Streamline Health (STRM) taken private; common stock cashed out at $5.34

Rhea-AI Filing Summary

Streamline Health Solutions, Inc. (STRM) completed a merger in which Mist Holding Co.'s wholly owned subsidiary merged into the issuer, with the issuer surviving as a wholly owned subsidiary of Parent. At the Effective Time each outstanding share of Streamline common stock was cancelled and converted into the right to receive $5.34 in cash per share. Reporting person Judith Starkey, identified as a director, reported the disposition of her holdings such that she beneficially owned 0 shares following the transaction; the Form 4 shows her prior reported holdings as 75,820 shares. The filing records the transaction date as 08/12/2025 and confirms the cash-out treatment of all outstanding common stock under the Merger Agreement.

Positive

• All outstanding common shares were converted to cash at $5.34 per share, providing a clear liquidity outcome for shareholders.
• Insider disclosure completed via Form 4 documenting ownership reduction to 0 shares, maintaining transparency of insider holdings post-merger.

Negative

• Issuer became a wholly owned subsidiary of Parent, meaning public shareholders no longer retain equity in Streamline Health Solutions, Inc.
• Reporting person’s beneficial ownership reduced to 0, indicating complete cash-out of insider equity rather than retained stake in the surviving entity.

Insights

Corporate Governance Expert

TL;DR: Insider director disposed of 75,820 shares as the company was taken private; equity was cashed out at $5.34 per share.

The Form 4 documents a corporate control transaction rather than an open-market sale: under the Merger Agreement all outstanding common shares were cancelled and converted into cash consideration of $5.34 per share. That resulted in the reporting director's beneficial ownership falling to 0 shares. This is a material governance event because public equity was extinguished and the issuer now survives as a wholly owned subsidiary of the acquirer, ending public shareholder ownership.

M&A Specialist

TL;DR: A definitive merger closed with a cash-out of common stock at $5.34, producing a complete conversion of public shares to cash.

The explanation on the Form 4 references an Agreement and Plan of Merger dated May 29, 2025, and an Effective Time shown as 08/12/2025. Each outstanding share was converted into $5.34 cash, which is the Merger Consideration. The report is transactional documentation of the closing mechanics: cancellation of shares, cash consideration per share, and the resulting ownership tallies reported by an insider.

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

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X

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^*

Starkey Judith

(Last) (First) (Middle)

2400 OLD MILTON PARKWAY

BOX 1353

(Street)

ALPHARETTA GA 30009

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
STREAMLINE HEALTH SOLUTIONS INC. [ STRM ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

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, $0.01 par value	08/12/2025		D(1)		75,820	D	(1)	0	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. This Form 4 reports securities disposed pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated as of May 29, 2025, by and among the Issuer, Mist Holding Co. ("Parent"), and MD BE Merger Sub, Inc., a wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which Merger Sub merged with and into the Issuer, effective as of August 12, 2025, with the Issuer surviving the Merger as a wholly owned subsidiary of Parent (the "Merger"). Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each share of common stock, par value $0.01 per share, of the Company ("Common Stock") issued and outstanding as of immediately prior to the Effective Time was canceled and converted into the right to receive $5.34 in cash, without interest (the "Merger Consideration").

	/s/ Judith Starkey	08/14/2025
	** 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.
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FAQ

What did the Form 4 filed for STRM report?

The Form 4 reported that director Judith Starkey disposed of holdings such that she beneficially owned 0 shares following a merger that converted all common stock into cash.

How many shares did Judith Starkey hold before the transaction for STRM?

The filing shows prior reported beneficial ownership of 75,820 shares, which were disposed of under the Merger Agreement.

What cash consideration was paid per share in the STRM merger?

Each outstanding share of Streamline common stock was converted into the right to receive $5.34 in cash per share.

When was the merger effective according to the Form 4 for STRM?

The Form 4 identifies the Merger effective as of 08/12/2025, at which time shares were cancelled and converted to cash.

Did the Form 4 indicate any retained ownership after the merger for the reporting person?

No; the Form 4 reports the reporting person’s beneficial ownership following the transaction as 0 shares.