDNL) report?

A director of Cardinal Infrastructure Group Inc. reported buying Class A Common Stock, as shown in a Form 4 insider transaction report.

How many CDNL shares were purchased and at what price?

The director purchased 22,725 shares of Class A Common Stock at a price of $21 per share on 12/11/2025.

What is the director’s total beneficial ownership after this transaction?

Following the reported purchase, the director beneficially owns 29,212 shares of Cardinal Infrastructure Group Inc. Class A Common Stock, held directly.

What is the lock-up agreement affecting these Cardinal Infrastructure (CDNL) shares?

The purchased shares are subject to a lock-up agreement effective as of 12/9/2025, under which they cannot be sold for 180 days after that date.

Who is party to the lock-up agreement for the CDNL shares?

The lock-up agreement is between the reporting director and Stifel, Nicolaus & Company, Incorporated and William Blair & Company, L.L.C.

Is the Cardinal Infrastructure (CDNL) Form 4 filed by one person or multiple insiders?

The report is indicated as a Form filed by One Reporting Person, not a joint filing by multiple insiders.