[Form 4] Mercer International Inc Insider Trading Activity

Rhea-AI Filing Summary

Mercer International Inc. (MERC) – Form 4 filing

10 % owner Peter R. Kellogg reported an open-market purchase of 760,000 common shares on 22-Jul-2025 at $3.25 per share (transaction code P). The shares were acquired indirectly via his spouse, increasing that account’s stake to 2.30 million shares.

After the transaction, Kellogg’s aggregate indirect holdings—spread across multiple trusts, foundations and insurance subsidiaries—exceed 20 million shares, underscoring continued, concentrated insider ownership. No sales or derivative transactions were disclosed.

Large insider purchases are generally interpreted as a vote of confidence, although the filing offers no explanation of strategic motives or future plans.

Insights

Securities Analyst

TL;DR: 10 % owner adds 760k shares, boosting already large stake; bullish signal, no derivatives.

The purchase by Peter R. Kellogg, already the company’s largest shareholder, adds roughly 3 % to his indirect holdings through his spouse. At $3.25 the transaction totals about $2.5 million, indicating willingness to commit fresh capital despite MERC’s recent price weakness. Insider buying of this scale often aligns interests with minority shareholders and can support share price sentiment. Absence of concurrent sales or hedging instruments strengthens the positive read-through.

Portfolio Manager

TL;DR: Incremental insider buy is modest vs. total stake but still a constructive signal.

Kellogg’s diverse entities now control over 20 M shares, so the incremental 760 k (~4 % of his total exposure) is not transformational, yet it refreshes the buy-side narrative. For small-cap pulp producer Mercer, insider alignment is material given cyclical earnings. With no derivatives or disposition activity flagged, risk of imminent dilution or overhang is reduced. Impact is positive but not game-changing; magnitude earns an impactful classification mainly due to market perception.

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

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^*

KELLOGG PETER R

(Last) (First) (Middle)

48 WALL STREET C/O IAT INSURANCE CO. LTD

(Street)

NEW YORK NY 10005

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MERCER INTERNATIONAL INC. [ MERC ]

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)
07/22/2025

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
Common Stock	07/22/2025		P		760,000	A	$3.25	2,300,000	I	Via Spouse
Common Stock								610,000	D
Common Stock								860,000	I	Via Non Marital PRK Trust
Common Stock								2,000,000	I	Via Bermuda Partners
Common Stock								10,000	I	Via Cardia Company Inc.
Common Stock								930,000	I	Via Peter and Cynthia Kellogg Foundation
Common Stock								13,475,000	I	Via IAT Insurance Co. Ltd.
Common Stock								210,000	I	Via E.G. Anderson Inc.
Common Stock								10,000	I	Via C. Kellogg & P Kellogg TTEE U/W Charles A Kirkland Trust
Common Stock								35,000	I	Via the Myth and Barnegat Restoration Society, Inc.
Common Stock								10,000	I	Via C. Kellogg & P Kellogg TTEE U/W Anne Kirkland Trust
Common Stock								100,000	I	Via Acceptance Casualty
Common Stock								225,000	I	Via Acceptance Indemnity
Common Stock								1,000,000	I	Via Harco
Common Stock								630,000	I	Via Wilshire
Common Stock								540,000	I	Via Transguard
Common Stock								510,000	I	Via Occidental

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:

	/s/ Marguerite Gorman, attorney-in-fact	07/23/2025
	** 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.

FAQ

How many MERC shares did Peter R. Kellogg buy?

He purchased 760,000 common shares on 22-Jul-2025.

What was the purchase price disclosed in the Form 4?

The shares were acquired at $3.25 per share.

What is Kellogg’s total holding after the transaction?

The indirect account through his spouse now holds 2.30 million shares; overall indirect holdings exceed 20 million.

Were any derivative securities reported in this Form 4?

No, the filing shows no derivative acquisitions or dispositions.

Does the filing indicate any share sales by the insider?

No sales were reported; the only transaction was a purchase.