Open Lending Corp (LPRO) COO equity converted to $3.15 cash in merger
Rhea-AI Filing Summary
Open Lending Corp Chief Operating Officer Michelle Glasl reported merger-related equity conversions on July 30, 2026. Under a June 15, 2026 Agreement and Plan of Merger among the company, ANV Group Holdings Ltd. and Lakers Acquisition Sub, Inc., each common share at the Effective Time converted into the right to receive $3.15 per share in cash.
Glasl disposed to the issuer of 12,240 common shares at $3.15, 172,142 restricted stock units and 117,647 stock options with a $2.50 exercise price, all converted to cash under the merger terms. She also received and then surrendered 142,818 performance stock units that vested one-for-one into common stock immediately before being cancelled for cash. Reported post-transaction holdings in the common shares, RSUs and options are 0, with the PSUs fully vested and cashed out pursuant to the merger agreement.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 12,240 shares
Net Sell
5 txns
Insider
Glasl Michelle
Role
Chief Operating Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Restricted Stock Units F2 | 172,142 | -- | -- |
| Disposition | Stock Options F3 | 117,647 | -- | -- |
| Grant/Award | Performance Stock Units F4 | 142,818 | -- | -- |
| Disposition | Performance Stock Units F4 | 142,818 | -- | -- |
| Disposition | Common Stock, par value $0.01 per share F1 | 12,240 | $3.15 | $39K |
Holdings After Transaction:
Restricted Stock Units — 0 shares (Direct);
Stock Options — 0 shares (Direct);
Performance Stock Units — 0 shares (Direct);
Common Stock, par value $0.01 per share — 0 shares (Direct)
Footnotes (4)
- F1. Pursuant to the Agreement and Plan of Merger, dated as of June 15, 2026 (the "Merger Agreement"), among the Issuer, ANV Group Holdings Ltd. and Lakers Acquisition Sub, Inc., each share of common stock outstanding at the effective time of the merger (the "Effective Time") effected pursuant to the Merger Agreement was converted into the right to receive $3.15 per share in cash.
- F2. Pursuant to the Merger Agreement, each time-based restricted stock unit of the Issuer outstanding at the Effective Time was cancelled and converted into the right to receive $3.15 in cash.
- F3. Pursuant to the Merger Agreement, each stock option of the Issuer (each, an "Option") outstanding and unexercised at the Effective Time with an exercise price per share that is less than $3.15 was cancelled and converted into the right to receive a cash payment equal to (x) the total number of shares of common stock subject to such Option multiplied by (y) the excess of $3.15 over the applicable exercise price per share.
- F4. Pursuant to the Merger Agreement, effective as of immediately prior to the Effective Time, each outstanding performance-based stock unit of the Issuer (each, a "PSU") vested on a one PSU for one share of common stock basis and, at the Effective Time, was cancelled and converted into the right to receive $3.15 in cash.
Key Figures
Common shares disposed: 12,240 shares
Restricted stock units cancelled: 172,142 units
Stock options cancelled: 117,647 options
+3 more
6 metrics
Common shares disposed
12,240 shares
Disposition to issuer at $3.15 per share in cash under the merger
Restricted stock units cancelled
172,142 units
Time-based RSUs converted into $3.15 in cash per unit at the Effective Time
Stock options cancelled
117,647 options
Options with a $2.50 exercise price converted to cash based on $3.15 less exercise price
Performance stock units vested and cancelled
142,818 units
PSUs vested one-for-one into common stock then converted into $3.15 in cash
Merger cash consideration
$3.15 per share
Cash paid for each common share at the Effective Time of the merger
Option exercise price
$2.50 per share
Exercise price of the cancelled stock options reported for Michelle Glasl
Key Terms
Agreement and Plan of Merger, Effective Time, restricted stock unit, performance-based stock unit, +1 more
5 terms
Agreement and Plan of Merger regulatory
"Pursuant to the Agreement and Plan of Merger, dated as of June 15, 2026"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Effective Time regulatory
"each share of common stock outstanding at the effective time of the merger"
The exact clock time when a regulatory filing, approval, or corporate action formally becomes legally active; from that moment the change is binding and can be acted on. Investors care because the effective time marks when ownership, rights, trading rules, or new securities take effect — like a light switch turning on a contract or transaction — which determines when risks, benefits and market reactions begin.
restricted stock unit financial
"each time-based restricted stock unit of the Issuer outstanding at the Effective Time"
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
performance-based stock unit financial
"each outstanding performance-based stock unit of the Issuer (each, a "PSU") vested"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did COO Michelle Glasl report in Open Lending (LPRO)'s Form 4?
Michelle Glasl reported merger-related dispositions of 12,240 common shares at $3.15, 172,142 RSUs, 117,647 stock options with a $2.50 exercise price and 142,818 PSUs, all converted to cash under a June 15, 2026 Agreement and Plan of Merger.
What merger terms affected Open Lending (LPRO) equity in this insider filing?
Under the Merger Agreement among Open Lending, ANV Group Holdings Ltd. and Lakers Acquisition Sub, Inc., each common share at the Effective Time converted into the right to receive $3.15 in cash, and RSUs, PSUs and in-the-money options were cancelled in exchange for cash.
How were Michelle Glasl’s Open Lending (LPRO) stock options treated?
Each unexercised option with an exercise price below $3.15 was cancelled and converted into cash equal to shares times the excess of $3.15 over the exercise price; Glasl reported 117,647 options with a $2.50 exercise price affected.
What happened to restricted and performance stock units in the Open Lending (LPRO) merger?
Time-based RSUs were cancelled and converted into $3.15 in cash per unit. Each performance-based stock unit vested on a one PSU-for-one-share basis immediately before being cancelled and converted into $3.15 in cash; Glasl reported 172,142 RSUs and 142,818 PSUs affected.
Does the Form 4 show remaining Open Lending (LPRO) holdings for Michelle Glasl?
The report shows 0 common shares, RSUs and options remaining after these merger-related transactions and notes that PSUs were fully vested and cashed out pursuant to the Merger Agreement; it does not list additional equity positions.