Sonos Insider Buy: Coliseum Boosts Ownership With $14.7M Purchase

Rhea-AI Filing Summary

Form 4 (07/29/25) shows substantial open-market buying of Sonos (SONO) shares by 10% owner Coliseum Capital and its principals. Three purchase blocks were reported:

• 07/25/25: 287,087 shares at a w.avg. $11.18
• 07/28/25: 350,000 shares at $11.43
• 07/29/25: 675,000 shares at $11.25

The group acquired a total of 1,312,087 shares for roughly $14.7 million (value at avg. prices), lifting its indirect beneficial ownership to 14,505,191 shares. The stock is held primarily through Coliseum Capital Partners, L.P. (11,805,823 sh.) and a separate managed account (2,699,368 sh.). Managers Christopher Shackelton and Adam Gray disclaim beneficial ownership beyond their pecuniary interest.

No derivative transactions were reported. These insider purchases increase the group’s stake and may signal confidence in SONO’s valuation ahead of forthcoming catalysts.

Positive

• 1.3 million additional shares purchased by a 10% owner at market prices, indicating confidence in SONO’s valuation.
• Total beneficial ownership rises to 14.5 million shares, strengthening alignment between board-level insiders and shareholders.

Negative

• None.

Insights

Portfolio Manager

TL;DR: 1.3 M-share buy by 10% owner adds to already large position—bullish signal, moderate impact.

The Coliseum group boosted its stake by 10%+ in just three sessions, paying an average of roughly $11.30, close to recent lows. Their aggregate holding is now 14.5 M shares—about 11-12% of SONO’s float (based on last 10-K share count). Insider purchases of this magnitude often precede strategic agitation or capital-market events. While no immediate operational data accompany the filing, the alignment of directors Shackelton and Gray with public shareholders improves sentiment and may limit downside. Impact is tempered by SONO’s ~$1.5 B market cap, but the buy should be viewed as directionally positive.

Corporate Governance Expert

TL;DR: Large incremental buy strengthens activist influence; signals active oversight.

Coliseum’s growing position reaffirms its role as an influential shareholder. With both managers sitting on SONO’s board, the added shares tighten the incentive loop between governance and ownership. Such concentration can accelerate strategic reviews, including M&A or capital allocation changes. However, minority shareholders must weigh potential control issues against prospective value creation.

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^*

Coliseum Capital Management, LLC

(Last) (First) (Middle)

105 ROWAYTON AVE.

(Street)

ROWAYTON CT 06853

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Sonos Inc [ SONO ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

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

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

	Form filed by One Reporting Person
X	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 Stock, $0.001 par value per share ("Common Stock")	07/25/2025		P		287,087	A	$11.18(1)	13,480,191	I	See Footnotes(2)(3)
Common Stock	07/28/2025		P		350,000	A	$11.43(4)	13,830,191	I	See Footnotes(2)(3)
Common Stock	07/29/2025		P		675,000	A	$11.25(5)	14,505,191	I	See Footnotes(2)(3)(6)

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

1. Name and Address of Reporting Person^*

Coliseum Capital Management, LLC

(Last) (First) (Middle)

105 ROWAYTON AVE.

(Street)

ROWAYTON CT 06853

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Shackelton Christopher S

(Last) (First) (Middle)

105 ROWAYTON AVE.

(Street)

ROWAYTON CT 06853

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Coliseum Capital, LLC

(Last) (First) (Middle)

105 ROWAYTON AVE.

(Street)

ROWAYTON CT 06853

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

COLISEUM CAPITAL PARTNERS, L.P.

(Last) (First) (Middle)

105 ROWAYTON AVE.

(Street)

ROWAYTON CT 06853

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Gray Adam

(Last) (First) (Middle)

105 ROWAYTON AVE.

(Street)

ROWAYTON CT 06853

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $10.97 to $11.25, 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 (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

2. The shares of Common Stock reported herein are held directly by (a) Coliseum Capital Partners, L.P. ("CCP"), an investment limited partnership of which Coliseum Capital, LLC, a Delaware limited liability company ("CC"), is general partner and for which Coliseum Capital Management, LLC, a Delaware limited liability company ("CCM"), serves as investment adviser; and (b) a separate account investment advisory client of CCM (the "Separate Account").

3. Christopher S. Shackelton ("Shackelton") and Adam Gray ("Gray") are managers of and have an ownership interest in each of CCM and CC. Each of Shackelton, Gray, CCP, the Separate Account, CC and CCM disclaims beneficial ownership of these securities except to the extent of that person's pecuniary interest therein.

4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $11.24 to $11.49, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

5. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $11.04 to $11.35, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

6. Following the transactions reported herein, CCP directly owned 11,805,823 shares of Common Stock and the Separate Account directly owned 2,699,368 shares of Common Stock.

	Coliseum Capital Management, LLC, By: /s/ Chivonne Cassar, Attorney-in-fact, Chivonne Cassar, Attorney-in-fact	07/29/2025
	Christopher Shackelton, By: /s/ Chivonne Cassar, Attorney-in-fact, Chivonne Cassar, Attorney-in-fact	07/29/2025
	Coliseum Capital, LLC, By: /s/ Chivonne Cassar, Attorney-in-fact, Chivonne Cassar, Attorney-in-fact	07/29/2025
	Coliseum Capital Partners, L.P., By: Coliseum Capital, LLC, its General Partner, By: /s/ Chivonne Cassar, Attorney-in-fact, Chivonne Cassar, Attorney-in-fact	07/29/2025
	Adam Gray, By: /s/ Chivonne Cassar, Attorney-in-fact, Chivonne Cassar, Attorney-in-fact	07/29/2025
	** Signature of Reporting Person	Date
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many Sonos (SONO) shares did Coliseum Capital buy?

The group bought 1,312,087 shares between 07/25/25 and 07/29/25.

At what prices were the Sonos shares purchased?

Weighted average prices were $11.18, $11.43 and $11.25 across the three purchase dates.

What is Coliseum Capital’s total stake in SONO after the trades?

They now beneficially own 14,505,191 common shares.

Does the filing report any derivative transactions?

No, Table II is blank; only common stock purchases were disclosed.

Why are insider purchases considered important for investors?

Large insider buys can signal management’s confidence in future performance and often act as a positive sentiment indicator.