Form 4: BLMH CEO Acquires 2.55M Shares in Equity Award

BLUM HOLDINGS, INC. CEO Sabas D Carrillo acquired 2,551,020 shares of common stock through a performance-based equity award, increasing his indirect beneficial ownership.

Summary

• Sabas D Carrillo, Chief Executive Officer, Director, and 10% Owner of BLUM HOLDINGS, INC. (BLMH), acquired 2,551,020 shares of common stock.
• The transaction occurred on December 31, 2025, at an implied price of $0.98 per share.
• The shares were issued to Adnant, LLC, a related party, in satisfaction of a performance-based equity award earned under an Engagement Letter and ratified by the Company's Board of Directors.
• The issuance was made in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933.
• Following this transaction, Mr. Carrillo indirectly beneficially owns 11,496,094 shares of Common Stock through Adnant, LLC, and directly owns 92,389 shares of Common Stock.
• Mr. Carrillo also indirectly beneficially owns 3,571,429 shares of Series V Preferred Stock and 595,238 warrants to purchase Common Stock (exercise price $0.46, expiration 12/31/2027) through Adnant, LLC.

Sentiment

Score: 7

Explanation: The acquisition of shares by the CEO, particularly as a performance-based award, generally indicates management confidence and alignment with shareholder interests, contributing to a positive sentiment.

Positives

• The CEO, Sabas D Carrillo, increased his beneficial ownership in BLUM HOLDINGS, INC. by acquiring 2,551,020 shares of common stock, signaling confidence in the company's future.
• The acquisition was a performance-based equity award, indicating that management achieved specific targets or milestones.
• The equity award was ratified by the Company's Board of Directors, suggesting proper corporate governance oversight.

Future Outlook

The filing does not provide specific forward-looking statements or guidance regarding future company performance or strategic direction, beyond the terms of the Series V Preferred Stock conversion and warrant expiration dates.

Industry Context

This Form 4 filing is a standard disclosure of an insider transaction and does not provide information to analyze broader industry trends or competitive landscape.

Corporate Governance

Related Party Transactions

• The Company issued 2,551,020 shares of common stock to Adnant, LLC, which is explicitly identified as a related party, in satisfaction of a performance-based equity award. The reporting person, Sabas D Carrillo, is the CEO and managing member of Adnant, LLC.

Stakeholder Impact

• Shareholders: Increased alignment of the CEO's interests with those of shareholders due to increased equity ownership.
• Management: The CEO received a significant equity award based on performance, potentially incentivizing continued strong performance.

Key Dates

Keywords

BLUM HOLDINGS, BLMH, Sabas Carrillo, Insider Transaction, Equity Award, Common Stock, Adnant LLC, CEO, Form 4, Beneficial Ownership