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Frost/Gamma Trust Buys $1M in Warrants; Holds 28.3% of Fluent (FLNT)

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Amendment No. 26 to Schedule 13D reports that Phillip Frost, M.D. and Frost Gamma Investments Trust (collectively, the Reporting Person) beneficially own 7,302,737 shares of Fluent, Inc. common stock, representing 28.3% of the 24,268,299 shares outstanding as of August 18, 2025. On August 19, 2025, Gamma Trust purchased $1,000,000 of securities from the Company consisting of pre-funded warrants warrants with a $2.21 exercise price; the warrants become exercisable six months and one day after issuance for five years. The Reporting Person entered a Support Agreement to vote in favor of specified stockholder actions and a Registration Rights Agreement obligating the Company to register resale of certain securities. The filing incorporates forms of the transaction agreements as exhibits.

Positive

  • Large, disclosed ownership position: Reporting Person beneficially owns 7,302,737 shares (28.3%) of Fluent common stock.
  • Transaction increases liquidity options: Registration Rights Agreement requires the Company to file a resale registration for certain registrable securities.
  • Binding support agreement: Reporting Person agreed to vote shares in favor of specified stockholder actions, reducing uncertainty around approval of transaction-related matters.

Negative

  • Potential for meaningful governance influence: 28.3% beneficial ownership plus voting commitments may concentrate control and affect independent shareholder decision-making.
  • Potential dilution: The reported positions include 571,429 pre-funded warrant shares and 909,297 warrant shares that could increase share count if exercised.

Insights

TL;DR: A significant 28.3% stake plus newly issued warrants and pre-funded warrants materially increases ownership and potential share dilution.

The Reporting Person now beneficially owns 7,302,737 shares (28.3%), including convertible-note- and warrant-based positions. The $1,000,000 subscription for pre-funded warrants and warrants increases near-term potential dilution by 571,429 shares (pre-funded warrants) and 909,297 shares

TL;DR: Concentrated ownership and a binding Support Agreement create meaningful governance influence without stated board changes.

The filing documents that Gamma Trust and Dr. Frost control substantial voting power






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Frost Gamma Investments Trust ("Gamma Trust") beneficially owns 7,294,403 shares of common stock, which includes 66,667 shares of the Issuer's common stock underlying the convertible subordinated promissory note entered into pursuant to that certain securities purchase agreement, dated August 19, 2024 (the "Convertible Note"), 909,297 shares of common stock underlying warrants issued on May 19, 2025, and 571,429 shares of common stock underlying the Unregistered Pre-Funded Warrants (as defined below) on August 19, 2025. Dr. Phillip Frost is the trustee of Gamma Trust. Frost Gamma L.P. is the sole and exclusive beneficiary of Gamma Trust. Dr. Frost is one of two limited partners of Frost Gamma L.P. The general partner of Frost Gamma L.P. is Frost Gamma, Inc., and the sole shareholder of Frost Gamma, Inc. is Frost-Nevada Corporation. Dr. Frost is also the sole shareholder of Frost-Nevada Corporation. (2) Based on 24,268,299 shares of the Issuer's common stock outstanding as of August 18, 2025 (as reported in the Issuer's Form 10-Q filed with the Securities and Exchange Commission on August 19, 2025).


SCHEDULE 13D




Comment for Type of Reporting Person:
(1) Gamma Trust beneficially owns 7,294,403 shares of common stock, which includes 66,667 shares of the Issuer's common stock underlying the Convertible Note and 909,297 shares of common stock underlying warrants issued on May 19, 2025, and 571,429 shares of common stock underlying the Unregistered Pre-Funded Warrants on August 19, 2025. Dr. Phillip Frost is the trustee of Gamma Trust. Frost Gamma L.P. is the sole and exclusive beneficiary of Gamma Trust. Dr. Frost is one of two limited partners of Frost Gamma L.P. The general partner of Frost Gamma L.P. is Frost Gamma, Inc., and the sole shareholder of Frost Gamma, Inc. is Frost-Nevada Corporation. Dr. Frost is also the sole shareholder of Frost-Nevada Corporation. (2) Based on 24,268,299 shares of the Company's common stock outstanding as of August 18, 2025 (as reported in the Company's Form 10-Q filed with the Securities and Exchange Commission on August 19, 2025).


SCHEDULE 13D


Phillip Frost, M.D.
Signature:/s/ Phillip Frost, M.D.
Name/Title:Phillip Frost, M.D., individually
Date:08/26/2025
Frost Gamma Investments Trust
Signature:/s/ Phillip Frost, M.D.
Name/Title:Phillip Frost, M.D., Trustee
Date:08/26/2025

FAQ

How many shares of FLNT does Phillip Frost and Frost Gamma Investments Trust beneficially own?

They beneficially own 7,302,737 shares of Fluent common stock, representing 28.3% of 24,268,299 shares outstanding as of August 18, 2025.

What securities did Gamma Trust purchase from Fluent on August 19, 2025?

Gamma Trust subscribed for pre-funded warrants at $1.75 per pre-funded warrant and warrants with a $2.21 exercise price as part of a $1,000,000 aggregate subscription.

When can the newly issued warrants be exercised?

The warrants are exercisable beginning six months and one day after issuance and remain exercisable for five years from initial exercisability.

Does the Reporting Person have any voting agreements with the Company?

Yes. The Reporting Person entered into a Support Agreement to vote shares in favor of certain stockholder actions and to vote against or decline consent to proposals that would breach or impede the Purchase Agreement.

Are there registration rights for the securities sold to Gamma Trust?

Yes. Gamma Trust entered into a Registration Rights Agreement with Fluent requiring the Company to file a registration statement covering resale of certain registrable securities.
Fluent, Inc.

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