As of November 10, 2026, 3 holders' latest Schedule 13D or 13G filings report owning 5% or more of Rocky Mountain Chocolate Factory, Inc. The largest reported stake is Global Value Investment Corporation's, at 21.14%. 5 filings are on record since September 17, 2025 (Schedule 13D/A, December 22, 2025).
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Key facts
- · Reporting person: American Heritage Railways, Inc. · Sole voting: 0 · Shared voting: 810,459 · Sole dispositive: 0 · Shared dispositive: 810,459 · SCHEDULE 13D/A, 2026-06-10
- · Holder: Wax Asset Management, LLC · Percent: 2.51% · SCHEDULE 13G/A
- · Holder: ARM-D Rocky Mountain Chocolate Holdings LLC · Percent: 16.1% · SCHEDULE 13D
- · Holder: Global Value Investment Corporation · Percent: 21.14% · SCHEDULE 13D/A
- · Holder: Radoff Bradley Louis · Percent: 4.6% · SCHEDULE 13D/A
Rocky Mountain Chocolate Factory, Inc. has 5 Schedule 13D or 13G filings on record since 2025-09-17. 3 holders' latest filing reports 5% or more of common stock, $0.001 par value per share. Each figure below is the holder's own, as filed, with the filing linked.
Holders
| Holder | Percent | Shares | Latest | Event date |
|---|---|---|---|---|
| Global Value Investment Corporation | 21.14% | 1,966,219 | SCHEDULE 13D/A, 2025-12-22 | 2025-12-18 |
| ARM-D Rocky Mountain Chocolate Holdings LLC | 16.1% | 1,500,000 | SCHEDULE 13D, 2026-01-02 | 2025-12-18 |
| American Heritage Railways, Inc. | 8.7% | 810,459 | SCHEDULE 13D/A, 2026-06-10 | 2026-05-07 |
| 4.6% | 356,100 | SCHEDULE 13D/A, 2025-09-17 | 2025-09-16 | |
| Wax Asset Management, LLC | 2.51% | 234,531 | SCHEDULE 13G/A, 2026-02-13 | 2025-12-31 |
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More on Rocky Mountain Chocolate Factory, Inc. and the records around it.
Rocky Mountain Chocolate Factory, Inc. elsewhere on the record
- Leadership changes Aug 2026
- Form D filing Dec 2025
- Who owns it
Companies that share a holder
- Global Value Investment Corporation also filed stake reports on 5 other companies: CPS Technologies Corp. (Oct 2026), Loop Industries, Inc. (Jun 2026), Liberty Defense Holdings Ltd. (Apr 2026)
- Wax Asset Management, LLC also filed stake reports on 6 other companies: Amtech Systems Inc (Feb 2026), CPS TECHNOLOGIES CORP (Feb 2026), FREQUENCY ELECTRONICS, INC (Feb 2026)
- Radoff Family Foundation also filed stake reports on 11 other companies: Identiv, Inc. (Nov 2026), HARTE HANKS INC (Aug 2026), REGIONAL HEALTH PROPERTIES, INC (Aug 2026)
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Voting and dispositive power, as filed
| Reporting person | Sole voting | Shared voting | Sole dispositive | Shared dispositive | Filing |
|---|---|---|---|---|---|
| American Heritage Railways, Inc. | 0 | 810,459 | 0 | 810,459 | SCHEDULE 13D/A, 2026-06-10 |
| Harper Allen C | 1,911 | 810,459 | 1,911 | 810,459 | SCHEDULE 13D/A, 2026-06-10 |
The latest filing identifies Rocky Mountain Chocolate Factory, Inc. by CUSIP 77467X101 and gives its principal executive office as 265 TURNER DRIVE, DURANGO, CO 80202 (SCHEDULE 13D/A, 2026-06-10).
Purpose of Transaction (Item 4)
Global Value Investment Corporation
Item 4 is amended and restated as follows: The Reporting Persons purchased the shares of Common Stock for investment purposes, and such purchases have been made in the ordinary course of business of the Reporting Persons. In pursuing such investment purposes but subject to the terms of the Cooperation Agreement (as defined and described below), the Reporting Persons may further purchase, hold, vote, trade, dispose, or otherwise deal in the Common Stock at times, and in such manner, as they deem advisable to benefit from, among other things, (1) changes in the market prices of the shares of Common Stock; (2) changes in the Issuer's operations, business strategy, or prospects; or (3) the sale or merger of the Issuer. To evaluate such alternatives, the Reporting Persons will closely monitor the Issuer's operations, prospects, business development, management, competitive and strategic matters, capital structure, and prevailing market conditions, as well as other economic, securities markets, and investment considerations. Consistent with their investment research methods and evaluation criteria, the Reporting Persons have in the past discussed, and may in the future discuss, subject to the terms of the Cooperation Agreement, such matters with the management or Board of Directors of the Issuer (the "Board"), other stockholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit, and other …The first part of Item 4 of the SCHEDULE 13D/A filed 2025-12-22; the filing has the rest
ARM-D Rocky Mountain Chocolate Holdings LLC
The information included in Item 3 is hereby incorporated by reference into this Item 4. The Reporting Persons acquired the shares for investment purposes. The Reporting Persons may, from time to time, engage in discussions with the board of directors and management of the Issuer, other shareholders of the Issuer, consultants, financial advisors, and other relevant parties regarding matters such as the Issuer's financial condition, strategy, business, assets, operations, capital structure and strategic plans. These discussions may include exploring potential strategic options, including commercial cooperation, operational and technical partnerships, and/or other forms of business combinations. The Reporting Persons reserve the right to acquire, or cause to be acquired, additional securities of the Issuer, to dispose of, or cause to be disposed of, such securities at any time or to formulate other purposes, plans or proposals regarding the Issuer or any of its securities, to the extent deemed advisable in light of general investment and trading policies of the Reporting Persons, market conditions or other factors. Other than as set forth in this Schedule 13D, the Reporting Persons do not have any plans or proposals as of the date of this filing which relate to or would result in any of the actions enumerated in Item 4 of the instructions to Schedule 13D.Item 4 of the SCHEDULE 13D filed 2026-01-02
American Heritage Railways, Inc.
The transactions described below ae reported for purposes of Item 5(c). On February 19, 2026, the Reporting Person sold 2,000 shares at an average price of $2.6191 per share. On February 20, 2026, the Reporting Person sold 7,499 shares at an average price of $2.6015 per share. On February 25, 2026, the Reporting Person sold 430 shares at an average price of $2.601 per share. On February 26, 2026, the Reporting Person sold 18,715 shares at an average price of $2.6067 per share. On February 27, 2026, the Reporting Person sold 5,241 shares at an average price of $2.60 per share. On March 4, 2026, the Reporting Person sold 11,297 shares at an average price of $2.60 per share. On March 5, 2026, the Reporting Person sold 8,918 shares at an average price of $2.60 per share. On May 1, 2026, the Reporting Person sold 35,900 shares at an average price of $2.45 per share. On May 4, 2026, the Reporting Person sold 50,000 shares at an average price of $2.45 per share. On May 7, 2026, the Reporting Person sold 530 shares at an average price of $2.60 per share. On May 8, 2026, the Reporting Person sold 30,254 shares at an average price of $2.60 per share. On May 13, 2026, the Reporting Person sold 14,421 shares at an average price of $2.6027 per share. On May 14, 2026, the Reporting Person sold 4,336 shares at an average price of $2.60 per share. The purpose of these transactions was investment purposes. These transactions were conducted for portfolio management and investment purposes. …The first part of Item 4 of the SCHEDULE 13D/A filed 2026-06-10; the filing has the rest
Timeline
| Filed | Holder | Percent | Filing |
|---|---|---|---|
| 2025-09-17 | Radoff Bradley Louis | 4.6% | SCHEDULE 13D/A |
| 2025-12-22 | Global Value Investment Corporation | 21.14% | SCHEDULE 13D/A |
| 2026-01-02 | ARM-D Rocky Mountain Chocolate Holdings LLC | 16.1% | SCHEDULE 13D |
| 2026-02-13 | Wax Asset Management, LLC | 2.51% | SCHEDULE 13G/A |
| 2026-06-10 | American Heritage Railways, Inc. | 8.7% | SCHEDULE 13D/A |
Questions about who owns Rocky Mountain Chocolate Factory, Inc.
Who owns Rocky Mountain Chocolate Factory, Inc.?
On this page, 3 holders' latest ownership filings report 5% or more of Rocky Mountain Chocolate Factory, Inc.: Global Value Investment Corporation (21.14%, Schedule 13D/A, filed 2025-12-22), ARM-D Rocky Mountain Chocolate Holdings LLC (16.1%, Schedule 13D, filed 2026-01-02) and American Heritage Railways, Inc. (8.7%, Schedule 13D/A, filed 2026-06-10).
Who are the largest shareholders of Rocky Mountain Chocolate Factory, Inc.?
By the share each holder's latest filing reports, the largest holders of Rocky Mountain Chocolate Factory, Inc. on this page are Global Value Investment Corporation (21.14%), ARM-D Rocky Mountain Chocolate Holdings LLC (16.1%) and American Heritage Railways, Inc. (8.7%).
When did Global Value Investment Corporation buy into Rocky Mountain Chocolate Factory, Inc.?
The filings give report dates, not purchase dates. The earliest filing from Global Value Investment Corporation on this page is the Schedule 13D/A, filed 2025-12-22, reporting 21.14%. That earliest filing is itself an amendment, which updates an earlier report.
Is this an audit or a full list?
Neither. The ownership list on this page covers only Schedule 13D and 13G filings, which holders make once they own 5% or more of a class of shares (an amendment can report a stake that has since fallen below 5%); 5 such filings are shown here. It is not an audit and not a full cap table: holders who never reached 5% are not listed, and a stake can change after its latest filing.
Also on the record for Rocky Mountain Chocolate Factory, Inc.
| Date | Record | Figure | Our page | Source |
|---|---|---|---|---|
| August 24, 2026 | Leadership change: David Denker appointed, Chief Operating Officer | — | Leadership changes | Source |
| July 14, 2026 | Leadership change: Allen C. Harper appointed, Chief Executive Officer and Principal Executive Officer | — | Leadership changes | Source |
| July 6, 2026 | Leadership change: Allen C. Harper appointed, Chief Executive Officer and Principal Executive Officer | — | Leadership changes | Source |
| June 26, 2026 | Leadership change filing (Form 8-K, Item 5.02) | — | Leadership changes | Source |
| December 31, 2025 | Form D, private offering | $2.70M sold | Form D page | Source |
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Where this comes from
Anyone who comes to own more than 5% of a class of a listed company's voting shares has to tell the SEC. A holder who may seek to change or influence the company files Schedule 13D, and has to say in Item 4, "Purpose of Transaction", what it intends to do. A holder with no such intent, such as many index and passive funds, may file the shorter Schedule 13G. Both are amended when the stake changes, including when it falls below 5%.
Every row here is one of those filings, linked to the filing itself. Percentages and share counts are exactly as the holder filed them, for the holder the filing names; an amendment showing a lower figure is shown as filed. Item 4 text is quoted word for word. Where a 13D's Item 4 contains a sentence stating a definite intent to influence the company, that sentence is marked and quoted; the page does not describe the holder or its motives beyond the words it filed. Nothing here is investment advice.