[Form 4/A] Lionsgate Studios Corp. Amended Insider Trading Activity

Rhea-AI Filing Summary

Oblong, Inc. (Nasdaq: OBLG) has filed Pre-Effective Amendment No. 2 to a Form S-3 shelf. The statement registers up to 4,178,249 common shares for resale by current holders, sourced from: (i) 1,989,392 shares underlying June 2025 $0.0001 pre-funded warrants sold for $7.5 m; (ii) 1,138,387 shares issuable on conversion/exercise of Series F preferred stock and related warrants from the March 2023 $6.4 m financing; (iii) 99,470 2025 placement-agent warrant shares; (iv) 100,000 advisor-warrant shares; and (v) 851,000 supplement/common-warrant shares.

• The company receives no proceeds from stockholder resales.
• If exercised for cash, outstanding common, pre-funded, placement-agent and advisor warrants could yield ≈$7.1 m; preferred and supplement warrants could add ≈$60.9 m.

Post 1-for-40 reverse split (Aug 2024) OBLG had 1.91 m shares outstanding (15 Jul 2025) versus >20 m reserved, signalling heavy potential dilution. Series F preferred carries a 9 % dividend (20 % on default) and converts at $3.77 with a floor.

The filing satisfies registration-rights linked to the 2023 and 2025 private placements. Cash raised to date totals ≈$11.9 m (placements plus warrant exercises) and is earmarked for general corporate use while management pivots from Mezzanine™ video-collaboration products toward AI and digital-asset projects within Bittensor.

Key risks: significant dilution pressure, possible Nasdaq delisting, regulatory uncertainty around digital assets, dividend obligations on preferred stock, and continued reliance on external capital.

Positive

• $7.5 m cash already secured from June 2025 pre-funded warrant sale.
• Shelf registration may ease resale liquidity and set the stage for $7.1 m in potential warrant-exercise proceeds if share price rises.
• Strategic shift to AI/decentralised-compute markets could open higher-growth opportunities.

Negative

• Registration covers shares equal to ~220 % of current float, signalling heavy future dilution.
• Series F preferred accrues 9 % dividends (20 % on default) and has alternative conversion at discounts, adding pressure.
• Nasdaq listing remains at risk; another bid-price breach within 1 yr triggers immediate delisting notice.
• Digital-asset strategy introduces significant regulatory, liquidity and valuation uncertainties.

Insights

Capital-Markets Analyst

TL;DR Dilution-heavy resale shelf; cash only if warrants exercise; liquidity boost but equity overhang persists.

The S-3/A registers shares equal to 2.2× current float, removing resale restrictions on 2023/2025 investors. While neutral to cash today, the filing is prerequisite for up to $7 m in potential warrant-exercise inflows and a theoretical $60 m from preferred-related warrants. However, execution prices ($3.77–$4.71) sit near market ($4.04), limiting exercise likelihood without price appreciation. Conversion of all pref/warrants would push pro-forma share count above 22 m, a >10× increase, pressuring valuation multiples. The shelf underscores management’s dependence on equity markets to fund its AI pivot.

Regulatory & Digital-Asset Specialist

TL;DR AI/crypto pivot raises novel regulatory and listing risks on top of dilution.

OBLG plans to deploy fresh capital into Bittensor staking and broader digital-asset strategies. The prospectus adds extensive risk language: potential SEC or CFTC re-characterisation, Investment Company Act exposure, money-transmitter rules, and volatility of digital assets. Coupled with Nasdaq bid-price scrutiny after last year’s 1-for-40 reverse split, investors face layered uncertainty. Any adverse regulatory development could block the pivot and impair warrant-exercise economics, reducing the chance of additional cash reaching the balance sheet.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BURNS MICHAEL RAYMOND

(Last) (First) (Middle)

LIONSGATE STUDIOS CORP.

2700 COLORADO AVENUE

(Street)

SANTA MONICA CA 90404

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Lionsgate Studios Corp. [ LION ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
07/07/2025

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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	07/03/2025		F		34,996(1)	D	$5.8	3,049,041(2)	D
Common Shares	07/03/2025		A		68,916(3)	A	$0	3,117,957(2)	D
Common Shares	07/03/2025		F		34,996(4)	D	$5.85	3,082,961(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 68,916 restricted share units ("RSUs"). The grant of the units was previously reported and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 34,996 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

2. Amount includes the following RSUs granted by the Issuer, payable upon vesting in an equal number of common shares of the Issuer: (i) 68,916 RSUs scheduled to vest on July 3, 2026; (ii) 210,958 RSUs scheduled to vest in two equal annual installments on July 1, 2026 and 2027; and (iii) 36,575 RSUs scheduled to vest in three equal annual installments on July 1, 2026, 2027 and 2028.

3. Represents common shares issued upon the vesting of performance RSUs granted pursuant to the terms of an employment agreement.

4. Represents common shares withheld by the Issuer to satisfy certain tax withholding obligations upon the vesting of 68,916 performance RSUs . The grant of the units is reported herein and, pursuant to the Lionsgate Studios Corp. 2025 Performance Incentive Plan and the Issuer's policies, 34,996 common shares were automatically canceled to cover certain of the reporting person's tax obligations.

Remarks:

	Michael Burns (By Adrian Kuzycz 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 4 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many OBLG shares are being registered in this Form S-3/A?

The shelf covers 4,178,249 common shares issuable from warrants and preferred-stock conversions.

Will Oblong receive cash from this resale offering?

No. Proceeds go to selling stockholders. Oblong only benefits if existing warrants are exercised for cash.

What is the potential cash inflow if all warrants are exercised?

Cash-exercise could raise ≈$7.1 million from common, pre-funded, placement-agent and advisor warrants, plus ≈$60.9 million from preferred-related warrants.

How many shares are currently outstanding after the reverse split?

As of 15 Jul 2025, Oblong had 1,914,627 common shares outstanding.

Why is dilution a key risk for OBLG investors?

Registered shares and reserved warrants total over 20 million; full conversion could expand the share count more than ten-fold, pressuring share price.

What new business direction is Oblong pursuing?

Management plans to pivot from Mezzanine™ collaboration hardware toward AI and digital-asset initiatives within the Bittensor ecosystem.