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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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.

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 EDWARD F

(Last) (First) (Middle)

6065 PARKLAND BOULEVARD

(Street)

CLEVELAND OH 44124

(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		56,370	D	(1)	0	D
Class A Common Shares	02/06/2026		D		8,058	D	(1)	0	I	Air Power Dynamics, LLC(2)
Class A Common Shares	02/06/2026		D		38,462	D	(1)	0	I	Edward F. Crawford Second Restatement of Trust Dated March 2, 2001
Class A Common Shares	02/06/2026		D		27,933	D	(1)	0	I	Francis Park, LLC(3)
Class A Common Shares	02/06/2026		D		282	D	(1)	0	I	By spouse(4)
Class A Common Shares	02/06/2026		D		911,250	D	(1)	0	I	By First Francis Company, Inc.(5)
Class B Common Shares	02/06/2026		D		433,750	D	(1)	0	I	By First Francis Company, Inc.(5)

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 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.

3. 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.

4. The reporting person disclaims beneficial ownership of the shares owned by his spouse.

5. 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.

	/s/ Edward F. 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.
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FAQ

What insider transaction did Edward F. Crawford report for CRAWA?

Edward F. Crawford reported the disposition of all directly and indirectly held Crawford United common shares. These positions were cashed out in a merger, rather than sold in open-market trades, with the filing showing zero shares beneficially owned after the transactions.

What cash amount per share did Crawford United (CRAWA) shareholders receive 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 is paid without interest and net of all applicable withholding taxes, reflecting the agreed merger consideration under the merger agreement.

Which entities associated with Edward F. Crawford disposed of CRAWA shares?

Entities associated with Edward F. Crawford reporting dispositions include Air Power Dynamics, LLC, Francis Park, LLC, First Francis Company, Inc., and a trust titled the Edward F. Crawford Second Restatement of Trust. Shares owned by his spouse are also reported as indirectly held and disposed.

Did Edward F. Crawford retain any beneficial ownership of Crawford United after the merger?

The Form 4 reports zero Crawford United shares beneficially owned after the merger-related transactions. Footnotes state he disclaims beneficial ownership of various indirect holdings and spouse-owned shares, except to the extent of any pecuniary interest he may have in those entities.

Why is the transaction price listed as zero on the CRAWA Form 4 dispositions?

The Form 4 lists a transaction price of zero because the shares were converted into a fixed cash amount under the merger, not sold on the market. The economic value is captured by the $83.8636 per-share merger consideration, rather than a separate sale price in these entries.

What type of merger affected Crawford United (CRAWA) shares reported in this Form 4?

Crawford United completed a merger where Project King Acquisition, Inc. merged into the company, making it a wholly owned subsidiary of SPX Enterprises. At the effective time, all issued and outstanding common shares were automatically converted into the specified per-share cash consideration.