Cardinal Infrastructure (CDNL) insider details IPO-related share and unit moves
Rhea-AI Filing Summary
Cardinal Infrastructure Group Inc. insider, officer and 10% owner reported IPO-related changes in holdings of Class B Common Stock and LLC Units tied to Class A Common Stock. On 12/09/2025, the reporting person received 6,749,496 Class B shares and an equal number of LLC Units as part of the issuer's reorganization, plus 1,348,441 Class B shares and LLC Units held through the West Family 2024 Irrevocable Trust.
On 12/11/2025, 1,653,571 Class B shares and matching LLC Units, and 330,357 additional Class B shares and LLC Units held via the trust, were cancelled in connection with LLC Unit redemptions, including dispositions of LLC Units at $21 per unit. After these transactions, the insider beneficially owned 5,095,925 Class B shares and 5,095,925 LLC Units directly and 1,018,084 Class B shares and 1,018,084 LLC Units indirectly. The LLC Units are redeemable into Class A Common Stock on a 1-to-1 basis and have no expiration date.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | LLC Units | 1,653,571 | $21.00 | $34.72M |
| Disposition | LLC Units | 330,357 | $21.00 | $6.94M |
| Disposition | Class B Common Stock | 1,653,571 | $0.00 | -- |
| Disposition | Class B Common Stock | 330,357 | $0.00 | -- |
| Grant/Award | LLC Units | 6,749,496 | $0.00 | -- |
| Grant/Award | LLC Units | 1,348,441 | $0.00 | -- |
| Grant/Award | Class B Common Stock | 6,749,496 | $0.00 | -- |
| Grant/Award | Class B Common Stock | 1,348,441 | $0.00 | -- |
Footnotes (1)
- Represents securities received as part of the Issuer's reorganization in connection with its initial public offering, as described in the registration statement on Form S-1 relating to the initial public offering. These securities were previously reported on a Form 3 filed by the Reporting Person[s]. Reflects the cancellation for no consideration of Class B Common Stock in connection with the redemption of the membership units of Cardinal Civil Contracting Holdings LLC (the "LLC Units"). The Reporting Person is the spouse of the trustee of West Family 2024 Irrevocable Trust U/A dated 3/20/24, as amended ("West Trust"), and as a result, may be deemed to share beneficial ownership of the securities held of record by West Trust. The LLC Units may be redeemed by the Reporting Person at any time at the option of the holder for shares of Class A Common Stock on a 1-to-1 basis, and a corresponding number of shares of Class B Common Stock will be forfeited in connection with the redemption. The LLC Units have no expiration date.
FAQ
What insider transactions did Cardinal Infrastructure Group (CDNL) report in this Form 4?
The filing shows an insider receiving 6,749,496 Class B Common Stock shares and the same number of LLC Units on 12/09/2025 as part of an IPO-related reorganization, along with 1,348,441 additional Class B shares and LLC Units through the West Family 2024 Irrevocable Trust. On 12/11/2025, portions of these holdings were cancelled in connection with LLC Unit redemptions.
What are the LLC Units referenced in the CDNL Form 4?
The LLC Units are membership units of Cardinal Civil Contracting Holdings LLC that may be redeemed by the reporting person at any time for shares of Class A Common Stock on a 1-to-1 basis. When LLC Units are redeemed, a corresponding number of Class B Common Stock shares are forfeited, and the LLC Units have no expiration date.
What roles does the reporting person hold in connection with Cardinal Infrastructure Group (CDNL)?
The reporting person is identified as a director, a 10% owner, and an officer. The remarks specify that this person is the Chief Operating Officer of Cardinal Civil Contracting Holdings LLC, of which Cardinal Infrastructure Group Inc. is the sole managing member.