[Form 4] Brandywine Realty Trust Insider Trading Activity

Rhea-AI Filing Summary

Globalink Investment Inc. (NASDAQ: GLLIU) filed an 8-K on 3 July 2025 announcing its 25^th deadline extension for completing a de-SPAC transaction. The company deposited $0.15 per public share, or $10,890.15, into its trust account, pushing the business-combination deadline from 9 July 2025 to 9 August 2025.

This is the second of up to six one-month extensions allowed under the SPAC’s amended charter. The cost of each extension is borne by the sponsor and preserves the trust’s cash per share for investors. No target has yet been announced, leaving investors reliant on continued extensions or a potential liquidation if a deal is not secured by the final permitted date.

Key details

• Form type: 8-K, Item 2.03 (Direct Financial Obligation).
• Extension payment: $10,890.15 ($0.15 per share).
• New termination date: 9 Aug 2025.
• Total extensions since IPO (Dec 2021): 25 months.
• Exhibit 99.1: Press release describing the extension.

Investor take-away: The additional month preserves the SPAC option value but underscores management’s prolonged search for a target. Each successive short-term extension increases uncertainty over eventual deal quality and timing.

Positive

• Extension preserves trust value by funding $0.15 per share, allowing investors to retain redemption option while management seeks a merger target.
• Additional month provides flexibility to finalize or negotiate a potential business combination without forcing immediate liquidation.

Negative

• 25th extension highlights prolonged inability to secure a suitable target, increasing deal-completion risk.
• Only four one-month extensions remain under the charter; continued delays compress negotiation window and heighten liquidation probability.

Insights

SPAC Analyst

TL;DR: 25th extension adds one month, tiny cost, signals continued deal delays—neutral-to-negative for investors.

The sponsor contributed $0.15 per share, a standard monthly top-up that keeps trust value intact. While this protects downside, the sheer number of extensions—25 since the 2021 IPO—highlights execution risk. Two of six charter-permitted monthly extensions are now used; if no target emerges by the sixth, liquidation becomes likely. For most SPAC investors, returns hinge on either redemption yield (roughly T-bill rate) or upside from a signed business combination. Today’s filing does not change cash security but offers no new strategic information, therefore impact is modest and slightly negative due to prolonged delay.

Corporate Governance Expert

TL;DR: Repeated short-term extensions may raise governance concerns and fatigue common shareholders.

Frequent one-month extensions can indicate weak pipeline discipline. Although allowed by charter, serial delays often erode market confidence and may invite activist pressure. Management must justify continued time requests with transparent target-search updates. Absent that, voting support for any eventual merger could weaken, complicating approval thresholds.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

SWEENEY GERARD H

(Last) (First) (Middle)

2929 ARCH STREET

SUITE 1800

(Street)

PHILADELPHIA PA 19104

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BRANDYWINE REALTY TRUST [ BDN ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

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 Shares of Beneficial Interest	07/07/2025		F(1)		2,951	D	$4.29	2,946,141	D

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. Reflects common shares withheld to satisfy payroll taxes due with respect to a scheduled distribution fom the Company's deferred compensation plan.

	/s/ Gerard H. Sweeney	07/07/2025
	** Signature of Reporting Person	Date
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.

FAQ

Why did Globalink Investment (GLLIU) file an 8-K on July 3 2025?

To disclose a $0.15 per share deposit that extends its business-combination deadline from 9 July 2025 to 9 Aug 2025.

How much was the extension payment and who paid it?

$10,890.15, equal to $0.15 per public share, funded by the SPAC’s sponsor.

How many extensions does this make since the IPO?

This is the 25th monthly extension since the SPAC’s December 2021 IPO.

How many extensions are still available under the charter?

Four additional one-month extensions remain (six allowed in total; this is the second).

What happens if Globalink fails to close a deal by August 9 2025?

It can seek up to four more monthly extensions; failing that, the SPAC would likely liquidate and redeem shares.

Does the extension dilute current shareholders?

No dilution occurs; the sponsor’s cash keeps trust value intact at a slightly higher per-share amount.