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

Rhea-AI Filing Summary

Cynthia Turner-Graham, a director of Kartoon Studios, Inc. (TOON), reported acquiring 6,097 shares of the company's common stock on 09/18/2025 at a reported price of $0. After the transaction she beneficially owns 58,981 shares. The filing notes that on February 6, 2023 the company effected a 10-for-1 reverse stock split, which converted every ten pre-split shares into one post-split share.

The Form 4 is filed individually by the reporting person and reflects a non-derivative acquisition of common stock. The entry shows the reporting person is identified as a director and the transaction code is recorded as an acquisition.

Positive

• Director acquisition reported: Cynthia Turner-Graham acquired 6,097 common shares on 09/18/2025, showing insider accumulation.
• Clear post-transaction ownership: Reporting person beneficially owns 58,981 shares following the transaction.
• Reverse split disclosed: The filing clarifies a 10-for-1 reverse stock split effective February 6, 2023, which adjusts historical share counts.

Negative

• No consideration disclosed: The reported price is $0 and the form does not explain the nature of the issuance or consideration.
• Limited context for materiality: The filing does not state total outstanding shares or percent ownership, preventing assessment of the transaction's scale.

Insights

Securities Analyst

TL;DR: Insider director acquired 6,097 shares, increasing beneficial ownership to 58,981 shares; transaction recorded as an acquisition.

The Form 4 documents a straightforward non-derivative acquisition by a board director. The reported price of $0 suggests the shares may have been issued as a grant or delivered pursuant to a non-cash award or corporate action rather than an open-market purchase; the form itself does not provide additional detail explaining the zero price.

Investors looking for material impact should note the filing does not disclose change in control or sale activity and the size of the holding should be considered relative to total outstanding shares (not provided here). The reverse split disclosure clarifies historical share counts were adjusted.

Corporate Governance Expert

TL;DR: Director-level insider received equity, which is routine for compensation or awards; filing contains no indication of concerning governance events.

The filing identifies Cynthia Turner-Graham as a director and records an acquisition of 6,097 common shares with post-transaction beneficial ownership of 58,981 shares. The Form 4 does not indicate any disposals, loans, or agreements tied to the shares, nor does it include an explicit description of the consideration paid. The inclusion of the 2023 reverse split note explains historical share adjustments.

This disclosure is routine under Section 16 reporting and, on its face, is neutral from a governance-risk perspective absent other context.

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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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^*

Turner-Graham Cynthia

(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	58,981(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/ Cynthia Turner-Graham	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 transaction did Cynthia Turner-Graham report on Form 4 for TOON?

The Form 4 reports a non-derivative acquisition of 6,097 shares of Kartoon Studios, Inc. common stock on 09/18/2025.

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

After the reported transaction the reporting person beneficially owns 58,981 shares.

What does the reported price of $0 on the Form 4 mean?

The filing shows a reported price of $0 but does not provide an explanation; the form itself does not state whether the shares were granted, issued, or transferred as part of compensation or another corporate action.

Does the Form 4 indicate the reporting person is an insider of TOON?

Yes, the Form 4 identifies Cynthia Turner-Graham as a director of Kartoon Studios, Inc.

Was there any corporate action mentioned that affects share counts?

Yes, the filing notes a 10-for-1 reverse stock split that became effective on February 6, 2023, which converted every ten prior shares into one post-split share.