Form 4: Carl Icahn Increases Stake in CVR Energy Inc. Through Open Market Purchases

Carl Icahn and related entities increase their indirect ownership in CVR Energy Inc. through a series of open market purchases of common stock.

Summary

• Carl Icahn, Icahn Enterprises Holdings L.P., and Icahn Enterprises G.P. Inc. (collectively, the 'Reporting Persons') have filed a Form 4 detailing changes in their beneficial ownership of CVR Energy Inc. (CVI) common stock.
• On March 5, 2025, the Reporting Persons acquired 122,049 shares of CVI at a price of $17.84 per share.
• On March 6, 2025, they acquired an additional 4,902 shares at $18.21 per share.
• On March 7, 2025, they further increased their holdings by purchasing 76,268 shares at $18.20 per share.
• Following these transactions, the Reporting Persons indirectly beneficially own 68,151,072 shares of CVR Energy Inc. common stock.
• The shares are indirectly held through IEP Energy Holding LLC, which is wholly owned by American Entertainment Properties Corp. (AEP).
• AEPC Holdings LLC owns 100% of AEP, and Icahn Enterprises Holdings owns 100% of AEPC Holdings LLC and directly holds shares of CVR Energy Inc. common stock.
• Carl Icahn is the indirect holder of approximately 86% of the depositary units representing limited partnership interests in Icahn Enterprises L.P., which owns a 99% limited partner interest in Icahn Enterprises Holdings.
• Icahn Enterprises GP is the general partner of Icahn Enterprises Holdings and Icahn Enterprises L.P., and is wholly owned by Beckton Corp, which is in turn wholly owned by Mr. Icahn.
• The Reporting Persons disclaim beneficial ownership of the Issuer's shares of common stock except to the extent of his or its pecuniary interest therein, if any.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a factual report of stock purchases. The increase in stake could be seen as a positive signal, but it's not explicitly stated as such.

Positives

• Carl Icahn's increased investment in CVR Energy Inc. could be interpreted as a sign of confidence in the company's future prospects.

Risks

• The complex ownership structure through which the shares are held could make it difficult to assess the true extent of Carl Icahn's influence over CVR Energy Inc.

Industry Context

Activist investors like Carl Icahn often take significant positions in companies they believe are undervalued or have the potential for improvement. This increased stake in CVR Energy Inc. could signal Icahn's intention to influence the company's strategy or operations.

Stakeholder Impact

• Shareholders may react positively to Carl Icahn's increased investment, potentially driving up the stock price.
• Employees may see this as a sign of stability and potential growth for the company.

Key Dates