Form 4: Horizon Kinetics CEO & CIO Murray Stahl Reports Significant Share Acquisitions Post-Merger

Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp, reported the acquisition of over 8.4 million shares of common stock, primarily through direct and indirect holdings, in connection with the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc.

Summary

• Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp (HKHC), reported the acquisition of common stock on June 6, 2025, at a price of $47 per share.
• Mr. Stahl directly acquired 248,841 shares. These shares were received on August 1, 2024, in connection with the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc. (Note: Explanation 1 states 248,460 shares were received).
• Horizon Common Inc., an entity over which Mr. Stahl exercises discretion, acquired 8,216,557 shares. These shares were also received on August 1, 2024, due to the same merger. Mr. Stahl owns approximately 21% of these shares and disclaims beneficial ownership over the remainder. (Note: Explanation 2 states 8,214,337 shares were received).
• Following these transactions, Mr. Stahl's indirect beneficial ownership includes 823,863 shares held by his spouse, 6,900 shares by FRMO Corp., 5,810 shares by Kinetics Institutional Partners LP, and 951 shares by Kinetics Partners LP.
• Mr. Stahl exercises discretion over the shares held by Horizon Common Inc., FRMO Corp., Kinetics Institutional Partners LP, and Kinetics Partners LP, disclaiming beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 8

Explanation: The acquisition of a significant number of shares by a key insider (CEO and CIO) is a strong positive signal, indicating management's confidence in the company's future performance and valuation, especially when tied to a strategic merger.

Positives

• Significant acquisition of shares by a key insider (CEO and CIO), indicating strong confidence in the company's future prospects.
• The acquisitions are linked to a merger, suggesting a strategic consolidation and potential for synergy.
• The reported price of $47 per share for the acquired stock provides a valuation reference point for the transaction.

Negatives

• No negative information is present in this Form 4 filing, which primarily reports insider share acquisitions.

Risks

• The document does not explicitly mention specific risks.

Future Outlook

The document does not provide specific forward-looking statements or guidance, focusing solely on past share acquisition transactions related to a merger.

Management Comments

• "Mr. Stahl received 248,460 shares on August 1, 2024 in connection with the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc."
• "Horizon Common Inc. received 8,214,337 shares in connection with the merger between Horizon Kinetics LLC and Scott's Liquid Gold-Inc. Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 21% of those held by Horizon Common Inc. He disclaims beneficial ownership over the remaining shares."
• "FRMO Corp. received 823,863 shares in connection with the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc. Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 16% of those held by FRMO Corp. He disclaims beneficial ownership over the remaining shares." (Note: This explanation is provided for the spouse's indirect ownership in the table).
• "Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest."

Industry Context

This Form 4 filing reports an insider's acquisition of shares, which is a company-specific event. While the acquisition is tied to a merger, the document does not provide broader industry context or trends beyond the specific entities involved in the merger (Horizon Kinetics LLC and Scotts Liquid Gold-Inc.).

Comparison to Industry Standards

• Not applicable. This document reports specific insider share acquisitions and does not contain information suitable for comparison to industry-wide financial or operational benchmarks.

Management Changes

Corporate Governance

Legal Proceedings

• No legal proceedings or regulatory matters are mentioned in this document.

Related Party Transactions

• The entire document details related party transactions, specifically the acquisition of shares by Murray Stahl, who is a Director, 10% Owner, CEO, and CIO of Horizon Kinetics Holding Corp, and through entities over which he exercises discretion (Horizon Common Inc., FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP).

Stakeholder Impact

• Shareholders: The significant insider acquisition could be viewed positively, signaling management's belief in the company's value, potentially boosting investor confidence.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

• The document does not explicitly mention future actions, events, or milestones.

Key Dates

Recommendation

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, SEC Form 4, Insider Trading, Share Acquisition, Merger, Scotts Liquid Gold-Inc, Horizon Kinetics LLC, Beneficial Ownership, CEO, CIO, Equity Securities