Crimson Wine Group, Ltd SEC Filings

Crimson Wine Group, Ltd. is the subject of an amended Schedule 13D filing by a group of Gabelli-affiliated investment entities. They report beneficial ownership of 829,200 shares of Crimson Wine common stock, representing 4.03% of the 20,586,027 shares outstanding as reported in the Form 10-Q for the period ended March 31, 2026.

The stake is held through investment advisers GAMCO Asset Management Inc. with 364,200 shares, Gabelli Funds LLC with 275,000 shares, and Teton Advisors, LLC with 190,000 shares, all with sole voting and dispositive power over their respective positions. The group notes it files the long-form Schedule 13D to support regular communications with company management and confirms it has been below the 5% ownership threshold since March 18, 2021.

Crimson Wine Group (CWGL) received an updated ownership filing from the Cumming group. The amendment reports that John D. Cumming beneficially owns 3,655,115 shares of common stock, representing 17.8% of the 20,586,027 shares outstanding as of May 1, 2026.

On November 20, 2025, John D. Cumming purchased 106,308 shares on the open market at a weighted average price of $4.96 per share, increasing his beneficial ownership by about 1.3 percentage points from the prior amendment. He directly holds 1,216,801 shares with sole voting and dispositive power, and shares voting and dispositive power over additional shares held through charitable entities.

The filing also shows that the Ian M. Cumming Charitable Lead Annuity Trust and its trustee, Teton Holdings Corporation CCS, each beneficially own 2,410,828 shares, or 11.7% of the outstanding stock, while David Cumming beneficially owns 2,438,314 shares, or 11.8%, primarily through shared voting and dispositive power via Teton and a charitable foundation.

Crimson Wine Group, Ltd. shareholder Joseph S. Steinberg filed Amendment No. 5 to his Schedule 13D, updating his ownership in the company’s common stock. Based on 20,586,027 shares outstanding as of May 1, 2026, he may be deemed to beneficially own 3,429,140 shares, representing 16.7% of the class.

The filing explains that he has sole voting and dispositive power over 3,058,638 shares and shared power over 370,502 shares held through a charitable trust, family members and children’s trusts, for which he disclaims pecuniary interest. Recent open‑market purchases include 106,308 shares at a weighted average price of $4.96 on November 20, 2025 and 7,474 shares at $4.05 on May 22, 2026.

Crimson Wine Group, Ltd. is holding a virtual annual meeting of stockholders on July 23, 2026 to elect seven directors and ratify BPM LLP as independent auditor for 2026. Stockholders of record on May 26, 2026, when 20,586,027 common shares were outstanding, may vote one share per vote.

The Board proposes re-electing all current directors, including CEO Jennifer L. Locke, and reports that six of seven nominees are independent under Nasdaq rules. The proxy outlines executive pay, with 2025 CEO total compensation of $580,763, and notes that about 94.5% of votes supported the prior say‑on‑pay. Major holders include John D. Cumming at 17.6% and Joseph S. Steinberg at 16.5%. The filing also details stock option plans, change‑in‑control vesting terms, audit fees, and procedures for future stockholder proposals.

Crimson Wine Group director and ten percent owner Joseph S. Steinberg reported buying 7,474 shares of Common Stock in an open-market transaction at $4.05 per share. After this purchase, his direct holdings increased to 1,272,011 common shares.

He also reports multiple indirect holdings in Crimson Wine Group common stock through entities such as Steinberg Holding Inc. and JSS Holding Corp, as well as family members and family trusts, each with separately reported share balances as of the transaction date.

Crimson Wine Group, Ltd Chief Winemaking & COO Nicolas Michel Eric Quille reported an open-market purchase of 1,000 shares of Common Stock. The weighted average purchase price was $4.03 per share, with individual trades executed between $3.99 and $4.09 per share.

Following this transaction, Quille directly owns 3,500 shares of Crimson Wine Group, Ltd common stock.

Crimson Wine Group reported a modestly smaller loss while closing a major brand acquisition in the quarter ended March 31, 2026. Net sales rose to $18.3 million from $14.5 million, driven mainly by a 55% increase in wholesale revenue, including nearly two months of Raeburn brand shipments.

The company posted a net loss of $0.6 million, improving from a $0.9 million loss, as higher gross profit was offset by increased interest expense and deal-related costs. Crimson acquired the Raeburn Assets for total consideration of about $37.5 million, funded with cash and $29.0 million drawn on its $60.0 million Revolving Credit Facility, lifting total debt to roughly $44.1 million.

Cash and cash equivalents were $14.3 million, and the company remained in compliance with all debt covenants. Direct to consumer sales softened amid weaker tasting room traffic and club trends, while inventory expanded largely due to the Raeburn acquisition.

Crimson Wine Group files its annual report and outlines a focused luxury wine strategy built on seven estate brands, balanced between wholesale distribution and higher-margin direct-to-consumer sales. The company controls about 720 plantable vineyard acres, with 455 acres planted and 400 producing as of December 31, 2025.

In February 2026, subsidiary Pine Ridge bought Raeburn brand assets for approximately $35.2 million, funded with cash and borrowings under an existing revolver. For 2025, total cases bottled were 435,000 and about 372,000 cases were shipped. Direct-to-consumer sales represented 41% of net sales, while domestic distributors contributed 52% and exports 3%. The company reports a June 30, 2025 non‑affiliate market value of roughly $74.1 million and 20,586,027 shares outstanding on March 6, 2026, and notes a 2024 cybersecurity incident with immaterial costs to date.