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

Rhea-AI Filing Summary

Form 4 highlights: On 07/07/2025, 10% owner Shay Capital LLC disclosed the purchase of derivative securities in Tilly’s, Inc. (NASDAQ: TLYS).

• Security acquired: 300 call options (right to buy) on Tilly’s common stock.
• Strike / conversion price: $2.50 per share.
• Underlying shares: Each contract represents 100 shares, totalling 30,000 shares of common stock.
• Expiration: 16 Jan 2026.
• Transaction code: P (open-market purchase).
• Cost of option: $0.25 per contract as reported.
• Post-transaction holdings: 300 derivative securities held directly by the reporting person.

The filing indicates increased bullish exposure by a large shareholder but involves derivatives rather than outright share purchases. No other non-derivative transactions were reported.

Positive

• 10% owner increased exposure by purchasing 300 call options representing 30,000 shares.
• Transaction type “P” denotes an open-market purchase, typically viewed as a vote of confidence.

Negative

• No common shares were purchased; insider opted for derivatives, limiting commitment.
• The small size relative to company share count suggests minimal ownership change.

Insights

Securities Analyst

TL;DR

10% owner bought low-cost call options, signalling upside sentiment; limited immediate share impact.

The use of call options rather than stock suggests Shay Capital seeks leveraged exposure with capped downside. A $2.50 strike is close to penny-option territory, implying the contracts are deep out-of-the-money or short-dated volatility plays. While insider purchases are generally viewed positively, the small absolute count (30,000 underlying shares) compared with Tilly’s float means minimal dilution or ownership shift. Overall sentiment skew: mildly positive.

Portfolio Manager

TL;DR

Insider leverages options, modestly bullish but low materiality; impact limited.

From a portfolio-allocation lens, insiders expanding exposure—especially 10% holders—often precede price support. However, the derivative nature and short expiration (≈6 months) reduce signalling strength relative to outright share buys. Unless followed by additional accumulation, the event is not materially impactful to fundamental valuation but can attract tactical traders.

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^*

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)
07/07/2025

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

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
Call Option (right to buy)	$2.5	07/07/2025		P		300		07/07/2025	01/16/2026	Common Stock	30,000	$0.25	300	D

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	07/08/2025
	** 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

What did Shay Capital LLC buy in the TLYS Form 4?

The insider bought 300 call options on Tilly’s common stock.

How many Tilly's shares are underlying the options?

The options cover 30,000 shares of common stock in total.

What is the strike price of the insider's call options?

The options carry a $2.50 strike (conversion) price.

When do the call options acquired by Shay Capital expire?

They expire on January 16, 2026.

What transaction code appears in the TLYS Form 4?

The filing lists code P, indicating an open-market purchase.

Is Shay Capital LLC considered an insider of Tilly's?

Yes, the filing designates Shay Capital as a 10% owner, making it an insider under SEC rules.