This is a housekeeping amendment correcting prior over-attribution; no change in activist posture or economic exposure. Monitor for any future 13D amendments signaling new purchases or escalation of demands under the CIC Side Agreement.
Price Chart
Executive Summary
Robert G. Brown filed Amendment No. 12 to his Schedule 13D, correcting beneficial ownership attribution and reporting a combined 18.72% stake in SPAR Group as of October 7, 2026. The filing clarifies that Brown's prior aggregate included shares of his spouse and a pension trust over which he disclaims voting/dispositive authority, and corrects an earlier SBS balance from 1,065,538 to 538,194 shares. No new purchases or sales were reported, and the stated purpose remains unchanged — no current plans or proposals beyond existing board designation rights under a May 2026 CIC Side Agreement.
Key Financial Metrics
Key Facts
- Brown, SBS, and IGT collectively hold 5,316,903 shares (18.72%) of SPAR Group's 28,398,560 outstanding shares.
- Brown personally holds 1,778,709 shares; SBS holds 538,194; IGT holds 3,000,000.
- Amendment corrects prior overcount: excludes Jean Brown's 45,000 shares and pension trust shares, and reduces SBS balance from 1,065,538 to 538,194.
- No new acquisitions or sales in the 60 days prior to filing.
- May 2026 CIC Side Agreement extends Brown's right to designate up to two directors through January 2028.
- SBS is now below 5% individually but remains in the reporting group.
Financial Impact
No financial impact — administrative correction of beneficial ownership attribution with no new transactions or changes in intent.
Risk Factors
- Potential future dilution if Brown exercises additional rights under the CIC Agreement.
- Uncertainty around board dynamics given Brown's director designation rights and the informal group arrangement.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001090394-26-000006 |
| Document: 0001090394-26-000006-index.html | 0001090394-26-000006 |
| Document: 0001090394-26-000006.txt | 0001090394-26-000006 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | SC 13G | $0.2875 $0.2875 | · 0.00% | ▲ +1.18% | $0.6600 (+129.57%) |
Oct 7, 2026 19d ago | SC 13D/A | $0.2875 $0.2875 | · 0.00% | ▲ +0.42% | $0.6600 (+129.57%) |
Aug 13, 2026 10w ago | 8-K | $0.2875 $0.2875 | · 0.00% | ▼ −0.20% | $0.6600 (−129.57%) |
Aug 13, 2026 10w ago | Press Release | $0.2875 $0.2875 | · 0.00% | ▲ +0.20% | $0.6600 (+129.57%) |
Jul 23, 2026 13w ago | 3 | $0.3900 $0.3800 | ▼ −2.56% | ▼ −2.67% | $0.6600 (+69.23%) |
Jul 22, 2026 13w ago | Press Release | $0.3900 $0.3800 | ▲ +2.56% | ▲ +2.67% | $0.6600 (−69.23%) |
Jun 3, 2026 20w ago | 8-K | $0.7400 $0.7400 | · 0.00% | ▼ −2.60% | $0.6600 (+10.81%) |
May 12, 2026 23w ago | 8-K | $0.6800 $0.6700 | ▼ −1.47% | ▼ −2.05% | $0.6600 (−2.94%) |
May 12, 2026 23w ago | Press Release | $0.6800 $0.6700 | ▼ −1.47% | ▼ −2.05% | $0.6600 (−2.94%) |
Apr 13, 2026 28w ago | 8-K | $0.5900 $0.6000 | ▼ −1.69% | ▼ −0.92% | $0.6600 (−11.86%) |
US Market Status
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