TruBridge, Inc. (TBRG) holders exit in $26.25 per-share cash merger
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
TruBridge, Inc. reported that entities associated with Pinetree Capital Ltd. and L6 Holdings Inc. disposed of their TruBridge common stock in connection with a cash merger. A total of 2,980,000 indirectly held shares were tendered and converted into the right to receive $26.25 per share in cash under a merger with Inventurus Knowledge Solutions entities, effective July 9, 2026, leaving these reporting entities with no TruBridge shares.
Positive
- None.
Negative
- None.
Insights
Large shareholders exited TruBridge via a cash merger at $26.25 per share.
Entities associated with Pinetree Capital Ltd. and L6 Holdings Inc. tendered a combined 2,980,000 TruBridge common shares. Each share was converted into the right to receive $26.25 in cash pursuant to an Agreement and Plan of Merger effective on July 9, 2026.
The disposition was classified as a tender-offer transaction rather than an open-market sale, meaning the price and timing were driven by the merger terms, not discretionary trading. After completion of the merger, the reporting entities show 0% remaining TruBridge holdings, reflecting TruBridge’s transition to a wholly owned subsidiary of Inventurus Knowledge Solutions.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Pinetree Capital Ltd., L6 Holdings Inc.
Role
null | null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| U | Common stock, par value $0.001 per share ("Common Stock") | 2,130,000 | $26.25 | $55.91M |
| U | Common Stock | 850,000 | $26.25 | $22.31M |
Holdings After Transaction:
Common stock, par value $0.001 per share ("Common Stock") — 0 shares (Indirect, See footnotes);
Common Stock — 0 shares (Indirect, See footnotes)
Footnotes (1)
- This Form 4 is filed jointly by: (i) L6 Holdings Inc., a corporation organized under the laws of Ontario, Canada ("L6") and (ii) Pinetree Capital Ltd., a corporation organized under the laws of Ontario, Canada ("PCL"). Each of the foregoing is referred to as a "Reporting Person" and collectively, as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and the filing of this Form 4 shall not be construed as an admission that any Reporting Person is the beneficial owner of any such securities for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. Each of the Reporting Persons may be deemed to be a member of a "group" for purposes of Section 13(d) of the Exchange Act that previously collectively beneficially owned over 10% of the Issuer's outstanding securities. This Form 4 reports securities disposed of pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of April 23, 2026, by and among the Issuer, Inventurus Knowledge Solutions, Inc. a Delaware corporation ("Parent"), IKS Next Horizon, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), and solely for certain limited purposes as specified therein, Inventurus Knowledge Solutions Limited, an Indian public limited company, pursuant to which, among other things, each oustanding share of Common Stock of the Issuer was cancelled and converted into the right to receive $26.25 in cash, without interest, effective July 9, 2026 (the "Merger"). After completion of the Merger, Merger Sub merged with and into the Issuer, with the Issuer continuing as the surviving entity and a wholly owned subsidiary of Parent. Securities held by L6 Holdings Inc. Damien Leonard ("Mr. Leonard") is a Managing Director of L6. Securities held by Pinetree Investment Partnership ("PVP"). Pinetree Capital Investment Corp., a corporation organized under the laws of Ontario, Canada ("PCIC"), holds 99.99% of the outstanding equity interests of PVP. Emerald Capital Corp., a corporation formed under the laws of the Province of Alberta, Canada ('Emerald'), holds .01% of the outstanding equity interests of PVP. PCL is the parent company and holds 100% of the outstanding capital stock of each of PCIC and Emerald. Mr. Leonard is the President of PCL.
Key Figures
Shares tendered by L6-related entity: 850,000 shares
Shares tendered by Pinetree-related entity: 2,130,000 shares
Total shares disposed by reporting group: 2,980,000 shares
+3 more
6 metrics
Shares tendered by L6-related entity
850,000 shares
Tender-offer disposition of common stock on July 9, 2026
Shares tendered by Pinetree-related entity
2,130,000 shares
Tender-offer disposition of common stock on July 9, 2026
Total shares disposed by reporting group
2,980,000 shares
Combined TruBridge common shares converted to cash in merger
Merger cash consideration per share
$26.25 per share
Each outstanding TruBridge common share converted into cash right under merger
Merger agreement date
April 23, 2026
Date of Agreement and Plan of Merger governing the tender offer
Merger effective date
July 9, 2026
Effective date when shares were cancelled and converted into cash
Key Terms
tender offer, Agreement and Plan of Merger, pecuniary interest, beneficial ownership, +1 more
5 terms
tender offer financial
"Disposition pursuant to a tender offer"
A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.
Agreement and Plan of Merger regulatory
"pursuant to the terms of the Agreement and Plan of Merger"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
pecuniary interest financial
"disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest"
beneficial ownership regulatory
"disclaims beneficial ownership of the securities reported herein"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Section 16(a) regulatory
"for purposes of Section 16(a) of the Securities Exchange Act of 1934"
FAQ
What did Pinetree Capital and L6 Holdings report in this Form 4 for TBRG?
They reported that entities associated with them disposed of all TruBridge common shares they indirectly held. The disposition occurred via a tender offer tied to a completed cash merger at $26.25 per share.
Do Pinetree Capital and L6 Holdings still own TruBridge (TBRG) after the merger?
According to the Form 4, the reporting entities now report 0 shares of TruBridge common stock following the tender-offer disposition. Their previously indirectly held shares were fully converted into cash as part of the completed merger transaction.
What transaction code is used in the TruBridge (TBRG) Form 4 and what does it mean?
The Form 4 uses transaction code “U”, described as a “Disposition pursuant to a tender offer.” This indicates the shares were tendered under merger terms rather than bought or sold in open-market trading.