[SCHEDULE 13G/A] Neogen Corp SEC Filing

Rhea-AI Filing Summary

Form 4 highlights: On 07/30/2025, Lithium Americas Corp. (LAC) director Yuan Gao received 14,851 Deferred Share Units (DSUs) at a cost basis of $0. Every DSU converts into one common share only after Gao’s service as a director ends; until then the units convey no voting or disposition rights.

The award lifts Gao’s direct beneficial interest to 112,227 DSUs, with no shares sold or disposed. The filing, submitted by a single reporting person, represents routine board compensation rather than an open-market purchase, so it does not immediately change the public float. Nevertheless, the additional equity exposure modestly tightens alignment between the director and shareholders and can be interpreted as a signal of continued confidence in the company’s long-term prospects.

Positive

• 14,851 new DSUs granted to a board member, modestly increasing insider equity exposure and signalling confidence.
• No shares were sold, avoiding any negative dilution or cash-out signal.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine DSU grant; mildly bullish insider signal, limited near-term market impact.

Yuan Gao’s acquisition of 14,851 DSUs increases total derivative holdings to 112,227 units, indicating incremental insider commitment without cash outlay. Because DSUs vest only at board exit, dilution is deferred and currently non-dilutive. While the grant is small relative to LAC’s share count, persistent accumulation by directors generally correlates with positive long-term returns. Overall impact is neutral to slightly positive for sentiment, negligible for valuation.

Corporate Governance Expert

TL;DR: Standard board compensation; reinforces pay-for-performance alignment.

The DSU structure postpones share issuance, linking director wealth to future share performance and extending retention incentives. No red flags emerge—filing is timely, uses attorney-in-fact signature, and discloses clear settlement terms for U.S. vs. non-U.S. participants. Investors gain modest comfort that governance practices remain shareholder-friendly, but the event is not materially transformative.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

NEOGEN CORP

(Name of Issuer)

Common Stock

(Title of Class of Securities)

640491106

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 640491106

1

Names of Reporting Persons

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 9,067,283.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 9,403,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

9,403,020.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: NEOGEN CORP
(b)	Address of issuer's principal executive offices: 620 LESHER PLACE, 620 LESHER PLACE, LANSING, MICHIGAN, 48912.
Item 2.
(a)	Name of person filing: William Blair Investment Management, LLC
(b)	Address or principal business office or, if none, residence: 150 North Riverside Plaza, Chicago, IL 60606
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 640491106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 9,403,020
(b)	Percent of class: 4.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 9,067,283
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 9,403,020
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC

Signature:	Walter R. Randall, Jr.
Name/Title:	Chief Compliance Officer
Date:	07/30/2025

FAQ

What did LAC director Yuan Gao acquire on 07/30/2025?

Gao received 14,851 Deferred Share Units, each exchangeable for one common share upon board service termination.

How many LAC derivative securities does Yuan Gao own after the transaction?

Post-grant, Gao beneficially owns 112,227 DSUs linked to Lithium Americas common shares.

Did the Form 4 show any share sales by the director?

No. The filing reports only an acquisition; there were no disposals of common shares or derivatives.

What is the conversion price of the DSUs acquired by Yuan Gao?

The DSUs were granted at $0 conversion price; they convert one-for-one into common shares upon service termination.

When will the DSUs be settled into LAC common shares?

For U.S. participants, settlement occurs six months after termination; for non-U.S. participants, on the 20th business day after termination.