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  4. [Form 4] DIEBOLD NIXDORF, Inc Insider Trading Activity

Form 4: Millstreet, Connolly & Kelleher report DBD sale and holdings

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Millstreet Capital Management LLC and two managing members reported an indirect sale of Diebold Nixdorf (DBD) common stock. On 09/16/2025 the reporting persons disposed of 20,000 shares at $60.1125 per share. After the reported transaction, the group reports beneficial ownership of 6,007,361 shares held indirectly for client accounts. The filing identifies Millstreet as an investment adviser and names Brian D. Connolly and Craig Kelleher as managing members who disclaim beneficial ownership except for their pecuniary interest.

Positive

  • None.

Negative

  • None.

Insights

TL;DR: Insider group sold 20,000 shares while retaining a large indirect stake of 6,007,361 shares.

The Form 4 discloses a single non-derivative disposition of common stock by Millstreet Capital Management LLC and its managing members on 09/16/2025 at a price of $60.1125 per share. The filing clarifies the holdings are indirect, held for advisory client accounts, and includes standard disclaimer of beneficial ownership beyond pecuniary interest. For investors, this is a routine Section 16 disclosure showing a modest sale relative to the reported indirect position; the filing does not provide information about motivations, account-level concentration, or any change in voting or control rights.

TL;DR: Disclosure follows Section 16 format; signatures and explanatory footnote present standard adviser/manager language.

The Form 4 properly lists the reporting persons, address, relationship to the issuer, transaction date, transaction code (S for sale), price, and resulting beneficial ownership. The explanatory footnote states that Millstreet acts as adviser and that Connolly and Kelleher are managing members, with disclaimers of beneficial ownership limited to pecuniary interest. The filing includes manual signatures dated 09/18/2025. There are no governance actions or changes in control disclosed.

Insider Millstreet Capital Management LLC, Connolly Brian D, Kelleher Craig
Role 10% Owner | 10% Owner | 10% Owner
Sold 20,000 shs ($1.20M)
Type Security Shares Price Value
Sale Common Stock 20,000 $60.1125 $1.20M
Holdings After Transaction: Common Stock — 6,007,361 shares (Indirect, See Footnote)
Footnotes (1)
  1. F1. Millstreet Capital Management LLC ("Millstreet") provides investment advisory services to private investment funds and accounts ("Accounts") and, in such capacity, may be deemed to beneficially own shares of Common Stock held for the accounts of such Accounts. Mr. Connolly and Mr. Kelleher are Managing Members of Millstreet. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What transaction did Millstreet Capital report on the Form 4 for DBD?
The filing reports a sale of 20,000 shares of Diebold Nixdorf common stock on 09/16/2025 at a price of $60.1125 per share.

How many DBD shares does the reporting group beneficially own after the transaction?
After the reported sale the reporting persons indicate they beneficially own 6,007,361 shares indirectly.

Who are the reporting persons on this Form 4 for DBD?
The Form 4 is filed by Millstreet Capital Management LLC and lists managing members Brian D. Connolly and Craig Kelleher at 545 Boylston Street, Boston, MA 02116.

What does the explanatory footnote say about ownership?
The footnote states Millstreet provides investment advisory services and may be deemed to beneficially own shares held for client accounts; the reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.

What transaction code is used on the Form 4 and what does it indicate?
The Form 4 uses transaction code S, which indicates a sale of shares.
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
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
X
 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Millstreet Capital Management LLC
(Last) (First) (Middle)
545 BOYLSTON STREET, 8TH FLOOR
(Street)
BOSTON MA 02116
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
DIEBOLD NIXDORF, Inc [ DBD ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X 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
Common Stock 09/16/2025 S 20,000 D $60.1125 6,007,361 I See Footnote(1)
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
1. Name and Address of Reporting Person*
Millstreet Capital Management LLC
(Last) (First) (Middle)
545 BOYLSTON STREET, 8TH FLOOR
(Street)
BOSTON MA 02116
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Connolly Brian D
(Last) (First) (Middle)
545 BOYLSTON STREET, 8TH FLOOR
(Street)
BOSTON MA 02116
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Kelleher Craig
(Last) (First) (Middle)
545 BOYLSTON STREET 8TH FLOOR
(Street)
BOSTON MA 02116
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. Millstreet Capital Management LLC ("Millstreet") provides investment advisory services to private investment funds and accounts ("Accounts") and, in such capacity, may be deemed to beneficially own shares of Common Stock held for the accounts of such Accounts. Mr. Connolly and Mr. Kelleher are Managing Members of Millstreet. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.
MILLSTREET CAPITAL MANAGEMENT LLC By: /s/ Craig M. Kelleher, Managing Member 09/18/2025
/s/ Brian D. Connolly 09/18/2025
/s/ Craig M. Kelleher 09/18/2025
** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR