[Form 3] Digimarc Corporation Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Karman Holdings Inc. (KRMN) – Form 4 insider transaction

• Chief Growth Officer Stephanie Sawhill sold 62,000 common shares on 07/25/2025.
• Shares were disposed through a registered public offering at $49.00 per share, generating gross proceeds of roughly $3 million before underwriting costs.
• Following the sale, Sawhill directly owns 566,939 KRMN shares; her reported stake fell from 628,939 shares, a reduction of about 10% of her holdings.
• No derivative security activity was disclosed.

The filing increases public float but represents a meaningful insider sale by a senior officer, information investors commonly monitor for sentiment and liquidity implications.

Insights

Securities Analyst

TL;DR: Officer sold 62k shares (~$3 M), reducing stake 10%; modestly negative sentiment signal.

The sale is sizable in absolute terms and relative to personal ownership, indicating the Chief Growth Officer trimmed her position during a registered offering priced at $49. While she retains over 566k shares, insider selling, especially in proximity to a public offering, can be interpreted as cautious sentiment or liquidity diversification. No options or derivatives were exercised, so this is a straightforward sale that modestly increases tradable float. Absent additional context on company fundamentals, the transaction leans negative for near-term perception but is not materially transformative to the company’s capital structure.

Corporate Governance Expert

TL;DR: Single-insider Form 4; no governance red flags beyond routine compliance.

The filing appears complete and timely, with attorney-in-fact signature dated 07/29/2025, four days after the trade—well within SEC deadlines. Only one reporting person is involved, limiting complexity. Because the transaction was executed through a registered public offering, disclosure transparency is satisfactory. From a governance standpoint, the 10% stake reduction does not trigger control concerns, and Sawhill continues as officer and insider. Impact rated neutral-to-slightly negative due to perception of insider confidence rather than any compliance issue.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
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hours per response:			0.5

1. Name and Address of Reporting Person^*

Bajaj Rishi

(Last) (First) (Middle)

8500 SW CREEKSIDE PLACE

(Street)

BEAVERTON OR 97008

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/29/2025

3. Issuer Name and Ticker or Trading Symbol
Digimarc CORP [ DMRC ]

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

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

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	2,769,346	I	By Altai Capital Management, L.P.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ George Karamanos, by power of attorney	07/29/2025
	** 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 5 (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.
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