Douglas group updates 16.5% IMAX (IMAX) ownership disclosure

Rhea-AI Filing Summary

IMAX Corporation’s major shareholder group has updated its ownership disclosure in an Amendment No. 10 to Schedule 13D. Kevin Douglas reports beneficial ownership of 8,885,073 IMAX common shares, representing 16.5% of the company, based on 53,798,934 shares outstanding as of September 30, 2025. His wife, Michelle Douglas, reports 6,509,439 shares, or 12.1%, and James E. Douglas, III reports 1,363,645 shares, or 2.5%.

The filing details how these holdings are spread across multiple California trusts and Celtic Financial LLC, including the K&M Douglas Trust with 3,862,346 shares and several irrevocable descendant trusts each holding 646,110 or 646,111 shares. It explains that Kevin and Michelle Douglas act as co‑trustees on several of these entities and that Kevin Douglas manages Celtic Financial LLC, which holds 571,989 shares. The amendment also notes that the filers have not executed any IMAX share transactions in the last 60 days.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

IMAX Corporation

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

45245E109

(CUSIP Number)

Ryan J. York
Accretive Legal, PLLC, 34522 N Scottsdale Rd., STE 120-113
Scottsdale, AZ, 85266
(425) 786-9256

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

12/31/2025

(Date of Event Which Requires Filing of This Statement)

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

CUSIP No. 45245E109

1

Name of reporting person

Kevin Douglas

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 7,521,428.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,885,073.00

11

Aggregate amount beneficially owned by each reporting person

8,885,073.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

Michelle Douglas

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,509,439.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,509,439.00

11

Aggregate amount beneficially owned by each reporting person

6,509,439.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

James E. Douglas, III

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,363,645.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,363,645.00

11

Aggregate amount beneficially owned by each reporting person

1,363,645.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

2.5 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

K&M Douglas Trust

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,862,346.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,862,346.00

11

Aggregate amount beneficially owned by each reporting person

3,862,346.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

Irrevocable Descendant's Trust FBO Alexander James Douglas

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 646,111.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 646,111.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

646,111.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

Irrevocable Descendant's Trust FBO Amanda Anne Douglas

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 646,110.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 646,110.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

646,110.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

Irrevocable Descendant's Trust FBO Jake Edward Douglas

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 646,110.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 646,110.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

646,110.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

Irrevocable Descendant's Trust FBO Summer Jean Douglas

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 646,110.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 646,110.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

646,110.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

Nonexempt Trust FBO Kevin G. Douglas

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 440,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 440,000.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

440,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

Nonexempt Trust FBO James E. Douglas, III

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 440,000.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 440,000.00

11

Aggregate amount beneficially owned by each reporting person

440,000.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.8 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45245E109

1

Name of reporting person

Celtic Financial LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 571,989.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 571,989.00

11

Aggregate amount beneficially owned by each reporting person

571,989.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.1 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: IMAX Corporation
(c)	Address of Issuer's Principal Executive Offices: 2525 Speakman Drive, Mississauga, Ontario, CANADA (FEDERAL LEVEL) , L5K 1B1.
Item 1 Comment: This Amendment No. 10 ("Amendment") amends and supplements the Schedule 13D filed with the SEC on October 20, 2016, as previously amended by the Schedule 13D/A filed with the SEC on January 27, 2017, the Schedule 13D/A filed with the SEC on January 12, 2018, the Schedule 13D/A filed with the SEC on February 5, 2019, the Schedule 13D/A filed with the SEC on January 27, 2020, the Schedule 13D/A filed with the SEC on January 25, 2021, the Schedule 13D/A filed with the SEC on January 27, 2022, the Schedule 13D/A filed with the SEC on January 31, 2023, the Schedule 13D/A filed with the SEC on January 25, 2024, and the Schedule 13D/A filed with the SEC on June 17, 2024 (the "Schedule 13D"). Except as set forth in this Amendment, the Schedule 13D remains unchanged. Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meaning as set forth in the Schedule 13D. The following items of the Schedule 13D are hereby amended as follows:
Item 2.	Identity and Background
(a)	Kevin Douglas, Michelle Douglas, James E. Douglas, III, K&M Douglas Trust, Irrevocable Descendant's Trust FBO Alexander James Douglas, Irrevocable Descendant's Trust FBO Amanda Anne Douglas, Irrevocable Descendant's Trust FBO Jake Edward Douglas, Irrevocable Descendant's Trust FBO Summer Jean Douglas, Nonexempt Trust FBO Kevin G. Douglas, Nonexempt Trust FBO James E. Douglas, III, and Celtic Financial LLC (collectively, the "Filers").
(b)	300A Drakes Landing Road, Suite 200, Greenbrae, CA 94904.
(c)	Kevin Douglas is an active securities and commodities investor, the Manager of Celtic Financial LLC, and is employed by Douglas Telecommunications, Inc., which has the same business address as the Filers. Michelle Douglas participates in nonprofit fund raising and in assisting Kevin Douglas in his investment activities. James E. Douglas, III is a retired high school teacher and has the same business address as the Filers.
(e)	During the last five years, none of the Filers was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	U.S.A.
Item 5.	Interest in Securities of the Issuer
(a)	The perecentage of outstanding Common Shares of the Issuer which may be deemed to be beneficially owned by each of the Filers is set forth on Line 13 of such Filer's cover sheet. Such percentage was calculated based on 53,798,934 shares of the Issuer's Common Shares outstanding as of September 30, 2025, as reported on the Issuer's 10-Q, filed with the U.S. Securities and Exchange Commission on October 23, 2025.
(b)	Item 5(b) of the Schedule 13D is amended and supplemented as follows: Kevin Douglas and his wife, Michelle Douglas, hold 3,862,346 shares jointly as the beneficiaries and co-trustees of the K&M Douglas Trust. In addition, Kevin Douglas and Michelle Douglas are co-trustees of the Irrevocable Descendant's Trust FBO Alexander James Douglas which holds 646,111 shares, the Irrevocable Descendant's Trust FBO Amanda Anne Douglas which holds 646,110 shares, the Irrevocable Descendant's Trust FBO Jake Edward Douglas which holds 646,110 shares, and the Irrevocable Descendant's Trust FBO Summer Jean Douglas which holds 646,110 shares. Kevin Douglas holds 440,000 shares as the trustee and beneficiary of the Nonexempt Trust FBO Kevin G. Douglas. Kevin Douglas is the Manager of Celtic Financial LLC, which holds 571,989 shares, and has voting and dispositive power with respect to the shares held by Celtic Financial LLC. Kevin Douglas, as the settlor of the KGD intentionally defective grantor trust (the "KGD IDGT"), has the right to substitute property of equivalent value in return for the 62,652 shares held by the KGD IDGT and may be deemed to have shared voting and dispositive power over the shares held by the KGD IDGT. Kevin Douglas shares dispositive power with respect to 440,000 shares held by the Nonexempt Trust FBO James E. Douglas, III, and 923,645 shares held by James E. Douglas, III. Michelle Douglas, as the settlor of the MMD intentionally defective grantor trust (the "MMD IDGT"), has the right to substitute property of equivalent value in return for the 62,652 shares held by the MMD IDGT and may be deemed to have shared voting and dispositive power over the shares held by the MMD IDGT. James E. Douglas, III holds 440,000 shares as the trustee and beneficiary of the Nonexempt Trust FBO James E. Douglas, III.
(c)	There were no transactions effected by the Filers in the Common Shares within the past sixty (60) days.
(d)	Not applicable.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Kevin Douglas

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for Kevin Douglas
Date:	01/23/2026

Michelle Douglas

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for Michelle Douglas
Date:	01/23/2026

James E. Douglas, III

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for James E. Douglas, III
Date:	01/23/2026

K&M Douglas Trust

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for Kevin Douglas, Trustee
Date:	01/23/2026

Irrevocable Descendant's Trust FBO Alexander James Douglas

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for Kevin Douglas, Trustee
Date:	01/23/2026

Irrevocable Descendant's Trust FBO Amanda Anne Douglas

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for Kevin Douglas, Trustee
Date:	01/23/2026

Irrevocable Descendant's Trust FBO Jake Edward Douglas

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for Kevin Douglas, Trustee
Date:	01/23/2026

Irrevocable Descendant's Trust FBO Summer Jean Douglas

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for Kevin Douglas, Trustee
Date:	01/23/2026

Nonexempt Trust FBO Kevin G. Douglas

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for Kevin Douglas, Trustee
Date:	01/23/2026

Nonexempt Trust FBO James E. Douglas, III

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for James E. Douglas, III, Trustee
Date:	01/23/2026

Celtic Financial LLC

Signature:	/s/ Eileen Wheatman
Name/Title:	Eileen Wheatman as attorney-in-fact for Kevin Douglas, Manager
Date:	01/23/2026

Comments accompanying signature:

This Amendment was executed by Eileen Wheatman on behalf of the individuals listed above pursuant to a Limited Power of Attorney, a copy of which was previously filed with the SEC as an exhibit to the Schedule 13D/A filed with the U.S. Securities and Exchange Commission on June 17, 2024.

FAQ

What percentage of IMAX (IMAX) does Kevin Douglas currently report owning?

Kevin Douglas reports beneficial ownership of 8,885,073 IMAX common shares, representing 16.5% of the outstanding common shares based on 53,798,934 shares outstanding as of September 30, 2025.

How much IMAX stock does Michelle Douglas report owning in this Schedule 13D/A?

Michelle Douglas reports beneficial ownership of 6,509,439 IMAX common shares, which represents 12.1% of the company’s common shares.

How are the Douglas family’s IMAX (IMAX) shares held across trusts and entities?

The filing states that 3,862,346 shares are held in the K&M Douglas Trust, multiple irrevocable descendant trusts each hold 646,110 or 646,111 shares, two Nonexempt Trusts each hold 440,000 shares, and 571,989 shares are held by Celtic Financial LLC, which Kevin Douglas manages.

What ownership percentage does James E. Douglas, III report in IMAX?

James E. Douglas, III reports beneficial ownership of 1,363,645 IMAX common shares, equal to 2.5% of the outstanding common shares, and also serves as trustee and beneficiary of a Nonexempt Trust holding 440,000 shares.

Did the Douglas group trade IMAX (IMAX) shares in the last 60 days?

No. The filing explicitly states that there were no transactions in IMAX common shares by any of the filers within the past 60 days.

What share count did the Douglas group use to calculate IMAX ownership percentages?

Ownership percentages are based on 53,798,934 IMAX common shares outstanding as of September 30, 2025, as reported in IMAX’s Form 10‑Q filed on October 23, 2025.