Form 4: ICAD CFO Eric Lonnqvist Reports Full Conversion of Holdings Following RadNet Merger

ICAD Chief Financial Officer Eric Lonnqvist has reported the complete disposition of his iCAD common stock and stock options, which were converted or terminated as a result of the company's merger with RadNet, Inc. effective July 17, 2025.

Summary

• Reports the disposition of securities by Eric Lonnqvist, Chief Financial Officer of ICAD, Inc., due to the merger with RadNet, Inc.
• The merger became effective on July 17, 2025, where Trio Merger Sub, Inc., a wholly-owned subsidiary of RadNet, merged into ICAD.
• Each outstanding share of ICAD common stock was automatically canceled and retired, and converted into the right to receive 0.0677 shares of RadNet common stock, plus cash in lieu of fractional shares.
• Eric Lonnqvist disposed of 8,488 shares of ICAD common stock.
• ICAD stock options with an exercise price less than $7.20 (Eligible iCAD Options) were assumed by RadNet and converted into RadNet stock options based on the 0.0677 exchange ratio.
• ICAD stock options with an exercise price of $7.20 or greater terminated and ceased to be outstanding as of the Effective Time without any consideration payable.
• Eric Lonnqvist's stock options for 15,000 shares at an exercise price of $4.25, 100,000 shares at $1.46, and 25,000 shares at $1.78 were converted.
• His stock options for 10,000 shares at an exercise price of $12.17 were terminated without consideration.
• Following these transactions, Eric Lonnqvist beneficially owns 0 shares of ICAD common stock and 0 ICAD stock options.

Sentiment

Score: 6

Explanation: The filing reports the successful completion of the merger between ICAD and RadNet, confirming the conversion of ICAD securities into RadNet securities or their termination. This is a factual report of a completed corporate action.

Positives

• The successful completion of the merger between ICAD and RadNet, Inc. is confirmed.
• Eligible ICAD stock options were assumed and converted into RadNet options, preserving value for some option holders.

Negatives

• ICAD stock options with an exercise price of $7.20 or greater were terminated without any consideration, resulting in a loss of potential value for holders of those options.
• ICAD common stock ceased to exist, being converted into RadNet stock, meaning ICAD shareholders no longer hold direct equity in ICAD.

Future Outlook

NA

Management Comments

• Chief Financial Officer (Eric Lonnqvist's title)

Industry Context

This filing confirms the completion of a significant consolidation event in the medical imaging and healthcare technology sector, with ICAD, a company focused on AI-powered cancer detection, being acquired by RadNet, a leading provider of outpatient diagnostic imaging services. Such mergers often aim to achieve synergies, expand market reach, and integrate complementary technologies within the healthcare industry.

Stakeholder Impact

• Shareholders of ICAD: Their common stock was converted into RadNet common stock, changing their equity holding from ICAD to RadNet.
• Holders of ICAD Stock Options: Options with an exercise price below $7.20 were converted into RadNet options, while those with an exercise price of $7.20 or higher were terminated without consideration.

Key Dates

Keywords

SEC Form 4, ICAD, RadNet, merger, beneficial ownership, stock options, common stock, corporate transaction, insider trading, CFO, equity conversion