Crawford United (CRAWA) director cashes out shares at $83.8636 in SPX merger

Rhea-AI Filing Summary

Crawford United Corporation director Kirin Smith reported the cash-out of his holdings following a merger. On February 6, 2026, all of his 38,668 directly held Class A common shares and 36,260 Class A common shares held indirectly through Intrinsic Value Capital, L.P. were disposed of, leaving no reported shares.

This transaction reflects completion of a merger in which SPX Enterprises, LLC acquired Crawford United. At the effective time, each outstanding common share of Crawford United was automatically converted into the right to receive $83.8636 per share in cash, without interest and net of applicable withholding taxes.

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^*

Smith Kirin

(Last) (First) (Middle)

C/O CRAWFORD UNITED CORPORATION

10514 DUPONT AVENUE

(Street)

CLEVELAND OH 44108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CRAWFORD UNITED Corp [ CRAWA ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

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
Class A Common Shares	02/06/2026		D		38,668	D	(1)	0	D
Class A Common Shares	02/06/2026		D		36,260	D	(1)	0	I	By Intrinsic Value Capital, L.P.(2)

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. Pursuant to the Agreement and Plan of Merger dated December 5, 2025 (the "Merger Agreement"), by and among SPX Enterprises, LLC, a Delaware limited liability company ("Parent"), Project King Acquisition, Inc., an Ohio corporation and a wholly owned subsidiary of Parent ("Merger Sub"), and Crawford United Corporation, an Ohio corporation (the "Company"), the Merger Sub merged with and into the Company, with the Company continuing as the surviving corporation and a wholly owned subsidiary of the Parent (the "Merger"). At the effective time of the Merger, each issued and outstanding common share of the Company was converted automatically into the right to receive cash in an amount equal to $83.8636 per share without interest, net of all applicable withholding taxes.

2. As a managing member of Glaubman & Rosenberg Advisors, LLC, the general partner and investment manager of Intrinsic Value Capital, L.P. ("IVC"), respectively, Kirin Smith may be deemed to beneficially own the Class A Common Shares beneficially owned by IVC. The reporting person disclaims beneficial ownership of the securities beneficially owned by the other members of the group except to the extent of his pecuniary interest therein.

	/s/ Kirin Smith	02/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Crawford United (CRAWA) director Kirin Smith report?

Kirin Smith reported disposing of all his Crawford United Class A common shares. This included 38,668 shares held directly and 36,260 shares held indirectly through Intrinsic Value Capital, L.P., leaving no reported shares after the merger closed.

Why were Crawford United (CRAWA) shares disposed of in this Form 4 filing?

The share disposals occurred because Crawford United completed a merger with SPX Enterprises, LLC. At the merger’s effective time, each outstanding common share was automatically converted into a cash payment, eliminating the publicly traded equity holdings.

What cash amount did Crawford United (CRAWA) shareholders receive per share in the merger?

Each issued and outstanding Crawford United common share was converted into the right to receive $83.8636 in cash per share. This amount was paid without interest and was subject to applicable withholding taxes at the effective time of the merger.

Who acquired Crawford United Corporation (CRAWA) in the reported merger?

Crawford United was acquired by SPX Enterprises, LLC. Project King Acquisition, Inc., a wholly owned subsidiary of SPX Enterprises, merged with Crawford United, leaving Crawford United as a wholly owned subsidiary of SPX Enterprises following completion of the merger.

How were indirectly held Crawford United (CRAWA) shares reported in this Form 4?

An additional 36,260 Class A common shares were reported as indirectly owned through Intrinsic Value Capital, L.P. As a managing member of its advisor entities, Kirin Smith may be deemed to beneficially own these shares, but he disclaims beneficial ownership beyond his pecuniary interest.

What is the relationship between Kirin Smith and Crawford United (CRAWA)?

Kirin Smith is identified as a director of Crawford United Corporation. His Form 4 filing reports transactions in the company’s Class A common shares, including both directly held shares and shares held indirectly through Intrinsic Value Capital, L.P.