Form 4: Lutnick Divests Significant XBP Global Holdings Stake

Howard Lutnick, as trustee, has divested his indirect beneficial ownership of over 6 million shares and 385,000 warrants in XBP Global Holdings, Inc. through a sale of CF Group Management, Inc. voting shares.

Summary

• Howard W. Lutnick, a Director and 10% Owner of XBP Global Holdings, Inc. (XBP), reported a change in beneficial ownership.
• On October 6, 2025, Lutnick, in his capacity as trustee of a trust, closed the sale of all voting shares of CF Group Management, Inc. (CFGM) to trusts controlled by Brandon G. Lutnick.
• CFGM is the managing general partner of Cantor Fitzgerald, L.P. (CFLP), which is the sole member of CFAC Holdings VIII, LLC (CFAC).
• CFAC directly owned 6,064,404 shares of XBP common stock and 385,000 warrants to purchase XBP common stock, exercisable within 60 days.
• Following this transaction, Howard Lutnick no longer has beneficial ownership of these 6,064,404 common shares and 385,000 warrants in XBP Global Holdings, Inc.
• The aggregate sale price for the voting shares of CFGM was $200,000.

Sentiment

Score: 5

Explanation: The filing is a factual report of a change in indirect beneficial ownership by a director and 10% owner. It does not inherently convey positive or negative sentiment for the issuer based solely on the filing's content, as it's a disclosure of a completed transaction.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

The filing is a report of a completed transaction and does not contain any forward-looking statements or guidance regarding XBP Global Holdings, Inc.'s future performance or operations.

Management Comments

• Howard Lutnick disclaims beneficial ownership of all securities held by CFAC in excess of his pecuniary interest, if any, and states that this report shall not be deemed an admission that he was the beneficial owner of, or had pecuniary interest in, any such excess securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

This filing details an internal change in indirect beneficial ownership by a significant insider, Howard Lutnick, within the complex corporate structure involving Cantor Fitzgerald. It does not provide information directly related to broader industry trends or competitive landscape for XBP Global Holdings, Inc.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• The transaction involves the sale of voting shares of CF Group Management, Inc. by trusts controlled by Howard W. Lutnick to trusts controlled by Brandon G. Lutnick, indicating a transaction between related parties.

Stakeholder Impact

• Shareholders: A significant change in the indirect beneficial ownership of a large block of shares and warrants (over 6 million shares and 385,000 warrants) by a director and 10% owner, Howard Lutnick, to trusts controlled by Brandon G. Lutnick, could be noted by the market.

Next Steps

• NA

Key Dates

Keywords

XBP Global Holdings, Howard Lutnick, Beneficial Ownership, Form 4, Insider Transaction, Cantor Fitzgerald, Equity Sale, Warrants, CF Group Management