[Form 4] SELECT MEDICAL HOLDINGS CORP Insider Trading Activity

Rhea-AI Filing Summary

Bank of Montreal and affiliates have filed Amendment No. 1 to Schedule 13G on Translational Development Acquisition Corp. (Class A Ordinary Shares, CUSIP G9008W105). As of 30 Jun 2025 the group beneficially owns 800,000 shares, representing 4.64 % of the outstanding class. All voting and dispositive powers are shared among Bank of Montreal, Bank of Montreal Holding Inc., and BMO Nesbitt Burns Inc.; none have sole power. The stake is held in the ordinary course of business while acting as prime broker for clients, and the filers state the holdings were not acquired to influence control of the issuer. Because ownership is now below the 5 % threshold (Item 5), the filing reflects a position under the level that triggers more extensive disclosure. No other material transactions, earnings data, or control intentions are disclosed.

Positive

• Institutional ownership: Bank of Montreal group still holds a meaningful 4.64 % stake, signalling ongoing institutional interest.

Negative

• Sub-5 % position: Ownership has fallen below the 5 % threshold, indicating a possible reduction in confidence or rebalancing by the filer.

Insights

Equity Analyst

TL;DR – BMO discloses a 4.64 % passive stake; informational, not transformative.

The amendment signals that Bank of Montreal’s aggregate holdings in TDAC have slipped below the 5 % reporting line, now at 800 k shares. Because power is shared and the bank certifies a passive intent, the filing does not suggest imminent activism or strategic influence. For investors, the main takeaway is continued institutional support, albeit at a moderate level. Liquidity or sentiment effects should be minimal, so I classify the impact as neutral.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mullin Thomas P

(Last) (First) (Middle)

C/O SELECT MEDICAL CORPORATION

4714 GETTYSBURG ROAD P.O. BOX 2034

(Street)

MECHANICSBURG PA 17055

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SELECT MEDICAL HOLDINGS CORP [ SEM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CO-PRESIDENT

3. Date of Earliest Transaction (Month/Day/Year)
07/29/2025

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	07/29/2025		A(1)		100,000	A	$0	413,754	D

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:

1. Grant of restricted stock which, subject to certain exceptions, will vest in full on July 29, 2028, the third anniversary of the grant date.

	/s/ Michael E. Tarvin, Attorney-in-Fact	07/31/2025
	** 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 Translational Development Acquisition Corp. shares does Bank of Montreal own?

The filing reports 800,000 Class A shares held by the Bank of Montreal group.

What percentage of TDAC’s outstanding shares does this represent?

The stake equals 4.64 % of the Class A Ordinary Shares.

Does Bank of Montreal have sole voting power over the shares?

No. The bank and its affiliates have shared voting and dispositive power; sole power is zero.

Is the position intended to influence control of TDAC?

No. The certification states the shares were acquired in the ordinary course and not to change or influence control.

Why was an amended Schedule 13G filed?

Amendment No. 1 reflects that ownership is now below 5 %, requiring an update under SEC rules.