[Form 4] Tilly's Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 highlights: Between 07/28-07/30 2025, 10% owner Shay Capital LLC executed three open-market purchases of Tilly's (TLYS) common stock, totaling 100,000 shares at prices ranging from $1.8514-$2.0338. Post-transaction direct holdings stand at 3,300,000 shares. The filing states that Shay Capital Holdings LLC may also be deemed the beneficial owner of these shares but reports no additional derivative positions.

Positive

• 10% owner purchased 100,000 additional shares, increasing direct holdings to 3.3 million and indicating continued accumulation.

Negative

• None.

Insights

Securities Analyst

TL;DR: 10% owner adds 100k TLYS shares; modest size, signals continued stake-building.

Shay Capital’s open-market buys lift its direct stake to 3.3 million shares, maintaining 10%-plus ownership status. The dollar value (≈$194k) is small relative to its existing position but confirms ongoing accumulation rather than distribution. No derivatives or insider sales were reported, limiting downside interpretation. Overall effect on float and control is immaterial, so market impact should be limited.

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
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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^*

Shay Capital LLC

(Last) (First) (Middle)

280 PARK AVE, 5TH FLOOR WEST

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TILLY'S, INC. [ TLYS ]

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)
07/28/2025

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
Common Stock	07/28/2025		P		50,000	A	$2.0338	3,250,000	D
Common Stock	07/29/2025		P		25,000	A	$1.8514	3,275,000	D
Common Stock	07/30/2025		P		25,000	A	$1.9005	3,300,000	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:

Remarks:

Shay Capital Holdings LLC, the sole manager of Shay Capital LLC, may be deemed to beneficially own the shares of common stock reported herein as being directly beneficially owned by Shay Capital LLC. Other than such shares of common stock, Shay Capital Holdings LLC does not beneficially own any common stock of the Issuer or any derivative securities with respect thereto.

	/s/ Elan Foxman, Chief Financial Officer	07/30/2025
	** 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 TLYS shares did Shay Capital purchase?

100,000 shares were bought between 07/28 and 07/30 2025.

At what prices were the Tilly's shares acquired?

Prices ranged from $1.8514 to $2.0338 per share.

What is Shay Capital's total ownership after the trades?

Direct ownership is now 3,300,000 shares of TLYS common stock.

What is Shay Capital's relationship to Tilly's?

The filing designates Shay Capital LLC as a 10% owner of the issuer.

Were any derivative securities reported in this Form 4?

No derivative positions were disclosed; only common stock purchases were reported.