* Summed across managers. Shares that two managers' reports both contain – a
subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are
counted once.
Holder counts are more reliable.
Implied quarter-end price ≈ $4.70.
Options: 1 managers hold calls
($202.9k notional), 2 hold puts ($3.5m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
Quarter
Holders
Q1 2025
2
Q2 2025
8
Q3 2025
10
Q4 2025
8
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Options at notional value: the value of the shares the contracts control, as filers report
them, not what the options cost. Not included in the holders, shares or buying above.