CELH major holder settles variable prepaid forward sale tranches

Rhea-AI Filing Summary

Celsius Holdings, Inc. (CELH)November 21, 24 and 25, 2025, CD settled three tranches of a prepaid variable forward sale transaction originally entered on November 3, 2022 with an unaffiliated buyer.

For each tranche, CD elected full physical settlement and delivered 187,500 shares of CELH common stock under a variable prepaid forward sale contract. The contract formula tied cash paid to CD to the volume-weighted average price of CELH on each maturity date, with a floor price of $27.7675 and a cap price of $37.0234. The filing states that on each maturity date the settlement price exceeded the cap price, so the buyer’s cash payment was calculated using the cap spread of $9.2559 per share. Following these transactions, CD continued to hold a substantial indirect position in CELH shares.

11/25/2025 - 06:33 PM

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^*

DeSantis Dean

(Last) (First) (Middle)

190 S.E. 5TH AVENUE, SUITE 200

(Street)

DELRAY BEACH FL 33483

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Celsius Holdings, Inc. [ CELH ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/21/2025

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	11/21/2025		J/K(2)(3)(4)		187,500	D	$37.0234	17,723,367	I	See Footnote(1)
Common Stock	11/24/2025		J/K(2)(3)(4)		187,500	D	$37.0234	17,535,867	I	See Footnote(1)
Common Stock	11/25/2025		J/K(2)(3)(4)		187,500	D	$37.0234	17,348,367	I	See Footnote(1)

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
Variable Prepaid Forward Sale Contract (obligation to sell)	(2)(3)(4)	11/21/2025		J/K(2)(3)(4)			187,500	(2)(3)(4)	(2)(3)(4)	Common Stock	187,500	$0(2)(3)(4)	0	I	See Footnote(1)
Variable Prepaid Forward Sale Contract (obligation to sell)	(2)(3)(4)	11/24/2025		J/K(2)(3)(4)			187,500	(2)(3)(4)	(2)(3)(4)	Common Stock	187,500	$0(2)(3)(4)	0	I	See Footnote(1)
Variable Prepaid Forward Sale Contract (obligation to sell)	(2)(3)(4)	11/25/2025		J/K(2)(3)(4)			187,500	(2)(3)(4)	(2)(3)(4)	Common Stock	187,500	$0(2)(3)(4)	0	I	See Footnote(1)

Explanation of Responses:

1. The Reporting Person is a trustee of the Carl DeSantis Revocable Trust, which owns a 99% beneficial interest in CD Financial, LLC ("CD"), the record holder of the shares which are the subject of this report. The Reporting Person has shared voting and dispositive power with respect to such shares.

2. On November 21, 2025, November 24, 2025, and November 25, 2025, CD settled three tranches of a prepaid variable forward sale transaction (the "VPF") entered into on November 3, 2022 with an unaffiliated third-party buyer. For these three tranches of the VPF, CD elected full physical settlement.

3. In full physical settlement of each of these three tranches of the VPF, the contract for the VPF obligated (i) CD to deliver to the buyer 187,500 shares (adjusted for stock splits) of CELH common stock T+1 (the "Share Number") following the maturity of these tranches (occurring on November 20, 2025, November 21, 2025, and November 24, 2025), and (ii) the buyer to pay CD an amount in cash equal to: (a) if the volume-weighted average price of CELH common stock on the maturity date for the tranche (each, a "Settlement Price") was greater than $27.7675 (the "Floor Price"), but less than or equal to $37.0234 (the "Cap Price"), the product of (x) the Share Number and (y) the excess of Settlement Price over the Floor Price; and (b) if Settlement Price was greater than the Cap Price, the product of (x) the Share Number and (y) $9.2559.

4. On each of November 20, 2025, November 21, 2025, and November 24, 2025, the Settlement Price was greater than the Cap Price. Accordingly, CD transferred to the buyer a number of CELH shares and the buyer paid CD amounts in cash determined pursuant to the formula above.

	/s/ Dean DeSantis	11/25/2025
	** 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 Celsius (CELH) report in this Form 4?

The filing reports that a major shareholder and director, through CD Financial, LLC, settled three tranches of a prepaid variable forward sale by delivering shares of Celsius (CELH) common stock to an unaffiliated buyer in November 2025.

How many Celsius (CELH) shares were delivered per tranche in the prepaid forward?

For each of the three tranches, CD Financial, LLC delivered 187,500 shares of CELH common stock in full physical settlement of the variable prepaid forward sale contract.

On what dates were the prepaid forward tranches on CELH settled?

The three tranches of the variable prepaid forward sale on Celsius (CELH) stock were settled on November 21, 2025, November 24, 2025, and November 25, 2025.

What were the floor and cap prices in the Celsius (CELH) prepaid forward contract?

The contract used a floor price of $27.7675 and a cap price of $37.0234 per share of CELH common stock to determine the cash amount owed to CD Financial, LLC.

How was the cash paid to CD Financial, LLC on the CELH forward calculated when prices exceeded the cap?

When the settlement price on each maturity date was above the $37.0234 cap, the buyer paid CD an amount equal to the product of the share number and $9.2559 per share.

What is the relationship between the reporting person and CD Financial, LLC in the CELH Form 4?

The reporting person is a trustee of the Carl DeSantis Revocable Trust, which holds a 99% beneficial interest in CD Financial, LLC, the record holder of the Celsius (CELH) shares, and shares voting and dispositive power over those shares.