[Form 4] Pure Storage, Inc. Insider Trading Activity

Rhea-AI Filing Summary

IM Cannabis Corp. (IMCC) closed a C$5.62 million (≈US$4.1 million) private placement on 30 Jul 2025. The company sold 2,050,000 Units at C$2.74 each. Every Unit includes either one common share or one pre-funded warrant plus one five-year warrant exercisable at C$3.43. Pre-funded warrants are exercisable at C$0.00001. All new securities are subject to a four-month hold.

Proceeds are earmarked for working capital, repayment of existing indebtedness and general corporate purposes. IMCC must file a Form F-3 resale registration within 30 days and seek effectiveness within 60/90 days, depending on SEC review.

Pure Equity advised on the transaction and receives a one-time US$260,000 cash fee and 140,000 five-year warrants exercisable at US$2.50.

The deal strengthens liquidity but introduces potential dilution through the issuance of new shares, warrants and advisor compensation.

Positive

• C$5.6 million cash infusion enhances liquidity for working capital and debt reduction.
• Warrants priced above unit cost reduce immediate dilution risk and could provide additional capital if exercised.

Negative

• Issuance of 2.05 million shares and warrants dilutes existing shareholders.
• Advisor compensation of US$260k and 140k warrants adds cost and further dilution.

Insights

Financial Analyst

TL;DR 25 words: Small capital raise boosts cash but adds dilution; warrants priced above market, neutral net effect on valuation and leverage.

The C$5.6 million injection improves near-term liquidity, providing funds for working capital and debt service without high-interest borrowing. However, 2.05 million shares and an equal number of C$3.43 warrants, plus 140k advisor warrants, enlarge the fully diluted share count and cap table complexity. The warrant strike lies above the unit price, suggesting investors bet on upside but also limiting immediate conversion pressure. Filing deadlines for resale registration create administrative obligations but no cash outflow. At ~US$4.1 million, the raise is modest relative to typical industry burn rates; impact is therefore neutral overall.

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).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Colgrove John

(Last) (First) (Middle)

2555 AUGUSTINE DRIVE

(Street)

SANTA CLARA CA 95054

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Pure Storage, Inc. [ PSTG ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

4. 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 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
Class A Common Stock	07/29/2025		S(1)		4,504	D	$60.09(2)	797,455	I	By Trust(3)
Class A Common Stock	07/30/2025		S(1)		60,672	D	$60.02(4)	736,783	I	By Trust(3)
Class A Common Stock	07/31/2025		S(1)		33,420	D	$60.28(5)	703,363	I	By Trust(3)
Class A Common Stock	07/31/2025		S(1)		1,404	D	$61.27(6)	701,959	I	By Trust(3)
Class A Common Stock	07/29/2025		S(1)		9,007	D	$60.09(2)	790,993	I	By CRT(7)
Class A Common Stock	07/30/2025		S(1)		127,068	D	$60.02(4)	663,925	I	By CRT(7)
Class A Common Stock	07/31/2025		S(1)		157,316	D	$60.28(5)	506,609	I	By CRT(7)
Class A Common Stock	07/31/2025		S(1)		6,609	D	$61.27(6)	500,000	I	By CRT(7)
Class A Common Stock								6,478,148	D
Class A Common Stock								2,765,000	I	By Trust(8)
Class A Common Stock								2,765,000	I	By Trust(9)

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. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on January 7, 2025.

2. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $60.00 to $60.38 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. Shares are held by Colgrove Family Living Trust.

4. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $60.00 to $60.10 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $60.00 to $60.97 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $61.02 to $61.59 per share, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. Shares are held by The Colgrove Family Charitable Remainder Trust.

8. Shares are held by Eric Edward Colgrove Irrevocable Trust DTD Feb 8, 2011, Jeff Rothschild TTEE.

9. Shares are held by Richard Winston Colgrove Irrevocable Trust DTD Feb 8, 2011, Jeff Rothschild TTEE.

Remarks:

	/s/ Todd Wheeler, attorney-in-fact	07/31/2025
	** 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 much capital did IMCC raise in the July 2025 private placement?

The company raised C$5,622,522 (≈US$4.1 million) in gross proceeds.

What securities were issued in IM Cannabis's private placement?

Investors bought 2,050,000 Units, each containing one common share or pre-funded warrant and one five-year warrant at C$3.43.

When do the newly issued warrants expire?

Both the investor warrants and the 140,000 advisor warrants are exercisable immediately and expire 60 months from issuance.

What will IMCC use the private placement proceeds for?

Proceeds are allocated to general working capital, repayment of existing indebtedness and corporate purposes.

When will IM Cannabis file the resale registration statement?

IMCC must file a Form F-3 registration within 30 days of the 30 Jul 2025 closing date.

What compensation did Pure Equity receive for advising on the deal?

Pure Equity receives a US$260,000 cash fee and 140,000 warrants exercisable at US$2.50 for five years.