Cardinal Infra (NASDAQ: CDNL) CEO loads up on stock in four open-market buys

Rhea-AI Filing Summary

Cardinal Infrastructure Group Inc. director and Chief Executive Officer Jeremy Simmons Spivey reported open-market purchases of 83,350 shares of Class A Common Stock on August 14, 2026, in four separate transactions. Reported weighted average prices were $36.58, $37.69, $38.82, and $39.65 per share, each reflecting multiple trades within specified price ranges. The filing indicates these trades were not made under a Rule 10b5-1 trading plan.

Insider Trade Summary

Net Buyer: 83,350 shares

Net Buy 4 txns

Insider Spivey Jeremy Simmons

Role Chief Executive Officer

Bought 83,350 shs ($3.20M)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock F1	12,366	$36.58	$452K
Purchase	Class A Common Stock F2	14,224	$37.69	$536K
Purchase	Class A Common Stock F3	45,249	$38.82	$1.76M
Purchase	Class A Common Stock F4	11,511	$39.65	$456K

Holdings After Transaction: Class A Common Stock — 83,350 shares (Direct)

Footnotes (4)

1. F1. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $36.19 to $37.12, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) of this Form 4.
2. F2. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $37.30 to $38.28, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (2) of this Form 4.
3. F3. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $38.47 to $39.46, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (3) of this Form 4.
4. F4. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $39.47 to $40.09, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (4) of this Form 4.

Key Figures

Total shares purchased: 83,350 shares First purchase: 12,366 shares at $36.58 per share Second purchase: 14,224 shares at $37.69 per share +2 more

5 metrics

Total shares purchased 83,350 shares Aggregate buyShares across four open-market purchases on August 14, 2026

First purchase 12,366 shares at $36.58 per share Class A Common Stock, weighted average price with trades from $36.19 to $37.12

Second purchase 14,224 shares at $37.69 per share Class A Common Stock, weighted average price with trades from $37.30 to $38.28

Third purchase 45,249 shares at $38.82 per share Class A Common Stock, weighted average price with trades from $38.47 to $39.46

Fourth purchase 11,511 shares at $39.65 per share Class A Common Stock, weighted average price with trades from $39.47 to $40.09

Key Terms

weighted average price, multiple transactions, price ranges

3 terms

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

multiple transactions financial

"The shares were purchased in multiple transactions at prices ranging from..."

price ranges financial

"transactions at prices ranging from $36.19 to $37.12, inclusive."

FAQ

What insider transactions did CDNL report for Jeremy Simmons Spivey on this Form 4?

Cardinal Infrastructure Group Inc. reported that CEO Jeremy Simmons Spivey purchased 83,350 shares of Class A Common Stock on August 14, 2026 in four open-market transactions at various weighted average prices between $36.58 and $39.65 per share.

At what prices did the CDNL CEO buy shares on August 14, 2026?

The CEO’s purchases used weighted average prices of $36.58, $37.69, $38.82, and $39.65 per share. Footnotes state each figure reflects multiple transactions within narrower price ranges on the same date.

How many CDNL shares did the CEO buy in each reported transaction?

Jeremy Simmons Spivey bought 12,366, 14,224, 45,249, and 11,511 shares of CDNL Class A Common Stock. Together these four open-market purchases total 83,350 shares acquired on August 14, 2026.

Were the August 14, 2026 CDNL insider purchases under a Rule 10b5-1 plan?

The filing’s Rule 10b5-1 checkbox is unchecked, indicating these reported CDNL trades were not conducted under an affirmed Rule 10b5-1 trading plan. The transactions are reported as open-market purchases of Class A Common Stock.

Are the CDNL Form 4 prices exact or weighted averages for the CEO’s trades?

For each transaction, the reported per-share price is a weighted average price. Footnotes explain the CEO purchased shares in multiple transactions within specified price ranges and undertakes to provide detailed trade breakdowns upon request.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/17/2026 - 05:39 PM Accepted by SEC EDGAR 08/17/2026 - 05:38 PM Learn about SEC filing dates

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^*

Spivey Jeremy Simmons

(Last) (First) (Middle)

C/O CARDINAL INFRASTRUCTURE GROUP INC.

100 E. SIX FORKS ROAD, #300

(Street)

RALEIGH NORTH CAROLINA 27609

(City) (State) (Zip)

UNITED STATES

(Country)

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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2026

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

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

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

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	08/14/2026		P		12,366	A	$36.58(1)	12,366	D
Class A Common Stock	08/14/2026		P		14,224	A	$37.69(2)	26,590	D
Class A Common Stock	08/14/2026		P		45,249	A	$38.82(3)	71,839	D
Class A Common Stock	08/14/2026		P		11,511	A	$39.65(4)	83,350	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 price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $36.19 to $37.12, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (1) of this Form 4.

2. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $37.30 to $38.28, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (2) of this Form 4.

3. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $38.47 to $39.46, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (3) of this Form 4.

4. The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $39.47 to $40.09, inclusive. The reporting person hereby undertakes to provide to Cardinal Infrastructure Group Inc., any security holder of Cardinal Infrastructure Group Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in footnote (4) of this Form 4.

	/s/ Tiffany Gidley, Attorney-in-Fact	08/17/2026
	** 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.
* Form 4: SEC 1474 (03-26)