Kartoon Studios Inc SEC Filings

Bank of Montreal (BMO) is offering unsecured, senior medium-term Market Linked Securities tied to the S&P 500 Index (SPX), maturing February 5, 2030. Each $1,000 note provides 150% leveraged upside, capped at a minimum 51.60% total return (≥ $1,516 maturity payment). The downside is contingently protected only to a 25% decline; if the SPX falls more than 25% from the starting value, investors are fully exposed to further losses and could lose all principal. The notes pay no coupons or dividends and are designed to be held to maturity with no secondary listing.

Key terms:

• Face amount: $1,000 per note; denominations of $1,000.
• Pricing date: July 31, 2025; issue date: August 5, 2025.
• Upside participation rate: 150%.
• Maximum return: ≥ 51.60% of face (exact level set on pricing date).
• Threshold value: 75% of the starting value (25% buffer).
• Estimated initial value: $956.60 (no less than $910) per note, reflecting fees and hedging costs.
• Agent discount: up to $33.25 per note to Wells Fargo Securities; additional dealer concessions up to $2.00.
• Credit risk: all payments depend on BMO’s ability to pay; the securities are not FDIC-, CDIC-, or government-insured.

The notes suit investors with a moderately bullish view on the S&P 500 over the 4.5-year term, willing to forgo dividends and accept both issuer credit risk and uncapped downside below the 25% buffer in exchange for enhanced—but capped—upside.

Kartoon Studios, Inc. (TOON) filed a Form 4 disclosing that director Henry Sicignano III acquired 6,805 shares of common stock on 06/26/2025. The transaction was coded “A,” indicating an acquisition, and was executed at a reported price of $0.00, suggesting a stock grant or similar award. Following the transaction, Sicignano directly holds 56,019 shares, according to the filing. No derivative securities activity was reported. The filing includes a note referencing the issuer’s February 6, 2023 10-for-1 reverse stock split but does not affect the current share count disclosed.

The transaction modestly increases insider ownership and may be read as a signal of alignment with shareholders, though the absolute share count is relatively small and the award was granted at no cost.

On 06/19/2025 AlTi Global, Inc. (ALTI) granted 30,732.266 restricted stock units (RSUs) to director Norma Corio, as disclosed in a Form 4 filed on 06/23/2025. Each RSU converts into one share of Class A common stock when vested and was issued at $0 exercise price, indicating a standard equity-based compensation award rather than an open-market purchase. The RSUs vest in full on the earlier of the business day immediately preceding the company’s 2026 annual general meeting or June 30, 2026, at which point the director will receive an equivalent number of ALTI shares. Following the grant, Corio’s beneficial ownership in these derivative securities stands at 30,732.266 units, held directly. No other insider transactions or sales were reported in this filing.

The award modestly increases potential share count but is routine board compensation designed to align director incentives with long-term shareholder value.

Royal Bank of Canada (RY) has filed a preliminary 424B2 pricing supplement for a new structured product: Capped Leveraged Buffered MSCI EAFE® Index-Linked Notes. The notes are senior unsecured obligations of RY and mature in roughly 16-18 months. Key investment terms include:

• Upside Participation: 250% of any positive MSCI EAFE® return, capped at a Maximum Settlement Amount of $1,113.50–$1,133.50 per $1,000 note (cap level ~104.54%–105.34% of the initial index level).
• Downside Protection: 12.5% buffer; principal is protected unless the index falls more than 12.5%. Below the buffer, loss accelerates at a buffer rate of ~114.29%, potentially up to full principal loss.
• No Coupons & No Early Redemption: The notes pay no periodic interest and cannot be redeemed prior to maturity.
• Credit Exposure: Repayment depends entirely on RY’s credit; the notes are not FDIC or CDIC insured and are not bail-inable.
• Indicative Pricing: Initial estimated value between $960.30–$990.30 (96.0–99.0% of par), below the $1,000 issue price, implying an initial value discount of up to 3.97%.
• Liquidity: The notes will not be listed on any exchange; secondary market, if any, will be limited and may be at prices below issue price.

Investors seeking enhanced upside to developed-market equities with moderate downside protection may find the structure attractive; however, the payoff is capped, the buffer is limited, and credit/market liquidity risks are material.

On June 26, 2025, Kartoon Studios, Inc. (TOON) filed a Form 4 indicating that Director Cynthia Turner-Graham acquired 6,805 shares of the company’s common stock. The transaction is coded “A” (acquisition) and carries a stated price of $0.00, implying the shares were received through a grant or other non-cash mechanism rather than an open-market purchase. After the transaction, the director’s direct beneficial ownership rose to 52,884 shares.

No derivative securities were acquired or disposed of in this filing. The only footnote references the company’s 10-for-1 reverse stock split that took effect on February 6, 2023, which consolidated every 10 shares into one.

Although the absolute size of the purchase is modest compared with typical market volumes, insider share accumulation—especially by a board member—can be viewed as a marginally constructive signal of alignment with shareholder interests. However, because the cost basis is zero, the action may simply represent routine board compensation rather than discretionary buying. As such, the immediate market impact is expected to be limited.

Form 4 insider update for Kartoon Studios (TOON)

Director Anthony D. Thomopoulos reported the acquisition of 6,805 common shares on 06/26/2025. The transaction was recorded under code “A,” indicating an award or similar grant, at a stated price of $0.00. After this grant, Thomopoulos’ direct beneficial ownership rises to 105,711 shares.

No derivative securities were exercised or disposed of, and no cash consideration was involved. The filing reiterates the company’s 10-for-1 reverse stock split completed on 02/06/2023, which consolidated historical share counts.

• Insider: Anthony D. Thomopoulos (Director)
• Shares acquired: 6,805
• Total shares owned post-transaction: 105,711
• Transaction type: Award/Grant (Code A)

The size of the grant is modest relative to total shares outstanding and does not, by itself, signal a material change in corporate outlook, but it does modestly increase insider alignment.

On June 20, 2025, Kartoon Studios, Inc. (ticker TOON) filed a Form 4 reporting an insider equity transaction by Chief Financial Officer Brian Parisi. On June 19, 2025, the executive acquired 2,917 shares of common stock at an indicated price of $0.00, implying a compensatory share grant rather than an open-market purchase. After the transaction, Parisi’s direct beneficial ownership stands at 14,851 shares. No derivative securities were involved, and the filing does not reference a Rule 10b5-1 plan. While the size of the grant is modest, it modestly increases insider alignment with shareholders and contains no negative signals such as sales or option exercises.