Form 4: PhenixFIN Director and 10% Owner Howard Amster Increases Stake Through Open Market Purchases

Howard Amster, a Director and 10% owner of PhenixFIN Corp (PFX), has increased his direct beneficial ownership in the company through multiple open market purchases of common stock.

Summary

• Howard Amster, a Director and 10% owner of PhenixFIN Corp, acquired a total of 639 shares of common stock on June 17, 2025, through open market purchases.
• The purchases were executed in three separate transactions at weighted average prices of $48.64, $49.87, and $50.04 per share.
• Specifically, 315 shares were purchased at a weighted average price of $48.64, with prices ranging from $48.12 to $48.64.
• An additional 167 shares were acquired at a weighted average price of $49.87, with prices ranging from $49.74 to $49.96.
• The final transaction involved 157 shares purchased at a weighted average price of $50.04, with prices ranging from $50.01 to $50.14.
• Following these transactions, Mr. Amster's direct beneficial ownership increased to 234,608 shares of Common Stock, $0.001 par value.
• Mr. Amster also maintains significant indirect beneficial ownership through various charitable remainder unitrusts and Pleasant Lake Corp, totaling 29,308 shares (409 + 10,971 + 109 + 676 + 41 + 557 + 16,604).

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to significant insider buying by a director and 10% owner, indicating strong confidence in the company's value and future prospects.

Positives

• The Director and 10% owner, Howard Amster, increased his direct stake in PhenixFIN Corp, signaling confidence in the company's future prospects.
• Insider buying can be viewed positively by the market as it aligns management's interests with those of shareholders.

Future Outlook

This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future performance.

Industry Context

Insider buying, particularly by a director and significant owner, can be interpreted by the market as a positive signal, suggesting that those with intimate knowledge of the company believe its shares are undervalued or that future prospects are strong. This action aligns with a general trend where insider confidence can influence investor sentiment.

Comparison to Industry Standards

• Insider purchases, especially by a director and 10% owner like Howard Amster, are generally viewed as a strong vote of confidence, often more impactful than purchases by less senior insiders.
• The purchases occurred at varying price points, indicating a willingness to acquire shares across a range, which can suggest a long-term investment perspective rather than a short-term trading strategy.
• While specific comparable companies or projects are not mentioned in this filing, insider buying trends across the financial services or investment sector (where PhenixFIN operates) are often closely watched. Significant insider accumulation can sometimes precede positive operational news or strategic shifts.

Related Party Transactions

• Howard Amster's indirect beneficial ownership includes shares held through various charitable remainder unitrusts (Howard Amster 2021 Charitable Remainder Unitrust 1 & 2, Howard Amster and Tamra Gould Charitable Remainder Unitrust U/A DTD 03/18/1993, Howard Amster Charitable Remainder Unitrust U/A DTD 04/22/1998, Howard Amster Charitable Remainder Unitrust U/A DTD 01/11/2005, Howard Amster 2019 Charitable Remainder Unitrust 1) and Pleasant Lake Corp, where he serves as trustee or president, respectively. These are considered related party holdings.

Stakeholder Impact

• Shareholders: The insider buying may instill greater confidence among existing shareholders and attract new investors, potentially leading to positive share price movement.
• Management: The increased stake aligns Mr. Amster's financial interests more closely with the long-term success of the company, reinforcing commitment.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the reported ranges upon request to PhenixFIN Corporation, any security holder, or the SEC staff.

Key Dates

Recommendation

Keywords

PhenixFIN Corp, PFX, Howard Amster, Insider Buying, SEC Form 4, Stock Purchase, Beneficial Ownership, Director, 10% Owner, Common Stock