# EDGAR Filing Document

**Accession Number:** 0001058854
**File Stem:** 0001420506-26-000561
**Filing Date:** 2026-2
**Character Count:** 8846
**Document Hash:** 7b0655bcbc8ceeff72ea153024983ebe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-26-000561.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001420506-26-000561

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CANNELL CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001058854

**ORGANIZATION NAME:**
- **EIN:** 943366999
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-06453
- **FILM NUMBER:** 26640708

**BUSINESS ADDRESS:**
- **STREET 1:** 245 MERIWETHER CIRCLE
- **CITY:** ALTA
- **STATE:** WY
- **ZIP:** 83414
- **BUSINESS PHONE:** 4158358300

**MAIL ADDRESS:**
- **STREET 1:** 245 MERIWETHER CIRCLE
- **CITY:** ALTA
- **STATE:** WY
- **ZIP:** 83414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANNELL J CARLO DBA CANNELL CAPITAL MGMT
- **DATE OF NAME CHANGE:** 19980330

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** CANNELL CAPITAL LLC<br>**Address:** 245 MERIWETHER CIRCLE<br>ALTA, WY 83414

**Form 13F File Number:** 028-06453

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Stephen C. Wagstaff<br>**Title:** CCO/CFO<br>**Phone:** 307-733-2284

**Signature, Place, and Date of Signing:**

Stephen C. Wagstaff CCO/CFO  ALTA, WY  02-17-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 51

**Form 13F Information Table Value Total:** $206289671

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AMERICAN BATTERY TECHNOLOGY | COM NEW | 02451V309 |  | 316632 | 948 | SH | Put | SOLE |  | 948 | 0 | 0 |
| AMERICAN PUB ED INC | COM | 02913V103 |  | 3005780 | 79518 | SH |  | SOLE |  | 79518 | 0 | 0 |
| ASP ISOTOPES INC | COM | 00218A105 |  | 593315 | 1109 | SH | Put | SOLE |  | 1109 | 0 | 0 |
| ATEGRITY SPECIALTY IN CO HO | COM | 04681Y103 |  | 6748643 | 321211 | SH |  | SOLE |  | 321211 | 0 | 0 |
| BUILD-A-BEAR WORKSHOP INC | COM | 120076104 |  | 4741930 | 77394 | SH |  | SOLE |  | 77394 | 0 | 0 |
| CALAVO GROWERS INC | COM | 128246105 |  | 3440067 | 158164 | SH |  | SOLE |  | 158164 | 0 | 0 |
| CARVANA CO | CL A | 146869102 |  | 4600018 | 109 | SH | Put | SOLE |  | 109 | 0 | 0 |
| CAVCO INDS INC DEL | COM | 149568107 |  | 6710806 | 11360 | SH |  | SOLE |  | 11360 | 0 | 0 |
| CHEGG INC | NOTE         9/0 | 163092AF6 |  | 2204369 | 2481000 | SH |  | SOLE |  | 2481000 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 5446816 | 515309 | SH |  | SOLE |  | 515309 | 0 | 0 |
| COMPOSECURE INC | COM CL A | 20459V105 |  | 7017727 | 363990 | SH |  | SOLE |  | 363990 | 0 | 0 |
| CRONOS GROUP INC | COM | 22717L101 |  | 91258 | 34699 | SH |  | SOLE |  | 34699 | 0 | 0 |
| DONEGAL GROUP INC | CL A | 257701201 |  | 1657121 | 82939 | SH |  | SOLE |  | 82939 | 0 | 0 |
| EOS ENERGY ENTERPRISES INC | COM CL A | 29415C101 |  | 14993118 | 13083 | SH | Put | SOLE |  | 13083 | 0 | 0 |
| ETON PHARMACEUTICALS INC | COM | 29772L108 |  | 3668066 | 216917 | SH |  | SOLE |  | 216917 | 0 | 0 |
| FARADAY FUTURE INTLGT ELEC I | COM NEW CL A | 307359885 |  | 1127916 | 11058 | SH | Put | SOLE |  | 11058 | 0 | 0 |
| FLUENCE ENERGY INC | COM CL A | 34379V103 |  | 9274842 | 4689 | SH | Put | SOLE |  | 4689 | 0 | 0 |
| FUELCELL ENERGY INC | COM NEW | 35952H700 |  | 1909372 | 2612 | SH | Put | SOLE |  | 2612 | 0 | 0 |
| GLOBAL INDEMNITY GROUP LLC | COM CL A | 37959R103 |  | 5559585 | 195898 | SH |  | SOLE |  | 195898 | 0 | 0 |
| GLOBALSTAR INC | COM NEW | 378973507 |  | 1786519 | 29268 | SH |  | SOLE |  | 29268 | 0 | 0 |
| GOLD COM INC | COM | 00181T107 |  | 7758701 | 227862 | SH |  | SOLE |  | 227862 | 0 | 0 |
| LEE ENTERPRISES INC | COM | 523768406 |  | 986002 | 205846 | SH |  | SOLE |  | 205846 | 0 | 0 |
| LIGHTWAVE LOGIC INC | COM | 532275104 |  | 612036 | 1889 | SH | Put | SOLE |  | 1889 | 0 | 0 |
| MICROVAST HOLDINGS INC | COM | 59516C106 |  | 860160 | 3072 | SH | Put | SOLE |  | 3072 | 0 | 0 |
| MIMEDX GROUP INC | COM | 602496101 |  | 9962400 | 1471551 | SH |  | SOLE |  | 1471551 | 0 | 0 |
| MOUNT LOGAN CAP INC | COM | 62188E103 |  | 140399 | 17018 | SH |  | SOLE |  | 17018 | 0 | 0 |
| NATURAL GAS SVCS GROUP INC | COM | 63886Q109 |  | 10978380 | 326252 | SH |  | SOLE |  | 326252 | 0 | 0 |
| NETWORK-1 TECHNOLOGIES INC | COM | 64121N109 |  | 1495987 | 1141975 | SH |  | SOLE |  | 1141975 | 0 | 0 |
| NORTH AMERN CONSTR GROUP LTD | COM | 656811106 |  | 15452162 | 1075307 | SH |  | SOLE |  | 1075307 | 0 | 0 |
| NPK INTERNATIONAL INC | COM SHS | 651718504 |  | 11213812 | 940756 | SH |  | SOLE |  | 940756 | 0 | 0 |
| NPK INTERNATIONAL INC | COM SHS | 651718504 |  | 2777360 | 2330 | SH | Call | SOLE |  | 2330 | 0 | 0 |
| OPEN LENDING CORP | COM | 68373J104 |  | 63147 | 40740 | SH |  | SOLE |  | 40740 | 0 | 0 |
| ORASURE TECHNOLOGIES INC | COM | 68554V108 |  | 4728709 | 1954012 | SH |  | SOLE |  | 1954012 | 0 | 0 |
| ORGANIGRAM GLOBAL INC | COM | 68617J100 |  | 261546 | 155682 | SH |  | SOLE |  | 155682 | 0 | 0 |
| OWLET INC | CL A NEW | 69120X206 |  | 6987960 | 431622 | SH |  | SOLE |  | 431622 | 0 | 0 |
| PERMA-PIPE INTL HLDGS INC | COM | 714167103 |  | 457556 | 15071 | SH |  | SOLE |  | 15071 | 0 | 0 |
| PLUG POWER INC | COM NEW | 72919P202 |  | 445005 | 8091 | SH | Put | SOLE |  | 8091 | 0 | 0 |
| PRIMEENERGY RESOURCES CORP | COM | 74158E104 |  | 1653570 | 9670 | SH |  | SOLE |  | 9670 | 0 | 0 |
| QUANTUMSCAPE CORP | COM CL A | 74767V109 |  | 2327828 | 2234 | SH | Put | SOLE |  | 2234 | 0 | 0 |
| RIGETTI COMPUTING INC | COMMON STOCK | 76655K103 |  | 7528785 | 3399 | SH | Put | SOLE |  | 3399 | 0 | 0 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 |  | 4697190 | 835799 | SH |  | SOLE |  | 835799 | 0 | 0 |
| SAVERS VALUE VLG INC | COM | 80517M109 |  | 5445295 | 583008 | SH |  | SOLE |  | 583008 | 0 | 0 |
| SES AI CORPORATION | CL A COM | 78397Q109 |  | 1949760 | 10832 | SH | Put | SOLE |  | 10832 | 0 | 0 |
| SNDL INC | COM | 83307B101 |  | 14543517 | 8761155 | SH |  | SOLE |  | 8761155 | 0 | 0 |
| SONIM TECHNOLOGIES INC | COM | 83548F408 |  | 42922 | 13626 | SH |  | SOLE |  | 13626 | 0 | 0 |
| STITCH FIX INC | COM CL A | 860897107 |  | 135518 | 25813 | SH |  | SOLE |  | 25813 | 0 | 0 |
| SWK HLDGS CORP | COM NEW | 78501P203 |  | 1084787 | 63069 | SH |  | SOLE |  | 63069 | 0 | 0 |
| THE REALREAL INC | COM | 88339P101 |  | 254563 | 16132 | SH |  | SOLE |  | 16132 | 0 | 0 |
| TURNING PT BRANDS INC | COM | 90041L105 |  | 5623358 | 51876 | SH |  | SOLE |  | 51876 | 0 | 0 |
| WHEELS UP EXPERIENCE INC | COM CL A | 96328L205 |  | 260420 | 3968 | SH | Put | SOLE |  | 3968 | 0 | 0 |
| WINMARK CORP | COM | 974250102 |  | 666936 | 1647 | SH |  | SOLE |  | 1647 | 0 | 0 |

---