SCHEDULE 13G/A: Beryl Capital Management Reduces Passive Stake in Surmodics Inc. Below 5%

Beryl Capital Management LLC and its affiliated entities, along with David A. Witkin, have filed an amendment to their Schedule 13G, indicating their beneficial ownership in Surmodics Inc. common stock has fallen below the 5% threshold.

Summary

• Beryl Capital Management LLC, Beryl Capital Management LP, Beryl Capital Partners II LP, and David A. Witkin have filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership of Surmodics Inc. common stock.
• As of December 31, 2024, Beryl Capital Management LLC, Beryl Capital Management LP, and David A. Witkin each beneficially own 237,584 shares, representing 1.7% of Surmodics Inc.'s common stock.
• Beryl Capital Partners II LP beneficially owns 206,129 shares, representing 1.4% of Surmodics Inc.'s common stock.
• All reported shares are held with shared voting and shared dispositive power.
• The percentages are calculated based on 14,326,000 shares of Common Stock outstanding on November 15, 2024, as reported in Surmodics Inc.'s Form 10-K for the fiscal year ended September 30, 2024.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, which inherently carries a neutral tone. The reduction in stake is a factual change, but the filing itself is a standard regulatory requirement.

Positives

• The filing provides transparency regarding the beneficial ownership structure of Surmodics Inc.'s common stock by Beryl Capital Management entities and David A. Witkin.
• The reporting persons explicitly state that their holdings are for passive investment purposes and not to influence control of the issuer, which can reduce concerns about activist investor actions.

Negatives

• The amendment indicates a reduction in the beneficial ownership stake of Beryl Capital Management and its affiliates, as their collective holdings are now below the 5% threshold that typically triggers an initial Schedule 13G filing.

Future Outlook

The document does not provide any forward-looking statements or guidance from Surmodics Inc. or the reporting persons regarding the company's future performance or strategic direction.

Industry Context

This filing is a routine disclosure of a change in passive beneficial ownership by an investment firm. It does not provide insights into broader industry trends or competitive landscape, but rather reflects an investment decision by a specific fund.

Related Party Transactions

• Beryl Capital Management LLC is the investment adviser to Beryl Capital Partners II LP and other accounts.
• Beryl Capital Management LLC is the general partner of Beryl Capital Management LP.
• Beryl Capital Management LP is the general partner of Beryl Capital Partners II LP and other private investment funds.
• David A. Witkin is the control person of Beryl Capital Management LLC.

Stakeholder Impact

• Shareholders: Provides updated information on the holdings of a significant passive investor group, indicating a reduction in their stake.
• Management: Informs management of changes in the ownership structure by a passive investor, though no direct impact on operations or strategy is implied by this type of filing.

Key Dates

Recommendation

Keywords

Surmodics Inc., Beryl Capital Management, Schedule 13G, Beneficial Ownership, Common Stock, Investment Management, Passive Investment