Cardinal Equity Fund, L.P. 4

What Happened
Cardinal Equity Fund, L.P., a reported 10% owner of Guardian Pharmacy Services, Inc. (GRDN), sold 275,728 shares of Class A common stock on March 20, 2026 at $29.68 per share, generating proceeds of $8,184,296. The filing reports the transaction as a sale (S). The sale was made pursuant to an Underwriting Agreement (see footnote) and therefore appears to be part of an offering-related disposition rather than a routine open-market trade.

Key Details

• Transaction date and price: March 20, 2026 — 275,728 shares sold at $29.68 per share.
• Proceeds: $8,184,296.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnote: The shares sold are Class A common stock and were sold pursuant to the Underwriting Agreement dated March 18, 2026 among the issuer, the selling stockholders, and BofA Securities, Inc. and Jefferies LLC (underwriters).
• Filing date/timeliness: Form 4 was filed March 24, 2026 — filed within two business days of the March 20 transaction, consistent with typical Section 16 reporting timing.

Context
As a 10% beneficial owner (an institutional holder), Cardinal Equity Fund is not an executive or director; sales by large holders often reflect offering or portfolio-management activity. The footnote indicates these shares were sold under an underwriting agreement, which commonly accompanies secondary offerings or selling-stockholder transactions and is less indicative of the issuer’s insider sentiment than individual open-market purchases.