Form 4: Logility Supply Chain Solutions Director Reports Share and Option Cancellation Following Merger
SEC Form 4
Thomas L.V. Newberry, a director of Logility Supply Chain Solutions, reports the cancellation of common stock and stock options following the merger with Update Merger Sub, Inc., a subsidiary of Aptean, Inc.
Summary
- Thomas L.V. Newberry, a director at Logility Supply Chain Solutions, filed a Form 4 detailing changes in beneficial ownership.
- The filing is triggered by the merger between Logility and Update Merger Sub, Inc., a wholly-owned subsidiary of Aptean, Inc., which became effective on April 4, 2025.
- As a result of the merger, Newberry's holdings of 21,681 shares of Logility common stock were converted into the right to receive $14.30 per share in cash.
- Additionally, several stock option grants held by Newberry were affected.
- Options with an exercise price equal to or greater than $14.30 were cancelled without consideration.
- Options with an exercise price less than $14.30 were cancelled and converted into the right to receive a cash payment equal to the difference between $14.30 and the exercise price, multiplied by the number of shares underlying the option.
- The stock options cancelled had exercise prices ranging from $11.94 to $28.93.
Sentiment
Score: 5
Explanation: Neutral sentiment as the document simply reports the execution of a pre-existing merger agreement and its impact on the director's holdings.
Industry Context
This announcement reflects the ongoing consolidation trend in the supply chain solutions industry, where companies are being acquired to enhance capabilities and market reach.
Stakeholder Impact
- Shareholders received $14.30 per share as part of the merger agreement.
- Employees with stock options were impacted based on the exercise price of their options.
Key Dates
| Date | Description |
|---|---|
| January 24, 2025 | Date of the Agreement and Plan of Merger between Aptean, Inc., Update Merger Sub, Inc., and Logility Supply Chain Solutions, Inc. |
| April 4, 2025 | Effective date of the merger; shares and certain stock options cancelled. |
| April 28, 2029 | Expiration date of one of the cancelled stock option grants. |
| April 29, 2029 | Expiration date of one of the cancelled stock option grants. |
| April 30, 2027 | Expiration date of one of the cancelled stock option grants. |
| July 27, 2027 | Expiration date of one of the cancelled stock option grants. |
| July 29, 2028 | Expiration date of one of the cancelled stock option grants. |
| July 31, 2026 | Expiration date of one of the cancelled stock option grants. |
| October 29, 2027 | Expiration date of one of the cancelled stock option grants. |
| October 30, 2026 | Expiration date of one of the cancelled stock option grants. |
| October 31, 2028 | Expiration date of one of the cancelled stock option grants. |
| January 29, 2026 | Expiration date of one of the cancelled stock option grants. |
| January 31, 2027 | Expiration date of one of the cancelled stock option grants. |
| January 31, 2029 | Expiration date of one of the cancelled stock option grants. |
Keywords
Form 4, Merger, Logility Supply Chain Solutions, Aptean, Director, Stock Options, Common Stock, Beneficial Ownership, Cancellation, Cash Consideration
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