Form 4: Universal Stainless & Alloy Products Director Disposes of Shares and Options Following Merger

M. David Kornblatt, a director of Universal Stainless & Alloy Products, reports the disposition of shares and stock options following the completion of a merger with Aperam US Absolute LLC on January 23, 2025.

Summary

• On January 23, 2025, M. David Kornblatt, a director of Universal Stainless & Alloy Products Inc. (USAP), filed a Form 4 to report changes in beneficial ownership.
• The filing details the disposition of common stock and stock options due to the completion of a merger between USAP and Aperam US Absolute LLC.
• As a result of the merger, each outstanding share of USAP common stock was converted into the right to receive $45.00 in cash.
• Kornblatt disposed of 51,858 shares of common stock at a price of $45 per share.
• Outstanding restricted stock unit awards were also canceled and converted into the right to receive cash based on the merger consideration.
• Unexercised stock options were canceled and converted into the right to receive cash equal to the difference between the merger consideration and the exercise price per share.
• The stock options had various exercise prices and expiration dates, ranging from February 28, 2025, to February 28, 2032.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The document reports the completion of a merger, which typically provides shareholders with a defined cash value for their shares. The director's actions are a consequence of this merger, indicating a closed chapter for the company as a publicly traded entity.

Future Outlook

The document does not contain any forward-looking statements regarding the future outlook of the company, as the merger has been completed.

Industry Context

This announcement reflects a completed merger, which is a common occurrence in the stainless steel and alloy products industry as companies seek to consolidate and gain market share or strategic advantages.

Stakeholder Impact

• Shareholders received $45.00 in cash for each share of Universal Stainless & Alloy Products common stock.
• Employees may experience changes as a result of the merger, though specific details are not provided in this document.

Key Dates

Keywords

Form 4, beneficial ownership, stock options, common stock, merger, disposition, director, USAP, Universal Stainless & Alloy Products, Kornblatt, Aperam