SRDX insider Olson reports stock and options cashed out in merger
Rhea-AI Filing Summary
Surmodics, Inc. (SRDX) senior executive Charles W. Olson reported the automatic cash-out of his equity holdings in connection with the company’s merger with BCE Parent, LLC. At the merger’s effective time, each share of Surmodics common stock was cancelled and converted into the right to receive $43.00 per share in cash, and all of Olson’s restricted stock units vested and became entitled to the same cash consideration.
The filing shows that 51,478 shares of common stock held directly and 800 shares held through an IRA were disposed of, and multiple employee stock options with exercise prices between $33.64 and $56.63 covering various share amounts were cancelled. Each option was converted into a cash right equal to the number of underlying shares multiplied by the excess of the $43.00 merger consideration over the option’s exercise price. As a result of the merger, Olson no longer beneficially owns any Surmodics common stock.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Employee Stock Option (right to buy) | 10,653 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 13,579 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 17,883 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 18,337 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 19,243 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 20,101 | $0.00 | -- |
| Disposition | Common Stock | 51,478 | $0.00 | -- |
| Disposition | Common Stock | 800 | $0.00 | -- |
Footnotes (1)
- Pursuant to that certain Merger Agreement, dated as of May 28, 2024, by and among the Surmodics, Inc. (the "Issuer"), BCE Parent, LLC, ("Parent"), and BCE Merger Sub, Inc. ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with Issuer surviving the Merger as a wholly owned subsidiary of Parent. At the effective time of the Merger (the "Effective Time"), each share of the Issuer's common stock, par value $0.05 per share ("Common Stock"), that was issued and outstanding immediately prior to the Effective Time was automatically cancelled and converted into the right to receive $43.00 per share in cash, without interest and subject to any applicable tax withholdings (the "Merger Consideration"). All outstanding restricted stock units ("RSUs") held by the reporting person vested immediately prior to the Effective Time and the reporting person is entitled to receive the Merger Consideration for such vested RSUs. As a result of the Merger, the reporting person no longer beneficially owns, directly or indirectly, any shares of Common Stock. Pursuant to the Merger Agreement, at the Effective Time, this unexercised stock option ("Option") was cancelled and automatically converted into the right to receive an amount in cash (without interest) equal to the product of (a) the aggregate number of shares of Common Stock subject to the Option immediately prior to the Effective Time, multiplied by (b) the excess, if any, of the Merger Consideration over such Option's applicable per share exercise price, subject to any required tax withholdings.
