AdaptHealth (AHCO) major shareholder group acquires 2.0M shares in open market

Rhea-AI Filing Summary

AdaptHealth Corp. reported that entities associated with major shareholder Richard M. Cashin Jr. made open-market purchases of 2,046,691 shares of common stock over three days. The shares were bought indirectly through OEP AHCO Investment Holdings, VI LLC at prices between $9.55 and $9.95 per share.

Following these transactions, the reporting group holds 15,864,871 shares of AdaptHealth common stock indirectly. Footnotes state that One Equity Partners funds own the investment vehicle, that an OEP VII GP investment committee including Cashin may be deemed to have voting and investment discretion, and that each reporting person disclaims beneficial ownership beyond their pecuniary interest.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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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^*

CASHIN RICHARD M JR

(Last) (First) (Middle)

C/O ONE EQUITY PARTNERS

510 MADISON AVENUE, 19TH FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AdaptHealth Corp. [ AHCO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/10/2026		P		820,528	A	$9.7287(1)	14,638,708	I	See footnotes(2)(3)
Common Stock	03/11/2026		P		536,827	A	$9.7281(4)	15,175,535	I	See footnotes(2)(3)
Common Stock	03/12/2026		P		689,336	A	$9.7299(5)	15,864,871	I	See footnotes(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.58 to $9.95, inclusive. The reporting persons undertake to provide to AdaptHealth Corp., a Delaware corporation (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

2. These securities are held directly by OEP AHCO Investment Holdings, VI LLC ("Investor"). Investor is owned by One Equity Partners VII, L.P., a Cayman Islands exempted limited partnership ("OEP VII LP"), One Equity Partners VII-A, L.P., a Cayman Islands exempted limited partnership ("OEP VII-A LP"), One Equity Partners VII-B, L.P., a Delaware limited partnership ("OEP VII-B LP"), OEP VII Project A Co-Investment Partners, L.P., a Delaware limited partnership ("OEP VII Project A LP") and OEP VII Project A-I Co-Investment Partners, L.P., a Delaware limited partnership ("OEP VII Project A-I LP" and, together with OEP VII LP, OEP VII-A LP, OEP VII-B LP and OEP VII Project A LP, the "Parallel Funds"). The general partner of each of the Parallel Funds is OEP VII General Partner, L.P., a Cayman Islands exempted limited partnership ("OEP VII GP"), and the general partner of OEP VII GP is OEP VII GP, L.L.C., a Cayman Islands limited liability company ("OEP VII GP LLC").

3. (Continued from Footnote 2) The six member investment committee of OEP VII GP acts by majority vote, which majority must include Richard Cashin. Accordingly, Richard Cashin may be deemed to have voting and investment discretion, and beneficial ownership, of the reported securities. Each of the reporting persons disclaims beneficial ownership of the securities except to the extent of its or his pecuniary interest therein.

4. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.64 to $9.75, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

5. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.55 to $9.75, inclusive. The reporting persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Remarks:

EDGAR filing codes for Investor, the Parallel Funds, OEP VII GP, OEP VII GP LLC (collectively, the "OEP Entities") were not accessible at the time of this filing but, as direct and indirect holders of the reported securities, are intended and deemed to be included as reporting persons on this Form 4. When such EDGAR filing codes are received from the Securities and Exchange Commission, this Form 4 will be amended to reflect the OEP Entities as reporting persons.

	/s/ Richard Cashin	03/12/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transactions did AdaptHealth (AHCO) disclose in this Form 4?

AdaptHealth disclosed that entities linked to Richard M. Cashin Jr. bought 2,046,691 shares of common stock in three open-market transactions, at prices between $9.55 and $9.95 per share, increasing their indirect holdings to 15,864,871 shares.

Who is the reporting person in the AdaptHealth (AHCO) Form 4 filing?

The reporting person is Richard M. Cashin Jr., identified as a ten percent owner. The purchased shares are held indirectly through OEP AHCO Investment Holdings, VI LLC and related One Equity Partners funds, rather than in his direct personal brokerage account.

How many AdaptHealth (AHCO) shares were bought and at what prices?

Affiliated entities purchased a total of 2,046,691 AdaptHealth common shares. Footnotes state these were acquired in multiple trades at weighted-average prices, within ranges of $9.55–$9.95, $9.64–$9.75, and $9.55–$9.75 per share across the three trading days.

What is the resulting AdaptHealth (AHCO) stake after these insider purchases?

After the reported transactions, the filing shows indirect ownership of 15,864,871 AdaptHealth common shares. This reflects cumulative holdings through OEP AHCO Investment Holdings, VI LLC and related funds, rather than shares registered directly in Richard M. Cashin Jr.’s name.

Who actually holds the AdaptHealth (AHCO) shares referenced in the Form 4?

The shares are held directly by OEP AHCO Investment Holdings, VI LLC, owned by several One Equity Partners funds. An investment committee of OEP VII GP, including Richard Cashin, may be deemed to have voting and investment discretion over the reported securities.

Does Richard M. Cashin Jr. claim full beneficial ownership of the AdaptHealth (AHCO) shares?

No. The filing states that each reporting person disclaims beneficial ownership of the AdaptHealth securities except to the extent of their pecuniary interest. This clarifies that economic exposure exists, but legal ownership is primarily through the investment entities.