Form 4: Middlesex Water Director Reports Trust-Related Stock Changes

Middlesex Water Director Joshua Bershad discloses changes in beneficial ownership, including a trust acquisition and corrections to indirect holdings.

Summary

• Joshua Bershad, a Director of Middlesex Water Co (MSEX), reported changes in his beneficial ownership of common stock.
• On June 15, 2025, Mr. Bershad and his spouse became co-trustees with voting power over a trust following the passing of a third-party, resulting in an indirect acquisition of 213,365 shares of Common Stock.
• Mr. Bershad disclaims beneficial ownership of these 213,365 shares except to the extent of his pecuniary interest.
• The filing includes corrections to previously reported indirect holdings: 100 shares were inadvertently double-counted in custodial accounts for family members, now corrected to 15,531 shares.
• Additionally, 17,333 shares were inadvertently double-counted in holdings by Mr. Bershad's spouse, now corrected to 4,247 shares.
• Following these transactions and corrections, Mr. Bershad's indirect beneficial ownership includes 230,698 shares (family trust), 15,531 shares (custodial accounts for family members), and 4,247 shares (by spouse).
• Direct beneficial ownership remains 702 shares and 4,213 shares.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It primarily reports a change in beneficial ownership due to a trust event and corrects previous reporting errors, neither of which inherently impacts the company's operational or financial performance.

Positives

• The filing provides increased transparency and accuracy regarding the director's beneficial ownership structure through the reported corrections.

Negatives

• Previous inadvertent double-counting of shares indicates past inaccuracies in reporting indirect holdings.

Future Outlook

NA

Management Comments

• "Upon the passing of a third-party on the reported transaction date, Mr. Bershad and his spouse became co-trustees and have voting power over a trust."
• "Mr. Bershad disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the filing of this report shall not be deemed an admission that Mr. Bershad is the beneficial owner of these shares for purposes of Section 16 or for any other purpose."
• "Reflects a correction to the reporting person's indirect holdings, which previously inadvertently double-counted 100 shares across two line items reporting indirect holdings. This filing reflects the corrected balance."
• "Reflects a correction to the reporting person's indirect holdings, which previously inadvertently double-counted 17,333 shares across two line items reporting indirect holdings. This filing reflects the corrected balance."

Industry Context

StockSavvy.ai notes that Form 4 filings are standard disclosures for insider transactions and beneficial ownership changes. This specific filing, involving a trust and corrections to previously reported indirect holdings, is a routine compliance update rather than a strategic industry move or an indicator of broader industry trends.

Related Party Transactions

• Mr. Bershad and his spouse became co-trustees of a trust, gaining voting power over 213,365 shares.
• Indirect holdings include shares held by a family trust (230,698 shares) where Mr. Bershad serves as trustee.
• Indirect holdings include shares held by custodial accounts for the benefit of family members (15,531 shares).
• Indirect holdings include shares held by Mr. Bershad's spouse (4,247 shares).

Stakeholder Impact

• Shareholders: Provides transparency regarding a director's beneficial ownership structure, including indirect holdings through family trusts and accounts. The corrections ensure accurate public record.
• Regulatory Authorities: Ensures compliance with Section 16(a) of the Securities Exchange Act of 1934.

Key Dates

Recommendation

This Form 4 filing is a routine disclosure of changes in beneficial ownership for a director, primarily driven by a trust event and administrative corrections. It does not provide new information about the company's operational performance, strategic direction, or financial health that would warrant a change in investment recommendation. The corrections improve data accuracy but do not signal any fundamental shift in the company's prospects.

Keywords

Middlesex Water Co, MSEX, Form 4, beneficial ownership, insider transaction, director, trust, stock acquisition, SEC filing