TONX Form 4: Manuel Stotz Indirectly Acquires 70,000 Shares at $7.11

Rhea-AI Filing Summary

Manuel Stotz, Chairman of TON Strategy Co (TONX) and CEO of the investment manager Kingsway Capital Partners Limited, reported an indirect purchase of common stock. The Form 4 shows a purchase on 09/29/2025 of 70,000 shares at $7.1086 per share. After the transaction, the reporting person beneficially owns 2,297,678 shares indirectly through Kingsway Frontier Consumer Opportunities (FCO4) Growth Fund IV Ltd.

The filing clarifies that Kingsway Capital Partners Limited is the investment manager for the fund holding the shares and that Manuel Stotz is both CEO of the manager and Chairman of TON Strategy's board. The Form is signed and dated 09/29/2025.

Positive

• Insider purchase disclosed: Acquisition of 70,000 shares at $7.1086 demonstrates reported insider buying activity
• Clear disclosure of indirect ownership: Filing explains investment manager/fund relationship and reporting person roles

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchase of 70,000 shares at $7.1086 increases indirect holdings to 2.30M shares; routine disclosure, modest informational impact.

The transaction is a straightforward open-market acquisition recorded on Form 4. The purchase size relative to total reported beneficial ownership appears modest and creates limited immediate valuation impact absent further context on total outstanding shares or recent trading activity. The filing confirms alignment between the investment manager and board leadership, which can be informative to investors tracking insider activity but does not by itself signal a material corporate change.

Corporate Governance Expert

TL;DR: Governance note: Chairman is also CEO of the investment manager; indirect ownership via managed fund disclosed correctly.

The disclosure properly states the reporting structure: Kingsway Capital Partners is the investment manager to the fund that holds the shares, and Manuel Stotz is reported as both CEO of that manager and Chairman of TON Strategy's board. This clarifies potential indirect control and fulfills Section 16 reporting obligations. From a governance perspective, the filing is compliant and transparent; it does not indicate a change in board composition or control beyond the ownership update.

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).

1. Name and Address of Reporting Person^*

Stotz Manuel

(Last) (First) (Middle)

C/O TON STRATEGY COMPANY

3024 SIERRA JUNIPER COURT

(Street)

LAS VEGAS NV 89138

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TON Strategy Co [ TONX ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2025

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	09/29/2025		P		70,000	A	$7.1086	2,297,678	I	By: Kingsway Frontier Consumer Opportunities (FC04) Growth Fund IV Ltd(1)

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:

1. Kingsway Capital Partners Limited (the "Investment Manager"), serves as the investment manager to Kingsway Frontier Consumer Opportunities (FCO4) Growth Fund IV Ltd holding shares of the Issuer's common stock. The Reporting Person is the Chief Executive Officer of the Investment Manager and is the Issuer's Chairman of its board of directors.

	/s/ Manuel Stotz	09/29/2025
	** 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 Manuel Stotz report on Form 4 for TON Strategy Co (TONX)?

The Form 4 reports an indirect purchase of 70,000 shares on 09/29/2025 at $7.1086 per share; post-transaction beneficial ownership is 2,297,678 shares.

How is the reported ownership held according to the Form 4?

Ownership is reported indirectly through Kingsway Frontier Consumer Opportunities (FCO4) Growth Fund IV Ltd, managed by Kingsway Capital Partners Limited.

What roles does the reporting person hold in relation to TON Strategy Co and the investment manager?

The filing states Manuel Stotz is the Chairman of TON Strategy's board and the Chief Executive Officer of the investment manager, Kingsway Capital Partners Limited.

When was the Form 4 signed and filed?

The Form 4 is signed by Manuel Stotz and dated 09/29/2025.

Does the Form 4 indicate any derivative transactions or dispositions?

No. The filing reports a non-derivative acquisition of common stock and does not disclose derivative transactions or disposals.