Form 4: Director Andy Chien Reports Final GDEN Equity Disposition

Director Andy Chien reports the final disposition of New Royal Holdco I Inc. shares following the company's merger and reorganization.

Summary

• Director Andy Chien exercised 5,643 restricted stock units (RSUs) on April 29, 2026, which were immediately settled in cash.
• Following the RSU settlement, the remaining 19,112 shares of common stock were disposed of on April 30, 2026, as part of the company's merger and reorganization.
• The transaction resulted in the director holding zero shares of the issuer following the completion of the merger process.
• The merger involved an exchange of common stock for 0.902 shares of VICI Properties Inc. per share held.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing confirming the completion of a previously announced corporate event.

Positives

• The transaction reflects the successful completion of the previously announced Master Transaction Agreement.
• The director's equity interests were fully settled in accordance with the merger terms.

Negatives

• The director no longer holds any equity interest in the issuer, New Royal Holdco I Inc., due to the company's reorganization.

Risks

• The issuer has undergone a reorganization and merger, effectively ending its status as an independent entity.

Future Outlook

The issuer has completed its reorganization and merger, meaning there is no further operational outlook for the entity as a standalone public company.

Management Comments

• The transactions were executed in accordance with the Master Transaction Agreement dated November 6, 2025.

Industry Context

StockSavvy.ai notes that this filing marks the final administrative step in the consolidation of New Royal Holdco I Inc. into VICI Properties Inc., a common trend in the gaming and real estate investment trust (REIT) sector where operational assets are absorbed by larger landlords.

Comparison to Industry Standards

• The merger and subsequent delisting of the target entity follow standard procedures for REIT-led acquisitions of gaming operators.

Stakeholder Impact

• Shareholders have had their holdings converted into VICI Properties Inc. shares as per the merger agreement.

Next Steps

• Finalization of the merger and integration of assets into VICI Properties Inc.

Key Dates

Keywords

GDEN, New Royal Holdco, VICI Properties, Merger, Form 4, Insider Transaction, Equity Settlement