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

Rhea-AI Filing Summary

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.

Positive

• Insider ownership increases by 6,805 shares, modestly aligning director interests with shareholders.

Negative

• The shares were granted at $0, indicating no personal capital commitment and reducing the strength of the signal.
• The size of the grant is small relative to the company’s share count, limiting market impact.

Insights

Securities Analyst

TL;DR: Director receives 6,805-share grant at $0; minor alignment boost, negligible market impact.

The reported zero-cost share award marginally lifts insider ownership to 105,711 shares. Grants rather than open-market buys tend to have weaker signaling power because they do not involve personal capital outlay. The transaction does, however, incrementally align the director’s interests with shareholders. No derivative activity or option exercises were disclosed, and the filing contains no operational or financial data. Given the small size of the grant and lack of purchase price, I view the impact on valuation or sentiment as neutral.

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)
06/26/2025

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	06/26/2025		A		6,805	A	$0	105,711(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	06/30/2025
	** 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

How many Kartoon Studios (TOON) shares did the director acquire?

Anthony D. Thomopoulos acquired 6,805 common shares on 06/26/2025.

What is the director's total ownership after the Form 4 transaction?

After the grant, Thomopoulos beneficially owns 105,711 TOON shares directly.

Was the transaction an open-market purchase?

No. It was coded "A," indicating a grant or award at $0, not a market purchase.

Were any derivative securities involved in this Form 4?

No derivative securities were reported as acquired, disposed, or outstanding in this filing.

Does the filing mention Kartoon Studios' 2023 reverse stock split?

Yes. It notes the 10-for-1 reverse split effective 02/06/2023 for share-count context.