American Heritage Railways (NASDAQ: RMCF) logs open-market stock sales

Rhea-AI Filing Summary

American Heritage Railways, Inc., a ten percent owner of Rocky Mountain Chocolate Factory, Inc., reported multiple open-market sales of RMCF common stock. Over several trades from February 19 through March 5, it sold a total of 54,100 shares at prices near $2.60 per share and now holds 945,900 shares directly.

Insider Trade Summary

Net Seller: 54,100 shares ($140,833)

Net Sell 7 txns

Insider American Heritage Railways, Inc.

Role 10% Owner

Sold 54,100 shs ($141K)

Type	Security	Shares	Price	Value
Sale	Common Stock	8,918	$2.60	$23K
Sale	Common Stock	11,297	$2.60	$29K
Sale	Common Stock	5,241	$2.60	$14K
Sale	Common Stock	18,715	$2.6066	$49K
Sale	Common Stock	430	$2.601	$1K
Sale	Common Stock	7,499	$2.6015	$20K
Sale	Common Stock	2,000	$2.619	$5K

Holdings After Transaction: Common Stock — 945,900 shares (Direct)

Footnotes (1)

Key Figures

Total shares sold: 54,100 shares Shares sold on 2026-03-05: 8,918 shares Shares sold on 2026-03-04: 11,297 shares +4 more

7 metrics

Total shares sold 54,100 shares Aggregate sales reported in this Form 4

Shares sold on 2026-03-05 8,918 shares Common Stock open-market sale at $2.6000 per share

Shares sold on 2026-03-04 11,297 shares Common Stock open-market sale at $2.6000 per share

Largest single-day sale 18,715 shares Common Stock sold on 2026-02-26 at $2.6066 per share

Smallest single-day sale 430 shares Common Stock sold on 2026-02-25 at $2.6010 per share

Post-transaction holdings 945,900 shares Common Stock directly held after 2026-03-05 sale

Representative sale price $2.6000 per share Price for sales on 2026-02-27, 2026-03-04, 2026-03-05

Key Terms

open-market sale, ten percent owner, Common Stock, non-derivative, +1 more

5 terms

open-market sale financial

"transaction_action: "open-market sale" for each Common Stock trade"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

ten percent owner financial

"reportingPersons entry flags American Heritage Railways as is_ten_percent_owner"

Common Stock financial

"security_title is listed as "Common Stock" in each transaction"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

non-derivative financial

"transaction_type is identified as "non-derivative" for all entries"

Form 4 regulatory

"INSIDER FILING DATA (Form 4) heading for RMCF transactions"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

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).

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^*

American Heritage Railways, Inc.

(Last) (First) (Middle)

479 MAIN AVENUE

(Street)

DURANGO COLORADO 81301

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Rocky Mountain Chocolate Factory, Inc. [ RMCF ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

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 Stock	02/19/2026		S		2,000	D	$2.619	998,000	D
Common Stock	02/20/2026		S		7,499	D	$2.6015	990,501	D
Common Stock	02/25/2026		S		430	D	$2.601	990,071	D
Common Stock	02/26/2026		S		18,715	D	$2.6066	971,356	D
Common Stock	02/27/2026		S		5,241	D	$2.6	966,115	D
Common Stock	03/04/2026		S		11,297	D	$2.6	954,818	D
Common Stock	03/05/2026		S		8,918	D	$2.6	945,900	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:

	Allen C. Harper	04/16/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider activity did American Heritage Railways report for RMCF?

American Heritage Railways reported open-market sales of Rocky Mountain Chocolate Factory common stock. Across several trades, it sold 54,100 shares and now directly holds 945,900 shares. All transactions involved non-derivative common stock and were classified as open-market sales.

Over what dates did American Heritage Railways sell RMCF shares?

The sales occurred between February 19 and March 5. Transactions took place on February 19, 20, 25, 26, 27, March 4, and March 5. Each trade involved Rocky Mountain Chocolate Factory common stock in open-market sale transactions.

How many RMCF shares did American Heritage Railways sell and at what prices?

American Heritage Railways sold a total of 54,100 Rocky Mountain Chocolate Factory common shares. Individual trades ranged from 430 to 18,715 shares, with reported prices per share such as $2.6000, $2.6010, $2.6015, $2.6066, and $2.6190 in open-market sales.

How many RMCF shares does American Heritage Railways hold after these sales?

After the reported sales, American Heritage Railways directly holds 945,900 shares of Rocky Mountain Chocolate Factory common stock. This post-transaction holding figure comes from the most recent recorded transaction in the series of open-market sales.

What is American Heritage Railways’ status in relation to RMCF?

American Heritage Railways is identified as a ten percent owner of Rocky Mountain Chocolate Factory. The Form 4 filing shows its transactions as those of a significant shareholder, with direct ownership of RMCF common stock before and after the reported sales.

What type of transactions were reported in this RMCF Form 4 filing?

All reported transactions were non-derivative open-market sales of Rocky Mountain Chocolate Factory common stock. Each is coded as an “S” transaction, described as a sale in an open market or private transaction, rather than option exercises, gifts, or tax-withholding events.