Merger cashes out Crawford United (CRAWA) insider shareholdings

Rhea-AI Filing Summary

Crawford United Corporation director and 10% owner Matthew V. Crawford reported the disposition of all reported Class A and Class B common shares in connection with the completion of a cash merger. SPX Enterprises’ subsidiary merged into Crawford United, which now operates as a wholly owned subsidiary of SPX Enterprises.

At the effective time of the merger, each issued and outstanding common share of Crawford United was automatically converted into the right to receive $83.8636 in cash per share, without interest and net of applicable withholding taxes. Shares held directly by Matthew V. Crawford and indirectly through First Francis Company, Inc. and Three Bears Trust were all reported as disposed, leaving zero shares reported as beneficially owned.

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Form 4 shows all reported Crawford United shares cashed out in a completed cash merger.

This Form 4 records that Matthew V. Crawford, a director and 10% owner of Crawford United Corporation, no longer reports ownership of Class A or Class B common shares. The change results from a merger where SPX Enterprises’ subsidiary combined with Crawford United.

Under the merger terms, each outstanding common share was converted into the right to receive $83.8636 in cash, without interest and net of withholding taxes. The filing lists dispositions of shares held directly, and indirectly through First Francis Company, Inc. and Three Bears Trust, with footnotes stating that Crawford disclaims beneficial ownership beyond any pecuniary interest.

Crawford United now functions as a wholly owned subsidiary of SPX Enterprises. This Form 4 mainly formalizes the end of reported equity holdings for this insider following the closing of the merger, rather than indicating an open-market sale or a change in operating performance.

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^*

CRAWFORD MATTHEW V

(Last) (First) (Middle)

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	X	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		39,250	D	(1)	0	D
Class A Common Shares	02/06/2026		D		911,250	D	(1)	0	I	By First Francis Company, Inc.(2)
Class A Common Shares	02/06/2026		D		336,204	D	(1)	0	I	By Three Bears Trust(3)
Class B Common Shares	02/06/2026		D		85,000	D	(1)	0	I	By Three Bears Trust(3)
Class B Common Shares	02/06/2026		D		433,750	D	(1)	0	I	By First Francis Company, Inc.(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. The reporting person is a shareholder of the corporation that owns the reported securities. For purposes of the Securities Exchange Act of 1934, the reporting person disclaims beneficial ownership of the reported securities, except to his pecuniary interest therein, if any, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

3. The reporting person is the trustee of the trust that owns the reported securities. For purposes of the Securities Exchange Act of 1934, the reporting person disclaims beneficial ownership of the reported securities, except to his pecuniary interest therein, if any, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

	/s/ Matthew V. Crawford	02/06/2026
	** 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).
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FAQ

What insider transaction did Crawford United (CRAWA) report in this Form 4?

The Form 4 reports that director and 10% owner Matthew V. Crawford disposed of all reported Class A and Class B common shares. The dispositions occurred because a merger converted each outstanding Crawford United share into a cash right, eliminating his reported beneficial ownership.

What were Crawford United (CRAWA) shareholders paid in the merger?

Each issued and outstanding Crawford United common share was automatically converted into the right to receive $83.8636 in cash. The amount is paid without interest and net of applicable withholding taxes, as specified in the Agreement and Plan of Merger described in the filing’s footnotes.

Who acquired Crawford United Corporation (CRAWA) in this transaction?

Crawford United was acquired through a merger with Project King Acquisition, Inc., a wholly owned subsidiary of SPX Enterprises, LLC. After the merger, Crawford United continues as the surviving corporation and is now a wholly owned subsidiary of SPX Enterprises, according to the transaction description.

How were Matthew V. Crawford’s indirect Crawford United (CRAWA) holdings structured?

Some reported shares were held indirectly through First Francis Company, Inc. and Three Bears Trust. The filing notes that Matthew V. Crawford is a shareholder of the corporation and trustee of the trust, and he disclaims beneficial ownership beyond any pecuniary interest he may have in those securities.

Did Matthew V. Crawford retain any Crawford United (CRAWA) shares after the merger?

No shares are reported as beneficially owned after the transactions. The Form 4 shows zero Class A and Class B common shares following the merger-related dispositions, reflecting that all reported holdings were converted into cash rights under the agreed merger terms.

Were these Crawford United (CRAWA) insider dispositions open-market sales?

No. The transactions are coded as dispositions but occurred due to a merger, not open-market sales. Each outstanding share was automatically converted into a cash right at $83.8636 per share when SPX Enterprises’ subsidiary merged with Crawford United, making it a wholly owned subsidiary.