Crawford United (CRAWA) cashed out at $83.8636 as entities tied to director exit

Rhea-AI Filing Summary

Crawford United Corporation reported that a merger closed in which all common shares were cashed out. Under a merger agreement with SPX Enterprises, LLC, each issued and outstanding common share of Crawford United was automatically converted into the right to receive $83.8636 per share in cash, without interest and subject to applicable withholding taxes.

The Form 4 shows that entities associated with director and 10% owner Steven H. Rosen disposed of their Class A and Class B Common Shares in this transaction, leaving no reported beneficial holdings afterward. Rosen disclaims beneficial ownership of the securities beyond any pecuniary interest.

Insights

Equity transactions analyst

Merger cashes out Crawford United shares held by entities tied to director Steven Rosen.

The Form 4 reflects a completed merger in which all outstanding Crawford United common shares were converted into a cash right of $83.8636 per share. This is not an open‑market sale but a mandatory transaction under the merger agreement with SPX Enterprises, LLC.

The entries show disposals of Class A and Class B Common Shares, including holdings owned directly by Seven Investors, LLC and the LJNP Investment Trust, entities associated with Steven H. Rosen. The filing notes that Rosen disclaims beneficial ownership beyond any pecuniary interest, so the movements primarily represent the merger cash‑out rather than discretionary trading.

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

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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^*

Rosen Steven H

(Last) (First) (Middle)

25101 CHAGRIN BOULEVARD SUITE 350

(Street)

BEACHWOOD OH 44122

(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		30,250	D	(1)	0	D
Class A Common Shares	02/06/2026		D		336,203	D	(1)	0	I	See Footnote(2)
Class B Common Shares	02/06/2026		D		85,000	D	(1)	0	I	See Footnote(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 securities reported herein include (i) 42,500 Class B Common Shares and 168,101 Class A Common Shares owned directly by Seven Investors, LLC and (ii) 42,500 Class B Common Shares and 168,102 Class A Common Shares owned directly by the LJNP Investment Trust. 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/ Steven Rosen	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 does the Crawford United (CRAWA) Form 4 filed by Steven H. Rosen report?

The Form 4 reports that all reported Crawford United common shares tied to Steven H. Rosen were disposed of in a merger cash‑out. Each share was converted into a right to receive a fixed cash amount under a previously signed merger agreement.

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

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

Were Steven H. Rosen’s Crawford United (CRAWA) transactions open-market sales?

No. The reported dispositions were not open‑market sales; they resulted from a merger. All outstanding Crawford United common shares were automatically converted into a cash right at $83.8636 per share when the merger with SPX Enterprises, LLC became effective.

Which entities held the Crawford United (CRAWA) shares associated with Steven H. Rosen?

The filing states that the reported securities included Class A and Class B Common Shares owned directly by Seven Investors, LLC and by the LJNP Investment Trust. Steven H. Rosen disclaims beneficial ownership of these securities beyond any pecuniary interest.

Does Steven H. Rosen still beneficially own Crawford United (CRAWA) shares after the merger?

After the reported merger transactions, the Form 4 shows zero Crawford United common shares beneficially owned in the reported holdings. The filing also notes Rosen’s disclaimer of beneficial ownership except to any pecuniary interest he may have in the involved entities.

What corporate change at Crawford United (CRAWA) triggered this Form 4 filing?

The filing was triggered by a merger where Project King Acquisition, Inc. merged into Crawford United Corporation. Following this merger, Crawford United became a wholly owned subsidiary of SPX Enterprises, LLC, and all common shares were converted into a cash entitlement.