Form 4: Performant Healthcare Director Sells Shares Post-Merger

Performant Healthcare Director Lisa Im disposed of all her shares following the company's merger into a wholly-owned subsidiary of Continental Buyer, Inc., receiving $7.75 per share.

Summary

• Lisa Im, a Director of Performant Healthcare Inc. (PHLT), reported a change in beneficial ownership.
• The transaction occurred on October 21, 2025, as a disposal of securities.
• She disposed of 1,229,413 shares of Common Stock, par value $0.0001 per share.
• Following this transaction, beneficial ownership stands at 0 shares.
• This disposal was pursuant to the Agreement and Plan of Merger, dated July 31, 2025.
• Under the Merger Agreement, Performant Healthcare Inc. merged with Merger Sub and became a wholly-owned subsidiary of Continental Buyer, Inc.
• Each share of Performant's Common Stock was converted into the right to receive $7.75 in cash, subject to applicable withholding taxes.

Sentiment

Score: 5

Explanation: The filing is a factual report of a director's share disposal due to a completed merger, providing no inherently positive or negative sentiment regarding ongoing operations or future prospects of the publicly traded entity.

Future Outlook

The filing indicates the completion of a merger where Performant Healthcare Inc. became a wholly-owned subsidiary of Continental Buyer, Inc. As a result, Performant Healthcare Inc. is no longer a publicly traded entity, and no forward-looking statements for its public operations are provided.

Industry Context

This announcement reflects a specific corporate action, the completion of a merger, rather than a broader industry trend. Mergers and acquisitions are common strategic moves within the healthcare sector, often driven by consolidation efforts or expansion strategies.

Corporate Governance

Stakeholder Impact

• Shareholders: Public shareholders received $7.75 in cash per share, and their shares in Performant Healthcare Inc. were canceled, effectively liquidating their investment in the public entity.
• Management: Lisa Im, a Director, disposed of her beneficial ownership in the company's common stock due to the merger.

Key Dates

Recommendation

The company has completed its merger, becoming a wholly-owned subsidiary of Continental Buyer, Inc. Public shareholders received $7.75 per share in cash, effectively liquidating their investment. The stock is no longer publicly traded, making a 'sell' recommendation appropriate for any remaining public shareholders or 'NA' for new investors as the stock is unavailable.

Keywords

Performant Healthcare, PHLT, Lisa Im, Director, Merger, Acquisition, Continental Buyer, Form 4, Insider Transaction, Share Disposal