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

Rhea-AI Filing Summary

Anthony D. Thomopoulos, a director of Kartoon Studios, Inc. (ticker: TOON), reported an acquisition of 3,314 shares of the issuer's common stock on 09/08/2025. Following the reported transaction, Mr. Thomopoulos beneficially owns 116,616 shares. The Form 4 is signed on 09/09/2025. The filing notes that the company completed a 10-for-1 reverse stock split effective February 6, 2023, which converted every ten pre-split shares into one post-split share. The reported non-derivative transaction is listed with a price of $0 on the form and is recorded as an acquisition (code A), with ownership shown as direct.

Positive

• Director acquisition disclosed: Anthony D. Thomopoulos acquired 3,314 shares on 09/08/2025.
• Clear post-transaction ownership reported: beneficial ownership of 116,616 shares is stated.

Negative

• None.

Insights

Securities Analyst

TL;DR: A company director acquired 3,314 shares, bringing direct beneficial ownership to 116,616 shares; transaction appears routine.

The Form 4 shows a non-derivative acquisition by Director Anthony D. Thomopoulos on 09/08/2025 for 3,314 shares, increasing his direct beneficial stake to 116,616 shares. The entry lists a price of $0 and transaction code "A" (acquisition). The filing also reiterates the 10-for-1 reverse stock split executed in February 2023, which affects share counts reported on this form. From a market-impact perspective, the size of the disclosed purchase is modest relative to typical institutional holdings and the filing does not disclose derivative activity or unusual terms; therefore it reads as a routine insider purchase disclosure.

Corporate Governance Expert

TL;DR: Insider disclosure is timely and signed; shows direct ownership change and restates prior reverse split adjustment.

The Form 4 is properly executed and reports a direct acquisition by a board member, which fulfills Section 16 reporting obligations. The filing clearly states the post-transaction beneficial ownership and includes an explicit explanation about the 2023 10-for-1 reverse stock split that informs interpretation of share counts. The document contains no indications of related-party transactions, derivative grants, or amendments that would raise governance flags. As filed, it is a standard insider reporting disclosure.

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^*

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)
09/08/2025

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	09/08/2025		A		3,314	A	$0	116,616(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	09/09/2025
	** 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

Who filed this Form 4 for Kartoon Studios (TOON)?

The Form 4 was filed by Anthony D. Thomopoulos, identified as a director of Kartoon Studios.

What transaction is reported on the Form 4 for TOON?

The Form 4 reports a non-derivative acquisition of 3,314 shares on 09/08/2025 (transaction code A), with a reported price of $0.

How many TOON shares does the reporting person own after the transaction?

Following the reported transaction, the filing states beneficial ownership of 116,616 shares.

Does the Form 4 mention any corporate actions affecting share counts?

Yes. The filing explains a 10-for-1 reverse stock split that became effective on February 6, 2023.

When was the Form 4 signed?

The filing is signed by the reporting person on 09/09/2025.