Crawford United (CRAWA) director reports cash-out of shares at $83.8636 in merger
Rhea-AI Filing Summary
Crawford United Corporation director and 10% owner Edward F. Crawford reported the cash-out of his and related entities’ holdings in connection with the company’s merger. Under a merger with SPX Enterprises, each common share of Crawford United was converted into the right to receive $83.8636 per share in cash, without interest and net of applicable withholding taxes.
The Form 4 shows dispositions of Class A and Class B common shares on February 6, 2026, including 56,370 Class A shares held directly and large indirect positions held through entities such as First Francis Company, Inc., Air Power Dynamics, LLC, various trusts and an LLC. Following these transactions, the form reports 0 shares beneficially owned. Footnotes state Crawford disclaims beneficial ownership of the indirect holdings and of shares owned by his spouse, except to the extent of his pecuniary interest.
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Insights
Form 4 confirms Crawford United’s cash merger closing at $83.8636 per share.
This filing documents the share conversion triggered by Crawford United’s merger with SPX Enterprises. Each common share was automatically converted into a cash right of $83.8636 per share. The reporting person’s direct and indirect positions are shown as disposed at a price of zero because the economic value is reflected in the merger consideration, not in an open-market sale.
The transactions include 56,370 Class A shares held directly and sizable indirect holdings, such as 911,250 Class A and 433,750 Class B shares held through First Francis Company, Inc. Footnotes clarify that Edward F. Crawford is a trustee, member, or shareholder in several entities and disclaims beneficial ownership of those shares, as well as his spouse’s shares, beyond his pecuniary interest.
For investors, the key takeaway is that the change of control has closed and prior equity positions have been converted fully into cash under the merger terms. The Form 4 mainly aligns insider reporting with the merger effective time rather than signaling new trading activity or a change in sentiment.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Class A Common Shares | 56,370 | $0.00 | -- |
| Disposition | Class A Common Shares | 8,058 | $0.00 | -- |
| Disposition | Class A Common Shares | 38,462 | $0.00 | -- |
| Disposition | Class A Common Shares | 27,933 | $0.00 | -- |
| Disposition | Class A Common Shares | 282 | $0.00 | -- |
| Disposition | Class A Common Shares | 911,250 | $0.00 | -- |
| Disposition | Class B Common Shares | 433,750 | $0.00 | -- |
Footnotes (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. The reporting person is the trustee of the controlling member of the limited liability company that owns the securities, and the reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. The reporting person is a member of the limited liability company that owns the reported securities, and the reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein. The reporting person disclaims beneficial ownership of the shares owned by his spouse. The reporting person is a shareholder of the corporation that owns the reported securities, and the reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
