Executive Le Minh’s Denny's (DENN) equity converted to $6.25 cash in merger
Rhea-AI Filing Summary
Denny's Corporation executive Le Minh reported automatic equity conversions tied to the company’s merger with Sparkle Topco Corp. On January 16, 2026, Denny's merged with a subsidiary of Sparkle Topco, and Denny's became an indirect wholly owned subsidiary of the buyer. Immediately before the merger became effective, the common stock held by Le Minh was converted into the right to receive cash at a per share merger consideration of $6.25, subject to withholding taxes.
Outstanding restricted stock units and performance-based restricted stock units were cancelled and converted into cash rights based on the number of underlying Denny's common shares multiplied by the same $6.25 merger consideration. Following these transactions, Le Minh no longer directly owned Denny's common stock, as the equity awards and shares were fully cashed out in connection with the merger.
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Insights
Executive equity was cashed out at $6.25 per share in a completed merger.
This Form 4 shows that Le Minh, SVP and Chief Technology Officer of Denny's Corporation, had common stock, restricted stock units (RSUs), and performance-based RSUs converted to cash as part of a completed merger with Sparkle Topco Corp.. The filing specifies a per share merger consideration of $6.25 for Denny's common stock.
The RSUs and performance-based RSUs were cancelled immediately prior to the merger’s effective time and converted into cash rights based on the number of underlying shares multiplied by the $6.25 merger price. These are mechanical, merger-driven settlements rather than discretionary open-market trades, and the reporting person’s direct common stock holdings went to zero as a result.
Because the transactions reflect the execution of previously agreed merger terms, they primarily document how existing executive equity was treated at closing rather than signaling a change in sentiment or a new strategic move. Subsequent company filings would typically describe broader post-merger integration and capital structure details.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 9,338 | $0.00 | -- |
| Disposition | Common Stock | 13,228 | $6.25 | $83K |
| Exercise | Common Stock | 9,338 | $0.00 | -- |
| Disposition | Common Stock | 9,338 | $6.25 | $58K |
| Grant/Award | Common Stock | 17,957 | $0.00 | -- |
| Disposition | Common Stock | 17,957 | $6.25 | $112K |
Footnotes (1)
- On January 16, 2026, pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"), dated as of November 3, 2025, by and among Denny's Corporation (the "Issuer"), a Delaware corporation, Sparkle Topco Corp., a Delaware corporation (the "Buyer") and Sparkle Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Buyer ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving as a wholly owned, indirect subsidiary of Buyer. Immediately prior to the effective time of the Merger (the "Effective Time"), shares of the Issuer's common stock held by the Reporting Person were converted into the right to receive a cash payment equal to the per share merger consideration of $6.25 (the "Merger Consideration"), without interest and subject to applicable withholding taxes. Pursuant to the Merger Agreement, immediately prior to the Effective Time, each outstanding restricted stock unit ("RSUs") award was cancelled and terminated and converted into a right to receive an amount in cash (without interest and subject to applicable withholding taxes) equal to the product obtained by multiplying (x) the aggregate number of shares of the Issuer's common stock underlying such RSU award by (y) the Merger Consideration. Pursuant to the Merger Agreement, immediately prior to the Effective Time, each of these performance-based restricted stock units ("PSUs") was cancelled and terminated and converted into a right to receive an amount in cash (without interest and subject to applicable withholding taxes) equal to the product obtained by multiplying (x) the aggregate number of shares of the Issuer's common stock underlying such PSU award by (y) the Merger Consideration.
