SCHEDULE: Kahn Boosts Bridgeline Digital Stake to 16.7%

Roger 'Ari' Kahn increased his beneficial ownership in Bridgeline Digital, Inc. to 16.7% through open market purchases, option exercises, a private placement, and restricted stock awards.

Summary

• Roger 'Ari' Kahn, a reporting person, has increased his beneficial ownership in Bridgeline Digital, Inc. to 2,171,465 shares, representing approximately 16.7% of the outstanding common stock.
• The increase in ownership occurred through a series of transactions between September 13, 2024, and August 26, 2025.
• Mr. Kahn purchased an aggregate of 157,100 shares through open market purchases using personal funds.
• He exercised a stock option on January 29, 2025, to acquire 25,000 shares at an exercise price of $0.81 per share, paid with personal funds.
• On March 26, 2025, Mr. Kahn acquired 33,334 shares in a private placement at a price of $1.52 per share, also using personal funds.
• A restricted stock award on June 26, 2025, resulted in a net issuance of 86,049 shares after 43,739 shares were withheld for tax obligations.
• As of August 28, 2025, Mr. Kahn's beneficial ownership includes 1,297,333 shares (including 544 shares owned by his spouse) and options to acquire 874,132 shares that are vested or will vest within 60 days.

Sentiment

Score: 8

Explanation: The substantial increase in insider ownership by a key individual like Roger 'Ari' Kahn, through various acquisition methods, reflects strong confidence in the company's value and future prospects, which is a positive indicator for investors.

Positives

• Significant increase in insider ownership by Roger 'Ari' Kahn, signaling strong confidence in the company's future prospects.
• Acquisition of shares through multiple methods, including open market purchases and a private placement, demonstrates a committed investment by a key insider.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders may view the increased insider ownership as a positive sign of management's commitment and belief in the company's long-term value, potentially boosting investor confidence.

Key Dates

Recommendation

The significant increase in beneficial ownership by Roger 'Ari' Kahn, a key insider, through various acquisition methods including open market purchases and a private placement, signals strong confidence in Bridgeline Digital's future prospects. This insider buying activity is generally viewed positively by the market, suggesting that management believes the stock is undervalued or has significant upside potential. However, without broader financial performance data or strategic updates, a 'hold' recommendation is prudent, acknowledging the positive signal while awaiting more comprehensive information for a stronger stance.

Keywords

Bridgeline Digital, BLIN, Roger Ari Kahn, Schedule 13D, insider ownership, stock purchase, equity incentive plan, beneficial ownership, private placement