Form 4: Crawford United Director Sells Shares Post-Merger

Director Steven H. Rosen reports the disposal of Crawford United shares following the company's merger into a wholly-owned subsidiary of SPX Enterprises, LLC.

Summary

• Steven H. Rosen, a Director and 10% owner of Crawford United Corporation (CRAWA), reported the disposal of his beneficial ownership in the company's shares.
• The disposal occurred on February 6, 2026, as a result of a merger agreement dated December 5, 2025.
• Under the merger, Project King Acquisition, Inc., a subsidiary of SPX Enterprises, LLC, merged with Crawford United Corporation.
• Each outstanding common share of Crawford United Corporation was converted into the right to receive $83.8636 in cash per share, net of withholding taxes.
• Mr. Rosen disposed of 30,250 Class A Common Shares directly owned.
• He also disposed of 336,203 Class A Common Shares and 85,000 Class B Common Shares indirectly owned through Seven Investors, LLC and the LJNP Investment Trust.
• Following these transactions, Mr. Rosen's beneficial ownership in Crawford United Corporation is 0 shares.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive event for Crawford United shareholders who received a cash premium for their shares, providing a clear and certain return. However, it signifies the end of the company's independent public trading life.

Positives

• Shareholders of Crawford United Corporation received a cash payment of $83.8636 per share, representing a definitive return on their investment.
• The merger provides a clear exit strategy and liquidity for existing shareholders.

Negatives

• Crawford United Corporation is no longer an independent publicly traded company, becoming a wholly-owned subsidiary of SPX Enterprises, LLC.
• Public shareholders no longer have an equity stake or future upside potential in Crawford United Corporation as a standalone entity.

Risks

• Crawford United Corporation is no longer publicly traded, removing its shares from public markets and eliminating future investment opportunities in the independent entity.

Future Outlook

Crawford United Corporation is now a wholly-owned subsidiary of SPX Enterprises, LLC, and as such, its independent public future outlook is no longer applicable. Its operations and strategic direction will be integrated within its new parent company.

Management Comments

• "For purposes of the Securities Exchange Act of 1934, the reporting person disclaims beneficial ownership of the reported securities, except to his pecuniary interest therein, if any, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or otherwise." (Steven Rosen)

Industry Context

StockSavvy.ai notes that this transaction is a typical outcome for public companies undergoing acquisition, where the target company's shares are converted into cash, leading to its delisting from public exchanges. Such mergers often reflect consolidation trends within specific industries, driven by strategic alignment or market opportunities for the acquiring entity.

Comparison to Industry Standards

• NA This Form 4 reports a post-merger share disposal, not operational results or financial performance that would typically be benchmarked against industry peers. The cash consideration per share is specific to this acquisition.

Related Party Transactions

• Steven H. Rosen's indirect beneficial ownership included shares held by Seven Investors, LLC and the LJNP Investment Trust, which are entities potentially related to the reporting person's interests.

Stakeholder Impact

• Shareholders: Received a cash payout of $83.8636 per share, providing liquidity and a return on investment.
• Employees: Crawford United employees are now part of a larger organization under SPX Enterprises, LLC, which may lead to integration or restructuring.
• Customers and Suppliers: Operations will continue under the new ownership structure, potentially impacting existing relationships depending on integration strategies.

Next Steps

• Crawford United Corporation will operate as a wholly-owned subsidiary of SPX Enterprises, LLC.
• The company's shares are no longer publicly traded.

Key Dates

Keywords

Merger, Acquisition, Form 4, Insider Transaction, Beneficial Ownership, Crawford United, CRAWA, SPX Enterprises, Delisting