# EDGAR Filing Document

**Accession Number:** 0001341766
**File Stem:** 0001829126-25-009240
**Filing Date:** 2025-11
**Character Count:** 8466
**Document Hash:** 0c536bdd6316d693cf749545aafc8770
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-009240.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001829126-25-009240

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251113

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Milmoe William H.
- **CENTRAL INDEX KEY:** 0001443194

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34611
- **FILM NUMBER:** 251489465

**MAIL ADDRESS:**
- **STREET 1:** 3299 N.W. 2ND AVENUE
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33431
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Celsius Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001341766
- **STANDARD INDUSTRIAL CLASSIFICATION:** BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 202745790
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 2424 N. FEDERAL HWY
- **STREET 2:** SUITE 208
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33431
- **BUSINESS PHONE:** 561-276-2239

**MAIL ADDRESS:**
- **STREET 1:** 2424 N. FEDERAL HWY
- **STREET 2:** SUITE 208
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33431

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VECTOR VENTURES CORP.
- **DATE OF NAME CHANGE:** 20051018

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Milmoe William H.<br><sub>(Last) (First) (Middle)</sub><br>190 S.E. 5TH AVENUE, SUITE 200<br><sub>(Street)</sub><br>DELRAY BEACH, FL 33483<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-11-13 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Celsius Holdings, Inc. [ CELH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock | 2025-11-13 |  | J<sup>(2)(3)(4)</sup> |  | 187500 | D | $37.0234 | 18848367 | I | See Footnote<sup>(1)</sup> |
| Common Stock | 2025-11-14 |  | J<sup>(2)(3)(4)</sup> |  | 187500 | D | $37.0234 | 18660867 | I | See Footnote<sup>(1)</sup> |
| Common Stock | 2025-11-17 |  | J<sup>(2)(3)(4)</sup> |  | 187500 | D | $37.0234 | 18473367 | I | See Footnote<sup>(1)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Variable Prepaid Forward Sale Contract (obligation to sell) | <sup>(2)(3)(4)</sup> | 2025-11-13 |  | J<sup>(2)(3)(4)</sup> |  |  | 187500 | <sup>(2)(3)(4)</sup> | <sup>(2)(3)(4)</sup> | Common Stock | 187500 | 0<sup>(2)(3)(4)</sup> | 0 | I | See Footnote<sup>(1)</sup> |
| Variable Prepaid Forward Sale Contract (obligation to sell) | <sup>(2)(3)(4)</sup> | 2025-11-14 |  | J<sup>(2)(3)(4)</sup> |  |  | 187500 | <sup>(2)(3)(4)</sup> | <sup>(2)(3)(4)</sup> | Common Stock | 187500 | 0<sup>(2)(3)(4)</sup> | 0 | I | See Footnote<sup>(1)</sup> |
| Variable Prepaid Forward Sale Contract (obligation to sell) | <sup>(2)(3)(4)</sup> | 2025-11-17 |  | J<sup>(2)(3)(4)</sup> |  |  | 187500 | <sup>(2)(3)(4)</sup> | <sup>(2)(3)(4)</sup> | Common Stock | 187500 | 0<sup>(2)(3)(4)</sup> | 0 | I | See Footnote<sup>(1)</sup> |

---

### Footnotes:

(1) The Reporting Person is the manager of CD Financial LLC ("CD") and a trustee of the Carl DeSantis Revocable Trust, which owns a 99% beneficial interest in CD. CD is the record holder of the shares which are the subject of this report. The Reporting Person has shared voting and dispositive power with respect to such shares.

(2) On November 13, 2025, November 14, 2025, and November 17, 2025, CD settled three tranches of a prepaid variable forward sale transaction (the "VPF") entered into on November 3, 2022 with an unaffiliated third-party buyer. For these three tranches of the VPF, CD elected full physical settlement.

(3) In full physical settlement of each of these three tranches of the VPF, the contract for the VPF obligated (i) CD to deliver to the buyer 187,500 shares (adjusted for stock splits) of CELH common stock T+1 (the "Share Number") following the maturity of these tranches (occurring on November 12, 2025, November 13, 2025, and November 14, 2025), and (ii) the buyer to pay CD an amount in cash equal to: (a) if the volume-weighted average price of CELH common stock on the maturity date for the tranche (each, a "Settlement Price") was greater than $27.7675 (the "Floor Price"), but less than or equal to $37.0234 (the "Cap Price"), the product of (x) the Share Number and (y) the excess of Settlement Price over the Floor Price; and (b) if Settlement Price was greater than the Cap Price, the product of (x) the Share Number and (y) $9.2559.

(4) On each of November 12, 2025, November 13, 2025, and November 14, 2025, the Settlement Price was greater than the Cap Price. Accordingly, CD transferred to the buyer a number of CELH shares and the buyer paid CD amounts in cash determined pursuant to the formula above.

**Signature:** /s/ William H. Milmoe  
**Date:** 2025-11-17

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**