Crawford United (CRAWA) director’s 15,750 shares cashed out in $83.8636-per-share merger

Rhea-AI Filing Summary

Crawford United Corporation completed a merger in which it became a wholly owned subsidiary of SPX Enterprises, LLC. At the merger’s effective time, each issued and outstanding common share was automatically converted into the right to receive $83.8636 in cash per share, before any applicable withholding taxes. In connection with this event, director James W. Wert disposed of 15,750 Class A common shares, leaving him with zero shares beneficially owned after the transaction.

Insights

M&A and insider-transactions analyst

Director’s holdings are cashed out in a full cash merger at a fixed per-share price.

The disclosure shows that Crawford United has completed a merger with an affiliate of SPX Enterprises, LLC. In that transaction, every outstanding common share was converted into the right to receive $83.8636 in cash, with no interest, subject to withholding taxes.

For director James W. Wert, this resulted in the disposition of 15,750 Class A common shares, leaving him with zero shares beneficially owned after the merger. The transaction reflects the cash-out mechanics of the merger consideration rather than an open-market sale, and aligns insider treatment with that of other shareholders.

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^*

WERT JAMES W

(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		15,750	D	(1)	0	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. 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.

	/s/ James W. Wert	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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What does the Crawford United (CRAWA) Form 4 filed by James W. Wert show?

The Form 4 shows director James W. Wert disposed of 15,750 Class A common shares of Crawford United. The change resulted from a completed merger in which all shares were converted into the right to receive cash.

Why did James W. Wert dispose of Crawford United (CRAWA) shares?

Wert’s share disposal occurred because Crawford United completed a cash merger. At the effective time, each issued and outstanding common share was automatically converted into the right to receive $83.8636 per share in cash, before applicable withholding taxes.

What cash consideration per share was paid in the Crawford United (CRAWA) merger?

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

How many Crawford United (CRAWA) shares does James W. Wert own after the merger?

Following the reported transaction, director James W. Wert beneficially owns zero Class A common shares of Crawford United. His prior holdings of 15,750 shares were fully converted into cash rights under the merger terms.

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

Crawford United became a wholly owned subsidiary of SPX Enterprises, LLC. The merger was structured through Project King Acquisition, Inc., a wholly owned subsidiary of SPX Enterprises that merged with Crawford United, leaving Crawford United as the surviving corporation under SPX’s ownership.

Was the James W. Wert transaction an open-market sale of CRAWA stock?

No. The transaction is coded as a disposition because of a merger, not an open-market trade. Wert’s 15,750 shares were automatically converted into the right to receive cash consideration when the merger became effective.