SCHEDULE: Knudsen Boosts ImmuCell Stake to 9.21% After Craton Redemption

Ejnar A. Knudsen III has increased his beneficial ownership in ImmuCell Corporation to 9.21% following a compulsory redemption of limited partners in Craton Capital, LP.

Summary

• Ejnar A. Knudsen III, founder and chief executive officer of AGR Partners, reported beneficial ownership of 832,790 shares of ImmuCell Corporation common stock.
• This represents approximately 9.21% of the company's outstanding shares, based on 9,045,851 shares outstanding as of October 31, 2025.
• Knudsen holds sole voting power and sole dispositive power over 465,790 shares.
• He shares voting power and dispositive power over an additional 367,000 shares held by Craton Capital, LP, where he is a remaining partner.
• The increase in ownership resulted from a compulsory redemption of limited partners in Craton Capital, LP, which utilized approximately $2,293,750 from general investment funds.
• The shares are held for investment purposes, and Knudsen currently has no plans or proposals for corporate changes at ImmuCell Corporation.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The increase in a significant investor's stake is generally seen as a positive signal of confidence, even if stated purely for investment purposes. No negative information is presented.

Positives

• A significant individual investor, Ejnar A. Knudsen III, has increased his stake in ImmuCell Corporation to 9.21%, which can signal continued confidence in the company.
• The shares are held for investment purposes, suggesting a long-term perspective from a notable financial professional.

Future Outlook

Ejnar A. Knudsen III holds his shares for investment purposes and currently has no plans or proposals that would result in changes to ImmuCell Corporation's corporate structure, management, or business operations.

Management Comments

• "All shares held by the Reporting Person are held by the Reporting Person for investment purposes."
• "The Reporting Person currently has no plans or proposals that relate to, or would result in, any of the matters described in subsections (a) through (j) of Item 4 of the instructions to Schedule 13D."

Industry Context

This filing indicates a significant individual investor's increased stake in a publicly traded company, which can sometimes signal confidence or potential future engagement. However, the stated purpose is purely for investment, suggesting no immediate activist intent. Such ownership changes are common in the investment landscape as portfolios are rebalanced or investment vehicles undergo structural changes.

Comparison to Industry Standards

• NA

Legal Proceedings

• Ejnar A. Knudsen III has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• Ejnar A. Knudsen III has not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws during the last five years.

Related Party Transactions

• The compulsory redemption of limited partners of Craton Capital, LP, resulted in Ejnar A. Knudsen III having an increased ownership in the remaining securities, including ImmuCell Corporation.
• Knudsen has an interest in Craton's general partner and is the direct or indirect owner of various family limited partner accounts remaining with Craton. Knudsen and Raju Shah are the only remaining partners of Craton.

Stakeholder Impact

• Shareholders may view the increased stake by a prominent investor as a positive sign of confidence in ImmuCell Corporation's long-term prospects.

Next Steps

• No specific future actions or milestones for ImmuCell Corporation are mentioned in this filing by the reporting person, other than holding the shares for investment purposes.

Key Dates

Keywords

ImmuCell Corporation, IMUC, Ejnar A. Knudsen III, Schedule 13D, Beneficial Ownership, Craton Capital, AGR Partners, Common Stock, Investment