Shay Capital LLC trims Tilly's (NYSE: TLYS) position with sale

Rhea-AI Filing Summary

Shay Capital LLC, a 10% owner of TILLY'S, INC., reported an open-market sale of 20,000 shares of Common Stock on March 20, 2026 at a price of $3.7037 per share.

After this transaction, Shay Capital LLC directly holds 2,315,000 Tilly's shares, indicating a small reduction in its overall position.

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

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X

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 NEW YORK 10017

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

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	03/20/2026		S		20,000	D	$3.7037	2,315,000	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	03/24/2026
	** 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 transaction did Shay Capital LLC report for Tilly's (TLYS)?

Shay Capital LLC reported an open-market sale of 20,000 Tilly's common shares at $3.7037 per share on March 20, 2026. Following this sale, the firm still directly holds 2,315,000 shares of Tilly's common stock.

Is Shay Capital LLC a major shareholder of Tilly's (TLYS)?

Yes. Shay Capital LLC is identified as a 10% owner of Tilly's, Inc. in the Form 4. Even after selling 20,000 shares, it continues to directly hold 2,315,000 common shares, maintaining a significant ownership position in the company.

What price did Shay Capital LLC receive for its Tilly's (TLYS) share sale?

Shay Capital LLC sold 20,000 Tilly's common shares at an average price of $3.7037 per share. The transaction was reported as an open-market sale, indicating the shares were traded on the public market rather than in a private negotiated deal.

How many Tilly's (TLYS) shares does Shay Capital LLC hold after the Form 4 transaction?

After the reported sale, Shay Capital LLC directly holds 2,315,000 Tilly's common shares. This figure reflects the position following the 20,000-share open-market sale disclosed for March 20, 2026, and represents its ongoing stake in the company.

Was the Shay Capital LLC Tilly's (TLYS) transaction a buy or a sell?

The Form 4 shows a sale transaction. Shay Capital LLC executed an open-market sale of 20,000 Tilly's common shares, coded as "S" in the filing, which denotes a sale in an open-market or private transaction according to SEC transaction code descriptions.