[8-K] Karman Holdings Inc. Reports Material Event

Rhea-AI Filing Summary

Hims & Hers Health (HIMS) Form 4: Chief Commercial Officer Michael Chi executed and sold option shares on 23-24 Jul 2025 under a Rule 10b5-1 plan adopted 4 Mar 2025.

• Option exercises: 15,850 Class A shares exercised at strike prices of $5.01, $6.82 and $11.53.
• Sales: 15,850 shares sold almost immediately at weighted prices of ~$56–57.52, realising a gross spread of >$45 per share.
• Post-trade holdings: Direct ownership remains 278,654 shares. Derivative holdings (vested/unvested options) fall to 192,942.
• Options stem from 2022-23 grants that vest monthly over four years; earliest expiry 24 Feb 2032.

No change to total common stock held, but the executive monetised ~6% of his prior common share position while retaining a sizeable stake and option pool.

Positive

• None.

Negative

• Insider disposed 15,850 shares at significant premium prices, which may be viewed as a bearish sentiment despite the 10b5-1 plan.

Insights

Securities Analyst

TL;DR: Pre-planned option exercise & full sale; neutral-to-slightly negative sentiment signal.

The CCO converted low-strike options into 15,850 shares and sold the entire lot at >$56, pocketing a sizable gain. Although sales were executed under a 10b5-1 plan—which dilutes signalling value—the fact that 100% of the exercised shares were disposed at multi-year highs can be interpreted as mild profit-taking. Remaining ownership (278.7k shares plus 192.9k options) indicates continued economic alignment, limiting downside perception. From a valuation view, the transaction is immaterial to float but may pressure near-term sentiment.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 23, 2025

KARMAN HOLDINGS INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-42520		85-2660232
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification Number)

5351 Argosy Avenue, Huntington Beach, CA 92649

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (714) 898-9951

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 Par Value		KRMN		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Underwriting Agreement

On July 23, 2025, Karman Holdings Inc. (the “Company”) priced the underwritten public offering (the “Offering”) of its common stock, par value $0.001 per share (the “Common Stock”), at a public offering price of $49.00 per share (the “Offering Price”), pursuant to the Company’s registration statement on Form S-1 (File No. 333-288809), as amended (the “Registration Statement”). On July 23, 2025, in connection with the pricing of the Offering, the Company, the persons named in Schedule II thereto (the “Selling Stockholders”) and Citigroup Global Markets Inc. and Evercore Group L.L.C., as representatives of the several underwriters listed on Schedule I thereto (the “Underwriters”), entered into an underwriting agreement (the “Underwriting Agreement”), pursuant to which the Selling Stockholders agreed to sell 21,000,000 shares of their Common Stock, in each case at the Offering Price, less underwriting discounts and commissions. The Underwriters were granted a 30-day option to purchase up to an additional 3,150,000 shares of Common Stock from a certain Selling Stockholder, which was fully exercised on July 24, 2025. The Offering and the shares were delivered on July 25, 2025.

Under the terms of the Underwriting Agreement, the Company has agreed, subject to certain exceptions, not to offer, sell, contract to sell, pledge, or otherwise dispose of any shares of Common Stock or other securities convertible into or exercisable or exchangeable for shares of Common Stock during the 90 day period commencing from July 23, 2025, without the prior written consent of the Underwriters. The Company and the Selling Stockholders made certain customary representations, warranties and covenants and agreed to indemnify the Underwriters against (or contribute to the payment of) certain liabilities, including liabilities under the Securities Act of 1933, as amended.

The foregoing description of the Underwriting Agreement is not complete and is subject to and qualified in its entirety by reference to the complete text of the Underwriting Agreement, a copy of which is filed as Exhibit 1.1 hereto and incorporated herein by reference.

Item 8.01. Other Events.

On July 24, 2025, the Company issued a press release announcing the pricing of the Offering, a copy of which is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
1.1		Underwriting Agreement, dated as of July 23, 2025, by and among the Company, the Selling Stockholders and Citigroup Global Markets Inc. and Evercore Group L.L.C., as representatives for the underwriters named therein.
99.1		Press Release of the Company, dated July 24, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KARMAN HOLDINGS INC.
By:		/s/ Mike Willis
Name:		Mike Willis
Title:		Chief Financial Officer

Date: July 25, 2025

FAQ

How many HIMS shares did the CCO sell?

Michael Chi sold 15,850 Class A shares on 23-24 Jul 2025.

At what prices were the HIMS shares sold?

Shares were sold at $56.00 and $57.52 per share.

Did the CCO retain any additional shares after the transaction?

Yes. He still directly owns 278,654 common shares following the sale.

Were these transactions part of a pre-arranged plan?

Yes, all trades were executed under a Rule 10b5-1 plan adopted 4 Mar 2025.

How many options does the CCO still hold?

After the exercises, he retains 192,942 option shares with expiries between 2032-2033.