Form 4: GVIC Adjusts RMCF Stake, Interim CEO Reports

Global Value Investment Corp. and affiliated parties reported recent acquisitions and dispositions of Rocky Mountain Chocolate Factory common stock, adjusting their beneficial ownership.

Summary

• Global Value Investment Corp. (GVIC) and related entities, including Rocky Mountain Chocolate Factory, Inc.'s Interim CEO Jeffrey R. Geygan, reported changes in their beneficial ownership of RMCF common stock.
• On October 17, 2025, GVIC acquired 61,670 shares of common stock at a weighted average price of $1.5869 per share.
• On October 20, 2025, GVIC acquired an additional 13,753 shares of common stock at a weighted average price of $1.607 per share.
• Also on October 20, 2025, GVIC disposed of 3,385 shares of common stock due to the termination of separately managed accounts.
• An additional 6,213 shares of common stock were disposed of on October 20, 2025.
• Following these transactions, GVIC's indirect beneficial ownership in Rocky Mountain Chocolate Factory, Inc. stands at 1,933,764 shares.

Sentiment

Score: 5

Explanation: The filing reports both acquisitions and dispositions of shares by a significant shareholder group. While there is a net increase in shares for the reporting person, the disposition due to client account terminations introduces a mixed sentiment, making the overall outlook neutral based solely on this disclosure.

Positives

• Acquisition of 61,670 shares of common stock at a weighted average price of $1.5869 on October 17, 2025, by a significant shareholder group.
• Acquisition of 13,753 shares of common stock at a weighted average price of $1.607 on October 20, 2025, by the same shareholder group.
• The reporting group, which includes a director and the Interim CEO, maintains a substantial beneficial ownership of 1,933,764 shares, indicating continued investment interest in the company.

Negatives

• Disposition of 3,385 shares of common stock on October 20, 2025, attributed to the termination of separately managed accounts with GVIC.
• Disposition of an additional 6,213 shares of common stock on October 20, 2025.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing.

Management Comments

• The reported price represents a weighted average purchase price. The Reporting Person undertakes to provide to the staff, the issuer, or a security holder full information regarding the number of shares purchased at each separate price.
• As of October 20, 2025, certain separately managed accounts terminated their relationship with, and are no longer advised by, GVIC. The positions held in such accounts are therefore no longer included herein.

Industry Context

This Form 4 filing details insider transactions, which are routine disclosures for publicly traded companies. It reflects specific investment decisions by a significant shareholder and director, rather than broader industry trends for the confectionery or retail sectors.

Related Party Transactions

• The reported acquisitions and dispositions of common stock by Global Value Investment Corp. and its affiliates, including directors and officers, constitute related party transactions given their significant ownership (10%) and board representation in Rocky Mountain Chocolate Factory, Inc.

Stakeholder Impact

• Shareholders: Changes in beneficial ownership by a significant shareholder and director can influence market perception and potentially the share price. The net increase in shares held by the reporting person could be viewed positively, while the disposition due to client account termination might raise questions about GVIC's client base.
• Management: The transactions involve the Interim CEO, Jeffrey R. Geygan, reinforcing his personal stake in the company.

Next Steps

• The Reporting Person undertakes to provide full information regarding the number of shares purchased at each separate price upon request from the staff, the issuer, or a security holder.

Key Dates

Keywords

RMCF, Rocky Mountain Chocolate Factory, Global Value Investment Corp., GVIC, Form 4, Beneficial Ownership, Insider Trading, Stock Transactions, Equity, Director, 10% Owner