SRDX Form 4 shows insider stock and options cashed out at $43
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Surmodics Inc. (SRDX) filed a Form 4 for its SVP of Vascular Interventions showing the completion mechanics of its 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, subject to tax withholding. All restricted stock units held by the executive vested immediately before closing and will receive the same cash consideration.
The filing also shows that multiple employee stock options with exercise prices ranging from $33.64 to $56.63 were cancelled and converted into cash based on the excess of the $43.00 merger price over each option’s exercise price, if any. Following these transactions, the reporting person no longer beneficially owns any Surmodics common stock or related options.
Positive
- None.
Negative
- None.
Insider Trade Summary
9 transactions reported
Mixed
9 txns
Insider
SIDES TERI WOODWICK
Role
SVP, Vascular Interventions
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Employee Stock Option (right to buy) | 5,463 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 12,292 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 8,356 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 15,668 | $0.00 | -- |
| Disposition | Employee Stock Options (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) | 28,864 | $0.00 | -- |
| Disposition | Employee Stock Option (right to buy) | 29,582 | $0.00 | -- |
| Disposition | Common Stock | 34,703 | $0.00 | -- |
Holdings After Transaction:
Employee Stock Option (right to buy) — 0 shares (Direct);
Employee Stock Options (right to buy) — 0 shares (Direct);
Common Stock — 0 shares (Direct)
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.
FAQ
What does the latest Surmodics (SRDX) Form 4 disclose?
The Form 4 discloses that a Surmodics executive’s common stock, RSUs, and stock options were cancelled in connection with the merger and converted into cash based on a $43.00 per share merger price.
What cash consideration is Surmodics (SRDX) common stock entitled to in the merger?
Each share of Surmodics common stock was automatically cancelled and converted into the right to receive $43.00 per share in cash, without interest and subject to applicable tax withholdings.
How were Surmodics (SRDX) restricted stock units treated in the merger?
All outstanding RSUs held by the reporting person vested immediately prior to the merger’s effective time, and the holder is entitled to receive the $43.00 per-share cash merger consideration for those vested RSUs.
What happened to the Surmodics (SRDX) employee stock options listed in the Form 4?
Each unexercised Surmodics stock option was cancelled and converted into the right to receive cash equal to the number of shares subject to the option multiplied by the excess of the $43.00 merger price over the option’s exercise price, if any.
What is the relationship of the reporting person to Surmodics (SRDX)?
The reporting person is identified as an Officer, serving as SVP, Vascular Interventions, and this Form 4 is filed as a single reporting person filing.
Who acquired Surmodics (SRDX) according to this Form 4?
The filing explains that Surmodics merged with a subsidiary of BCE Parent, LLC, with Surmodics surviving as a wholly owned subsidiary of BCE Parent after the merger.