STOCK TITAN

[8-K] Progyny, Inc. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

The 07/05/2025 Form 4 shows CECO Environmental Corp.’s Chief Accounting Officer, Kiril Kovachev, surrendering 460 common shares at an indicated price of $30 per share under Transaction Code “F.” Code F denotes shares withheld by the issuer solely to cover statutory taxes triggered by the vesting of previously awarded restricted stock units; it is not an open-market sale. After the withholding, Kovachev’s direct ownership stands at 15,114 shares, and no derivative positions were reported. Because the filing reflects an administrative, tax-related adjustment rather than a discretionary buy or sell decision, the event carries limited signalling value for investors.

Il modulo 4 del 07/05/2025 mostra che il Chief Accounting Officer di CECO Environmental Corp., Kiril Kovachev, ha ceduto 460 azioni ordinarie a un prezzo indicato di 30$ per azione, secondo il Codice di Transazione “F.” Il Codice F indica azioni trattenute dall'emittente esclusivamente per coprire le imposte di legge derivanti dal consolidamento di unità azionarie ristrette precedentemente assegnate; non si tratta di una vendita sul mercato aperto. Dopo la trattenuta, la proprietà diretta di Kovachev ammonta a 15.114 azioni e non sono state segnalate posizioni derivate. Poiché la comunicazione riflette un aggiustamento amministrativo legato alle tasse e non una decisione discrezionale di acquisto o vendita, l'evento ha un valore limitato come segnale per gli investitori.

El Formulario 4 del 07/05/2025 muestra que el Director de Contabilidad de CECO Environmental Corp., Kiril Kovachev, entregó 460 acciones ordinarias a un precio indicado de $30 por acción bajo el Código de Transacción “F.” El Código F denota acciones retenidas por el emisor únicamente para cubrir impuestos legales generados por la adquisición de unidades restringidas de acciones previamente otorgadas; no es una venta en el mercado abierto. Después de la retención, la propiedad directa de Kovachev es de 15,114 acciones, y no se reportaron posiciones derivadas. Dado que la presentación refleja un ajuste administrativo relacionado con impuestos y no una decisión discrecional de compra o venta, el evento tiene un valor limitado como señal para los inversores.

2025년 5월 7일자 Form 4 문서에 따르면 CECO Environmental Corp.의 최고회계책임자 Kiril Kovachev가 거래 코드 “F”에 따라 주당 30달러의 표시 가격으로 460주의 보통주를 반납했습니다. 코드 F는 이전에 부여된 제한 주식 단위의 취득으로 인해 발생한 법정 세금을 충당하기 위해 발행자가 주식을 원천징수한 것으로, 이는 공개 시장에서의 매도가 아닙니다. 원천징수 후 Kovachev의 직접 보유 주식은 15,114주이며 파생상품 포지션은 보고되지 않았습니다. 이 신고는 임의의 매매 결정이 아닌 행정적 세금 조정임을 반영하므로 투자자에게 주는 신호 가치는 제한적입니다.

Le formulaire 4 daté du 07/05/2025 indique que le directeur comptable de CECO Environmental Corp., Kiril Kovachev, a cédé 460 actions ordinaires à un prix indiqué de 30 $ par action sous le code de transaction « F ». Le code F désigne des actions retenues par l’émetteur uniquement pour couvrir les taxes légales générées par l’acquisition de unités d’actions restreintes précédemment attribuées ; il ne s’agit pas d’une vente sur le marché libre. Après cette retenue, la détention directe de Kovachev s’élève à 15 114 actions, et aucune position dérivée n’a été signalée. Comme cette déclaration reflète un ajustement administratif lié aux impôts plutôt qu’une décision discrétionnaire d’achat ou de vente, l’événement a une valeur de signal limitée pour les investisseurs.

Das Formular 4 vom 07.05.2025 zeigt, dass der Chief Accounting Officer von CECO Environmental Corp., Kiril Kovachev, 460 Stammaktien zu einem angegebenen Preis von 30 $ pro Aktie gemäß Transaktionscode „F“ zurückgegeben hat. Code F steht für vom Emittenten einbehaltene Aktien, die ausschließlich zur Deckung gesetzlicher Steuern verwendet werden, die durch die Vesting von zuvor gewährten Restricted Stock Units ausgelöst wurden; es handelt sich nicht um einen Verkauf am offenen Markt. Nach der Einbehaltung beträgt Kovachevs Direktbesitz 15.114 Aktien, und es wurden keine derivativen Positionen gemeldet. Da die Meldung eine administrative, steuerbedingte Anpassung widerspiegelt und keine freiwillige Kauf- oder Verkaufsentscheidung darstellt, hat das Ereignis für Investoren nur begrenzte Signalwirkung.

Positive
  • None.
Negative
  • None.

Insights

TL;DR Routine tax-withholding of 460 shares; insider still holds 15,114, signalling neutral impact.

Form 4 filings coded “F” usually indicate employer share withholding for tax obligations on equity compensation. The absence of open-market activity or derivative transactions suggests no change in the insider’s conviction or outlook. Kovachev retains the bulk of his position (over 97% of reported holdings), leaving his economic exposure essentially unchanged. From a governance and sentiment standpoint, the event is non-material to CECO’s valuation, liquidity, or float. I therefore classify the impact as neutral.

Il modulo 4 del 07/05/2025 mostra che il Chief Accounting Officer di CECO Environmental Corp., Kiril Kovachev, ha ceduto 460 azioni ordinarie a un prezzo indicato di 30$ per azione, secondo il Codice di Transazione “F.” Il Codice F indica azioni trattenute dall'emittente esclusivamente per coprire le imposte di legge derivanti dal consolidamento di unità azionarie ristrette precedentemente assegnate; non si tratta di una vendita sul mercato aperto. Dopo la trattenuta, la proprietà diretta di Kovachev ammonta a 15.114 azioni e non sono state segnalate posizioni derivate. Poiché la comunicazione riflette un aggiustamento amministrativo legato alle tasse e non una decisione discrezionale di acquisto o vendita, l'evento ha un valore limitato come segnale per gli investitori.

El Formulario 4 del 07/05/2025 muestra que el Director de Contabilidad de CECO Environmental Corp., Kiril Kovachev, entregó 460 acciones ordinarias a un precio indicado de $30 por acción bajo el Código de Transacción “F.” El Código F denota acciones retenidas por el emisor únicamente para cubrir impuestos legales generados por la adquisición de unidades restringidas de acciones previamente otorgadas; no es una venta en el mercado abierto. Después de la retención, la propiedad directa de Kovachev es de 15,114 acciones, y no se reportaron posiciones derivadas. Dado que la presentación refleja un ajuste administrativo relacionado con impuestos y no una decisión discrecional de compra o venta, el evento tiene un valor limitado como señal para los inversores.

2025년 5월 7일자 Form 4 문서에 따르면 CECO Environmental Corp.의 최고회계책임자 Kiril Kovachev가 거래 코드 “F”에 따라 주당 30달러의 표시 가격으로 460주의 보통주를 반납했습니다. 코드 F는 이전에 부여된 제한 주식 단위의 취득으로 인해 발생한 법정 세금을 충당하기 위해 발행자가 주식을 원천징수한 것으로, 이는 공개 시장에서의 매도가 아닙니다. 원천징수 후 Kovachev의 직접 보유 주식은 15,114주이며 파생상품 포지션은 보고되지 않았습니다. 이 신고는 임의의 매매 결정이 아닌 행정적 세금 조정임을 반영하므로 투자자에게 주는 신호 가치는 제한적입니다.

Le formulaire 4 daté du 07/05/2025 indique que le directeur comptable de CECO Environmental Corp., Kiril Kovachev, a cédé 460 actions ordinaires à un prix indiqué de 30 $ par action sous le code de transaction « F ». Le code F désigne des actions retenues par l’émetteur uniquement pour couvrir les taxes légales générées par l’acquisition de unités d’actions restreintes précédemment attribuées ; il ne s’agit pas d’une vente sur le marché libre. Après cette retenue, la détention directe de Kovachev s’élève à 15 114 actions, et aucune position dérivée n’a été signalée. Comme cette déclaration reflète un ajustement administratif lié aux impôts plutôt qu’une décision discrétionnaire d’achat ou de vente, l’événement a une valeur de signal limitée pour les investisseurs.

Das Formular 4 vom 07.05.2025 zeigt, dass der Chief Accounting Officer von CECO Environmental Corp., Kiril Kovachev, 460 Stammaktien zu einem angegebenen Preis von 30 $ pro Aktie gemäß Transaktionscode „F“ zurückgegeben hat. Code F steht für vom Emittenten einbehaltene Aktien, die ausschließlich zur Deckung gesetzlicher Steuern verwendet werden, die durch die Vesting von zuvor gewährten Restricted Stock Units ausgelöst wurden; es handelt sich nicht um einen Verkauf am offenen Markt. Nach der Einbehaltung beträgt Kovachevs Direktbesitz 15.114 Aktien, und es wurden keine derivativen Positionen gemeldet. Da die Meldung eine administrative, steuerbedingte Anpassung widerspiegelt und keine freiwillige Kauf- oder Verkaufsentscheidung darstellt, hat das Ereignis für Investoren nur begrenzte Signalwirkung.

0001551306false00015513062025-07-012025-07-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 1, 2025


Progyny, Inc.
(Exact Name of Registrant as Specified in Charter)

Delaware001-3910027-2220139
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)


1359 Broadway
New York, New York
10018
(Address of Principal Executive Offices)(Zip Code)
(212) 888-3124
(Registrant’s telephone number, including area code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class    Trading Symbol(s)    Name of each exchange on which registered
Common Stock, $0.0001 par value per share
PGNYThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Item 1.01 Entry into a Material Definitive Agreement.

On July 1, 2025, Progyny, Inc. (the “Company”), as borrower, entered into a revolving credit facility (the “Facility”) pursuant to a Credit Agreement dated July 1, 2025 (the “Credit Agreement”) with the Lenders and Issuing Banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, and swingline lender. Capitalized terms used herein but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

The Credit Agreement makes available to the Company a maximum aggregate amount of $200.0 million of revolving loan commitments, which may be drawn, subject to customary borrowing conditions, until maturity on July 1, 2030. Subject to certain conditions, the Company may at any time request one or more increases in the amount of the revolving loan commitments, up to an aggregate maximum additional amount set forth in the Credit Agreement. The revolving loan commitments were undrawn at closing.

The Company’s obligations under the Credit Agreement are unconditionally guaranteed by all domestic direct and indirect subsidiaries of the Company (the “Subsidiary Guarantors”), with customary exceptions. Borrowings under the Credit Agreement are secured by substantially all of the assets of the Company and the Subsidiary Guarantors, other than certain excluded assets.

Amounts borrowed under the Credit Agreement may be repaid or reborrowed at any time. Interest on the borrowings under the Credit Agreement accrues, at a variable rate, based on, at the Company’s option, (i) adjusted SOFR, or (ii) the alternate base rate, plus, in each case, an applicable margin determined by reference to the Company’s Total Leverage Ratio, as specified in the Credit Agreement, and will be due on each Interest Payment Date.

The Credit Agreement contains customary events of default, representations and warranties and covenants, including, among other things, covenants that restrict the ability of the Company and its subsidiaries to incur certain additional indebtedness; create or permit liens on assets; engage in mergers or consolidations; make certain payments or distributions in respect of junior and unsecured indebtedness, dividends or equity interest; make certain investments; dispose of certain assets; engage in sale and lease-back transactions; engage in certain transactions with affiliates; make certain modifications to the terms of junior and unsecured indebtedness, as well as negative pledge provisions, subject to customary exceptions, as well as customary financial covenants, including (i) a Total Leverage Ratio covenant, which requires that the Company, as of the last day of any Test Period, not permit the Total Leverage Ratio (measured net of unrestricted cash and cash equivalents of the Company and its restricted subsidiaries in excess of $75.0 million) to be greater than 3.50 to 1.00 and (ii) an Interest Coverage Ratio covenant, which requires that the Company, as of the last day of any Test Period, not permit the Interest Coverage Ratio to be less than 3.00 to 1.00.

The Facility enhances the Company’s operational and financial flexibility beyond its current ability to generate significant cash flow. While the revolving loan commitments are undrawn and the Company has no planned use for the Facility at this time, market conditions were favorable creating an opportune time for establishing the Facility.  The Company’s capital priorities, which include, the evaluation of stock repurchases, the expansion of its product portfolio, investments in new distribution channels for its services, and select acquisitions, remain unchanged.  

The foregoing description of the Credit Agreement is qualified in its entirety by reference to the full text of the Credit Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K.

Item 2.02 Results of Operations and Financial Condition

On July 8, 2025, the Company issued a press release announcing its entry into the Facility and discussing the Company’s previously issued financial guidance for the three months ended June 30, 2025. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or subject to the liabilities of that section. The



information shall not be deemed incorporated by reference into any other filing with the Securities and Exchange Commission made by the Company, regardless of any general incorporation language in such filing.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.
Description
10.1
Credit Agreement dated July 1, 2025 by and among Progyny, Inc., the Lenders and Issuing Banks party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent, Collateral Agent and Swingline Lender
99.1
Press Release of Progyny, Inc. dated July 8, 2025
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Progyny, Inc.
Date: July 8, 2025
By: /s/ Peter Anevski
Peter Anevski
Chief Executive Officer


FAQ

What action did CECO insider Kiril Kovachev report on Form 4?

460 shares were withheld by the company on 07/05/2025 to satisfy tax obligations tied to vested RSUs.

How many CECO shares does the CAO own after the transaction?

Following the withholding, Kovachev directly owns 15,114 common shares.

What does Transaction Code "F" signify in this SEC filing?

Code F indicates shares withheld by the issuer for tax withholding—not an open-market buy or sell.

Was any open-market sale involved in this CECO Form 4?

No. The shares were withheld internally; there was no open-market disposition.

Are derivative securities mentioned in Kovachev’s filing?

No derivative securities were acquired or disposed of in this Form 4.
Progyny, Inc.

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