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

Rhea-AI Filing Summary

Kartoon Studios director Gray Davis reported a non-derivative acquisition of common stock on 09/18/2025. The Form 4 shows Mr. Davis acquired 6,097 shares at a reported price of $0, increasing his beneficial ownership to 77,500 shares. The filing identifies him as a director and was signed on 09/18/2025. The form also includes a disclosure that the company effected a 10-for-1 reverse stock split on February 6, 2023, which converted every 10 pre-split shares into 1 post-split share.

Positive

• Director purchase recorded: Gray Davis acquired 6,097 common shares on 09/18/2025, increasing his beneficial ownership to 77,500 shares.
• Clear disclosure: Filing identifies reporting person as a director and includes the required signature and date, fulfilling Section 16 reporting obligations.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director increased holdings modestly; filing is routine and reflects insider alignment with the company.

The Form 4 documents a straightforward insider purchase by a company director, adding 6,097 common shares to bring his total to 77,500. Such purchases can signal confidence by management but this filing alone lacks size context relative to outstanding shares or recent trading patterns. The inclusion of the 2023 reverse split note is standard disclosure and does not alter the nature of this transaction. No derivative activity or dispositions are reported.

Securities Analyst

TL;DR: Transaction is a small, direct purchase by an insider; material impact on valuation is unlikely based on this single filing.

The report indicates a non-derivative acquisition of 6,097 shares at a $0 reported price, which may reflect a gift, grant, or rounding/reporting convention; the form does not provide additional context for the zero price. Beneficial ownership after the transaction is 77,500 shares. Without information on total shares outstanding or recent transactions, this filing should be treated as a routine insider update rather than a material market-moving event.

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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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^*

Davis Gray

(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)
09/18/2025

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	09/18/2025		A		6,097	A	$0	77,500(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/ Gray Davis	09/18/2025
	** 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 Kartoon Studios (TOON) director Gray Davis report on 09/18/2025?

The Form 4 reports a non-derivative acquisition of 6,097 common shares, increasing his beneficial ownership to 77,500 shares.

What price was reported for the shares acquired by Gray Davis?

The transaction is reported at a price of $0 in the Form 4; the filing does not provide further explanation for the zero price.

Does the Form 4 show any derivative transactions by Gray Davis?

No. Table II (derivative securities) contains no reported transactions; only a non-derivative acquisition is recorded.

Is there any corporate action noted in the filing that affects share counts?

Yes. The filing discloses a 10-for-1 reverse stock split effected on February 6, 2023, converting every 10 pre-split shares into 1 post-split share.

When was the Form 4 signed by the reporting person?

The signature block shows the form was signed by /s/ Gray Davis on 09/18/2025.