Form 4: Horizon Kinetics Holding Corp Insiders Report Significant Stock Acquisitions Post-Merger

CEO and CIO Murray Stahl, along with Horizon Common Inc., have reported substantial acquisitions of Horizon Kinetics Holding Corp common stock, primarily linked to the merger with Scotts Liquid Gold-Inc.

Summary

• Murray Stahl, CEO and CIO, and a 10% owner of Horizon Kinetics Holding Corp (HKHC), reported the acquisition of 248,777 shares of Common Stock directly at a price of $42 per share on May 27, 2025.
• Horizon Common Inc., also a 10% owner, reported the acquisition of 8,216,541 shares of Common Stock indirectly at $42 per share on May 27, 2025.
• These acquisitions are stated to be in connection with the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc., with shares received on August 1, 2024.
• Mr. Stahl's direct acquisition of shares (248,777) differs slightly from the 248,460 shares mentioned in the explanation as received on August 1, 2024.
• Horizon Common Inc.'s acquisition (8,216,541 shares) also differs slightly from the 8,214,337 shares mentioned in the explanation as received on August 1, 2024.
• Mr. Stahl exercises discretion over shares held by Horizon Common Inc. and FRMO Corp., owning approximately 21% and 16% respectively of the shares held by these entities, and disclaims beneficial ownership over the remaining shares.
• The transaction was made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan for the purchase or sale of equity securities.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to significant insider buying by the CEO/CIO and a major institutional shareholder, indicating strong confidence in the company's valuation and future prospects, especially following a merger.

Positives

• Significant acquisition of common stock by CEO and CIO Murray Stahl, indicating strong insider confidence in the company's future.
• Substantial indirect acquisition by Horizon Common Inc., a major 10% owner, further reinforcing positive insider sentiment.
• The acquisitions are linked to a recent merger, suggesting integration and potential value creation from the combination of Horizon Kinetics LLC and Scotts Liquid Gold-Inc.

Future Outlook

The document does not provide explicit forward-looking statements or guidance beyond the reported transactions.

Management Comments

• Mr. Stahl exercises discretion over the shares of the Issuer held by Horizon Common Inc. and owns approximately 21% of those shares, disclaiming beneficial ownership over the remaining shares.
• Mr. Stahl exercises discretion over the shares of the Issuer held by FRMO Corp. and owns approximately 16% of those shares, disclaiming beneficial ownership over the remaining shares.
• Mr. Stahl exercises discretion over shares of the Issuer held by Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC, and disclaims beneficial ownership except to the extent of his pecuniary interest.

Industry Context

This filing reflects insider activity within Horizon Kinetics Holding Corp, an entity likely involved in asset management, following its merger with Scotts Liquid Gold-Inc., which operates in the consumer goods sector. The acquisition of shares by key insiders post-merger suggests a strategic alignment and confidence in the combined entity's prospects.

Corporate Governance

Related Party Transactions

• Murray Stahl's indirect beneficial ownership through Horizon Common Inc., FRMO Corp., his spouse, Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC, where he exercises discretion and/or has a pecuniary interest, constitutes related party dealings.

Stakeholder Impact

• Shareholders: Increased insider ownership can align management's interests with shareholders, potentially leading to more favorable long-term performance.
• Employees: No direct impact mentioned, but a confident management team can foster a stable work environment.
• Creditors: No direct impact mentioned, but strong insider confidence can indirectly signal financial stability.

Key Dates

Recommendation

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Insider Ownership, Form 4, Beneficial Ownership, Merger, Scotts Liquid Gold-Inc, Asset Management, Corporate Governance, Rule 10b5-1