[Form 4] Kartoon Studios, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Anthony D. Thomopoulos, a director of Kartoon Studios, Inc. (TOON), filed a Form 4 disclosing an acquisition on 10/02/2025. The filing reports the acquisition of 3,463 shares of the issuer's common stock with a reported price of $0. Following the transaction, the reporting person beneficially owns 126,176 shares in direct form. The form includes a note that the issuer effected a 10-for-1 reverse stock split effective February 6, 2023, which converted every 10 shares into 1 share of common stock. The Form 4 is signed by Mr. Thomopoulos and indicates it was filed by one reporting person.

Positive

• Director-level insider reported an increase in holdings (acquisition of 3,463 shares)
• Post-transaction direct beneficial ownership is disclosed as 126,176 shares, providing transparency

Negative

• Transaction price reported as $0, and the filing provides no explanation of consideration
• Form 4 lacks detail on the nature of the acquisition (e.g., grant, gift, conversion), limiting interpretability

Insights

Corporate Governance Expert

Director acquired 3,463 shares at a reported price of $0; holds 126,176 shares after the trade.

This Form 4 shows a director-level insider reported purchase on 10/02/2025 of 3,463 shares and a post-transaction direct beneficial ownership of 126,176 shares. The filing lists the transaction price as $0, which is recorded on the form as provided and may reflect a non-cash issuance or a reporting convention; the form itself provides no further detail on consideration.

The filing also restates the issuer's 10-for-1 reverse stock split effective February 6, 2023, indicating reported share counts reflect post-split amounts.

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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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^*

THOMOPOULOS ANTHONY D

(Last) (First) (Middle)

C/O KARTOON STUDIOS, INC.

190 N. CANON DRIVE, 4TH FLOOR

(Street)

BEVERLY HILLS CA 90210

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Kartoon Studios, Inc. [ TOON ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/02/2025

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	10/02/2025		A		3,463	A	$0	126,176(1)	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:

1. On February 6, 2023, the issuer effected a 10-for-1 reverse stock split of the issued and outstanding shares of its common stock (the "2023 Reverse Stock Split"). Upon effectiveness of the 2023 Reverse Stock Split, every 10 shares of voting common stock was automatically converted into 1 share of common stock.

Remarks:

	/s/ Anthony D. Thomopoulos	10/02/2025
	** 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 the Form 4 filed by Anthony D. Thomopoulos (TOON) disclose?

The Form 4 disclosed an acquisition on 10/02/2025 of 3,463 shares at a reported price of $0, with 126,176 shares beneficially owned following the transaction.

What is the reporting person's relationship to Kartoon Studios, Inc. (TOON)?

The filing identifies Anthony D. Thomopoulos as a Director of Kartoon Studios, Inc.

Does the Form 4 explain why the price is listed as $0?

No. The Form 4 records the transaction price as $0 but does not provide explanatory detail about consideration in the filing.

What is the significance of the reverse stock split noted in the filing?

The filing states a 10-for-1 reverse stock split was effective on February 6, 2023, and share counts reported reflect post-split amounts.

Was the Form 4 filed jointly or by a single reporting person?

The Form 4 was filed by one reporting person (Mr. Thomopoulos).