[Form 4] C1 Fund Inc. Insider Trading Activity
Michael Xu, a director of C1 Fund Inc. (CFND), reported an indirect reduction in his beneficial ownership on 09/05/2025 through the sponsor C1 Group LLC. The filing shows a transaction coded J(1) disposing of 27,637 shares of common stock at a reported price of $0, reflecting a cancellation tied to the issuer's IPO mechanics. Following the transaction, the Reporting Person beneficially owns 184,245 shares indirectly via C1 Group LLC. The explanation states that 100,000 shares previously held by C1 Group LLC were cancelled because the underwriters did not exercise the over‑allotment option described in the IPO prospectus; the reported numbers reflect that cancellation and the resulting indirect holdings.
Michael Xu, amministratore di C1 Fund Inc. (CFND), ha comunicato una diminuzione indiretta della propria partecipazione beneficiaria il 05/09/2025 tramite lo sponsor C1 Group LLC. La comunicazione riporta una operazione codificata J(1) che ha disposto la cessione di 27.637 azioni ordinarie a un prezzo segnalato di $0, corrispondente a una cancellazione collegata alle modalità dell’IPO dell’emittente. Dopo la transazione, la Persona Segnalante detiene indirettamente 184.245 azioni tramite C1 Group LLC. La spiegazione precisa che 100.000 azioni precedentemente possedute da C1 Group LLC sono state annullate perché gli sottoscrittori non hanno esercitato l’opzione di sovrallocazione descritta nel prospetto dell’IPO; i numeri riportati riflettono tale cancellazione e le conseguenti partecipazioni indirette.
Michael Xu, director de C1 Fund Inc. (CFND), informó una reducción indirecta de su propiedad beneficiaria el 05/09/2025 a través del patrocinador C1 Group LLC. La presentación muestra una operación con código J(1) que dispone la enajenación de 27.637 acciones ordinarias a un precio declarado de $0, reflejando una cancelación vinculada a los mecanismos de la OPV del emisor. Tras la transacción, la Persona Informante posee indirectamente 184.245 acciones vía C1 Group LLC. La explicación indica que 100.000 acciones anteriormente en poder de C1 Group LLC fueron canceladas porque los colocadores no ejercieron la opción de sobreasignación descrita en el prospecto de la OPV; las cifras reportadas reflejan dicha cancelación y la consecuente tenencia indirecta.
마이클 쉬우(Michael Xu)는 C1 Fund Inc.(CFND)의 이사로서 2025-09-05에 후원사 C1 Group LLC를 통해 간접적으로 보유지분이 감소했음을 보고했습니다. 신고서에는 J(1) 코드의 거래로 보통주 27,637주가 신고 가격 $0에 처분된 것으로 기재되어 있는데, 이는 발행회사의 IPO 구조에 따른 소각을 반영한 것입니다. 거래 후 보고인은 C1 Group LLC를 통해 간접적으로 184,245주를 보유하고 있습니다. 설명에 따르면 C1 Group LLC가 보유하던 100,000주가 IPO 안내서에 명시된 초과배정(오버얼로트) 옵션이 인수인에 의해 행사되지 않아 소각되었으며, 신고된 수치는 해당 소각과 그에 따른 간접 보유를 반영한 것이라고 합니다.
Michael Xu, administrateur de C1 Fund Inc. (CFND), a déclaré une réduction indirecte de sa détention bénéficiaire le 05/09/2025 via le sponsor C1 Group LLC. Le dépôt indique une opération codée J(1) portant sur la cession de 27 637 actions ordinaires à un prix déclaré de 0 $, correspondant à une annulation liée aux mécanismes de l’introduction en bourse de l’émetteur. À la suite de la transaction, la personne déclarante détient indirectement 184 245 actions via C1 Group LLC. L’explication précise que 100 000 actions précédemment détenues par C1 Group LLC ont été annulées parce que les sous‑cripteurs n’ont pas exercé l’option de surallocation décrite dans le prospectus de l’IPO ; les chiffres rapportés reflètent cette annulation et les détentions indirectes qui en résultent.
Michael Xu, Direktor von C1 Fund Inc. (CFND), meldete am 05.09.2025 eine indirekte Verringerung seines wirtschaftlichen Eigentums über den Sponsor C1 Group LLC. Die Meldung zeigt eine Transaktion mit dem Code J(1), durch die 27.637 Stammaktien zu einem angegebenen Preis von $0 veräußert wurden, was eine Stornierung im Zusammenhang mit den IPO‑Mechaniken des Emittenten widerspiegelt. Nach der Transaktion besitzt die meldende Person indirekt 184.245 Aktien über C1 Group LLC. In der Erläuterung heißt es, dass 100.000 Aktien, die zuvor von C1 Group LLC gehalten wurden, storniert wurden, weil die Underwriter die im IPO‑Prospekt beschriebene Überzuteilungsoption nicht ausgeübt haben; die gemeldeten Zahlen spiegeln diese Stornierung und die daraus resultierenden indirekten Beteiligungen wider.
- Timely, transparent disclosure of the change in beneficial ownership by a director
- Explanation provided linking the change to IPO over-allotment mechanics rather than unexplained transfers
- Indirect beneficial ownership declined (reported disposal of 27,637 shares and cancellation of 100,000 sponsor shares)
- Potential dilution or structural change in sponsor holdings due to the underwriters not exercising the over-allotment option
Insights
TL;DR: Director's indirect stake decreased after sponsor shares were cancelled; transaction appears procedural rather than a market sale.
The Form 4 reports an indirect disposition of 27,637 common shares with a $0 price and a post-transaction indirect holding of 184,245 shares via C1 Group LLC. The filing attributes the change to the cancellation of 100,000 sponsor shares because the underwriters did not exercise the over-allotment option tied to the IPO. This suggests the movement reflects IPO mechanics and share cancellation rather than an open-market sale by the insider. For investors, the disclosure is important for ownership tracking but does not, by itself, provide evidence of a change in insider conviction.
TL;DR: Disclosure is timely and clear; the change stems from sponsor share cancellation under IPO terms, not an unexplained transfer.
The report identifies Michael Xu as a director filing on his indirect holdings through the sponsor vehicle C1 Group LLC. The explanatory note specifically links the change to the underwriters' decision not to exercise an over-allotment option, resulting in cancellation of 100,000 sponsor-held shares. The Form 4 complies with Section 16 reporting by documenting the indirect ownership and the nature of the adjustment. Governance implications are procedural; there is no indication of undisclosed related-party transfers or compensation-driven grants in this filing.
Michael Xu, amministratore di C1 Fund Inc. (CFND), ha comunicato una diminuzione indiretta della propria partecipazione beneficiaria il 05/09/2025 tramite lo sponsor C1 Group LLC. La comunicazione riporta una operazione codificata J(1) che ha disposto la cessione di 27.637 azioni ordinarie a un prezzo segnalato di $0, corrispondente a una cancellazione collegata alle modalità dell’IPO dell’emittente. Dopo la transazione, la Persona Segnalante detiene indirettamente 184.245 azioni tramite C1 Group LLC. La spiegazione precisa che 100.000 azioni precedentemente possedute da C1 Group LLC sono state annullate perché gli sottoscrittori non hanno esercitato l’opzione di sovrallocazione descritta nel prospetto dell’IPO; i numeri riportati riflettono tale cancellazione e le conseguenti partecipazioni indirette.
Michael Xu, director de C1 Fund Inc. (CFND), informó una reducción indirecta de su propiedad beneficiaria el 05/09/2025 a través del patrocinador C1 Group LLC. La presentación muestra una operación con código J(1) que dispone la enajenación de 27.637 acciones ordinarias a un precio declarado de $0, reflejando una cancelación vinculada a los mecanismos de la OPV del emisor. Tras la transacción, la Persona Informante posee indirectamente 184.245 acciones vía C1 Group LLC. La explicación indica que 100.000 acciones anteriormente en poder de C1 Group LLC fueron canceladas porque los colocadores no ejercieron la opción de sobreasignación descrita en el prospecto de la OPV; las cifras reportadas reflejan dicha cancelación y la consecuente tenencia indirecta.
마이클 쉬우(Michael Xu)는 C1 Fund Inc.(CFND)의 이사로서 2025-09-05에 후원사 C1 Group LLC를 통해 간접적으로 보유지분이 감소했음을 보고했습니다. 신고서에는 J(1) 코드의 거래로 보통주 27,637주가 신고 가격 $0에 처분된 것으로 기재되어 있는데, 이는 발행회사의 IPO 구조에 따른 소각을 반영한 것입니다. 거래 후 보고인은 C1 Group LLC를 통해 간접적으로 184,245주를 보유하고 있습니다. 설명에 따르면 C1 Group LLC가 보유하던 100,000주가 IPO 안내서에 명시된 초과배정(오버얼로트) 옵션이 인수인에 의해 행사되지 않아 소각되었으며, 신고된 수치는 해당 소각과 그에 따른 간접 보유를 반영한 것이라고 합니다.
Michael Xu, administrateur de C1 Fund Inc. (CFND), a déclaré une réduction indirecte de sa détention bénéficiaire le 05/09/2025 via le sponsor C1 Group LLC. Le dépôt indique une opération codée J(1) portant sur la cession de 27 637 actions ordinaires à un prix déclaré de 0 $, correspondant à une annulation liée aux mécanismes de l’introduction en bourse de l’émetteur. À la suite de la transaction, la personne déclarante détient indirectement 184 245 actions via C1 Group LLC. L’explication précise que 100 000 actions précédemment détenues par C1 Group LLC ont été annulées parce que les sous‑cripteurs n’ont pas exercé l’option de surallocation décrite dans le prospectus de l’IPO ; les chiffres rapportés reflètent cette annulation et les détentions indirectes qui en résultent.
Michael Xu, Direktor von C1 Fund Inc. (CFND), meldete am 05.09.2025 eine indirekte Verringerung seines wirtschaftlichen Eigentums über den Sponsor C1 Group LLC. Die Meldung zeigt eine Transaktion mit dem Code J(1), durch die 27.637 Stammaktien zu einem angegebenen Preis von $0 veräußert wurden, was eine Stornierung im Zusammenhang mit den IPO‑Mechaniken des Emittenten widerspiegelt. Nach der Transaktion besitzt die meldende Person indirekt 184.245 Aktien über C1 Group LLC. In der Erläuterung heißt es, dass 100.000 Aktien, die zuvor von C1 Group LLC gehalten wurden, storniert wurden, weil die Underwriter die im IPO‑Prospekt beschriebene Überzuteilungsoption nicht ausgeübt haben; die gemeldeten Zahlen spiegeln diese Stornierung und die daraus resultierenden indirekten Beteiligungen wider.
FAQ
What change in ownership did Michael Xu report on Form 4 for CFND?
Why were 100,000 shares cancelled according to the Form 4 for CFND?
What transaction code and price were reported on the CFND Form 4?
Is Michael Xu filing as an insider or through a group for CFND?
Does the Form 4 indicate an open-market sale by Michael Xu for CFND?
