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Form 4 shows President & CEO Christopher Hufnagel executed routine equity transactions in Wolverine World Wide (WWW) on 31 Jul 2025. He converted 13,154 restricted stock units (code M) into common shares at no cash cost, as RSUs convert 1-for-1. To satisfy tax-withholding obligations he disposed of 5,703 shares (code F) at $22.58 per share. Net of the withholding, Hufnagel added 7,451 shares to his direct holdings.

After the transactions, the CEO directly owns 231,558 common shares and retains 13,155 unvested RSUs from the July 2023 grant that vests in equal thirds through 2026. No derivative securities were sold for cash consideration. The filing indicates continued equity alignment by the CEO rather than an open-market sale, and does not alter control percentages or signal any change in corporate outlook.

Offerpad Solutions Inc. (OPAD) filed a Form 4 disclosing that Chief Financial Officer Peter H. Knag received 465,000 Class A common-stock restricted stock units (RSUs) on 07/30/2025 at $0 cost per unit. Each RSU converts into one share of common stock as it vests.

• Vesting schedule: one-third on 06/04/2026, 06/04/2027 and 06/04/2028.
• Post-grant ownership: 619,289 shares held directly.
• No sales, option exercises or derivative transactions were reported.

This appears to be a routine equity-compensation grant intended to align the CFO鈥檚 incentives with long-term shareholder interests; it does not involve any cash movement for the company but will add shares to the float as tranches vest.

Offerpad Solutions Inc. (OPAD) 鈥� Form 4 filing details an equity award to founder-CEO and director Brian Bair.

• Transaction: On 07/30/2025 Bair was granted 1,000,000 Class A RSUs at a stated price of $0.
• Vesting: RSUs vest in three equal tranches on 06/04/2026, 06/04/2027 and 06/04/2028.
• Post-grant holdings: 1,854,404 Class A shares held directly; plus 197,298 shares held indirectly via The BBAB 2021 Irrevocable Trust and 59,534 shares via The BBAB Living Trust.
• No derivative securities were reported.

The filing signals continued long-term equity alignment between the chief executive and shareholders, but also adds potential future dilution as the RSUs convert to common stock.

Amendment No. 5 to Schedule 13D discloses that Deerfield Management Company, L.P. and related investment entities (鈥淒eerfield Funds鈥�) together with managing partner James E. Flynn now beneficially own 7,610,217 shares of ARS Pharmaceuticals (SPRY), representing 7.75 % of the 98,213,561 shares outstanding as of 12 May 2025.

Ownership is split evenly between Deerfield Private Design Fund III, L.P. and Deerfield Private Design Fund IV, L.P. (鈮� 3.805 m shares, 3.87 % each). All voting and dispositive power is shared; none of the reporting persons holds sole power. Source of funds is 鈥淎F鈥� or 鈥淲C,鈥� indicating affiliate or working capital. The amendment references Exhibit 99.5 for recent open-market transactions but provides no detail in the filing text, nor does it signal any intent to influence control.

Because the group remains below the 10 % activist threshold, the filing mainly updates investors on Deerfield鈥檚 continued sizeable institutional stake, which can affect float and trading liquidity but does not by itself imply strategic action.

BHC Lyon Merger Sub, Inc., a wholly-owned unit of Bausch Health Americas and ultimately of Bausch Health Companies Inc. (BHC), has filed a Schedule TO-C to announce its intention to launch a third-party tender offer for all outstanding shares of DURECT Corporation (ticker DRRX) common stock. The filing is strictly a pre-commencement communication; no offer terms, purchase price, or timetable are yet disclosed.

Once the tender offer formally begins, BHC will file the full offer documents on Schedule TO and DURECT will respond with a Solicitation/Recommendation Statement on Schedule 14D-9. Both sets of documents will be accessible free of charge on the SEC鈥檚 website and the companies鈥� investor relations sites. The transaction remains subject to customary conditions such as regulatory approvals and DURECT shareholder acceptance. Forward-looking statements in the filing highlight execution risks, potential impact on BHC鈥檚 margins, accretion and deleveraging goals, and possible disruption to customer and supplier relationships.

No filing fee is required under General Instruction D because the document contains only preliminary communications. An excerpt of BHC鈥檚 Q2 2025 earnings presentation discussing the proposed acquisition is included as Exhibit 99.1.

First American Financial Corporation (FAF) filed Amendment No. 4 to Schedule 13D on 07/28/2025, reporting its current ownership in Offerpad Solutions Inc. (OPAD).

• FAF beneficially owns 5,119,314 Class A shares, equal to 16.84 % of the 27,710,358 shares outstanding as of 06/30/2025.
• All shares are held with sole voting and dispositive power; there is no shared ownership.
• Shares were acquired using working capital (Item 3); no leverage or third-party financing is referenced.
• Item 5(c) states no reportable transactions since the prior amendment; the filing primarily updates the percentage of ownership.
• FAF confirms it has not faced criminal convictions and, aside from matters disclosed in its March 30 2023 13D/A, is not subject to material legal orders.

The document signals that FAF remains a strategic, non-activist holder of a sizable OPAD position; no change in intent, control, or additional purchases/sales is disclosed.

Offerpad Solutions Inc. (NYSE: OPAD) will raise capital through a registered direct sale of 2,857,143 Class A shares at $2.10, generating $6.0 million in gross proceeds.

After a 7 % placement fee ($420k) to A.G.P./Alliance Global Partners and ~$0.2 million of expenses, net proceeds of ~$5.4 million will be used for general working capital.

The same investor will receive unregistered four-year warrants for up to 1,428,571 shares, exercisable at $2.30 after a six-month lock-up. Assuming no warrant exercise, total Class A shares outstanding will rise from 27.5 million to 30.4 million (鈮�10 % dilution). The offer price is 8.3 % below the $2.29 July 23 close; existing holders face an immediate $0.80 per-share dilution to tangible book value ($1.24 鈫� $1.30).

The transaction keeps sales within the one-third public-float limit of Form S-3 (float 鈮�$51.9 million) and is expected to close on July 25, 2025. A 90-day lock-up restricts further equity issuance and variable-rate financings; an ATM facility may resume after 30 days at 鈮�$2.60. Warrants and warrant shares are exempt from registration under Section 4(a)(2).

• Gross proceeds: $6.0 million
• Net proceeds: $5.4 million
• Post-deal share count: 30.4 million
• Warrant coverage: 50 %; strike $2.30; term 4 yrs

Offerpad Solutions (NYSE: OPAD) filed an 8-K disclosing unaudited, preliminary 2Q 25 results and a potential new credit line.

• Revenue: ~$160.3 million.
• GAAP net loss: $(10.9) million.
• Adjusted EBITDA: $(4.8) million after adding back $3.7 m interest, $1.2 m capitalized-interest amortization, $1.3 m stock-comp, $0.2 m D&A and a $(0.3) m warrant liability fair-value gain.
• Homes sold: 452 in the quarter.
• Liquidity: cash & equivalents of $22.7 million at 30 Jun 25.
• Prospective financing: the company signed a non-binding term sheet for a $15 million, three-year revolving debt facility at 8.5% interest, subject to definitive documents and customary conditions.

The figures are management estimates; Deloitte has not reviewed or audited them and actual results may differ. The credit facility, if completed, would add incremental liquidity but is not assured. Forward-looking statements are subject to numerous real-estate and macro risks cited in prior SEC filings.

byNordic Acquisition Corporation (NASDAQ delisted; now OTC: BYNO/ BYNOW) has filed a Preliminary Proxy (Schedule 14A) seeking stockholder approval at the 6 Aug 2025 teleconference Annual Meeting for three items:

• Extension Amendment (Proposal 1): authorizes the Board to extend the SPAC鈥檚 deadline to close a Business Combination from 12 Aug 2025 to 12 Aug 2026, in one-month increments, without further stockholder votes. Sponsor (Water by Nordic AB) will deposit an undisclosed cash amount into the Trust within five business days of approval in exchange for a non-interest-bearing promissory note.
• Directors Proposal (Proposal 2): re-elects the current five directors for a one-year term.
• Adjournment Proposal (Proposal 3): permits adjournment if quorum or vote thresholds are not met.

If the Extension fails and no deal closes by 12 Aug 2025, the SPAC must liquidate and redeem all public shares. As of 31 Mar 2025, only $12.1 million remains in the Trust (down from the original $176 million after substantial redemptions); public stockholders may elect to redeem again at an estimated 鈮�$11-$12 per share. The sponsor and insiders control 鈮�72.5% of voting power and intend to vote FOR all proposals and waive their own redemption rights.

Key risk disclosures highlight (i) continued delisting to OTC Pink and very limited trading liquidity, (ii) numerous sponsor loans and convertible promissory notes funding working capital, (iii) potential 1% IRA excise tax on future redemptions, and (iv) possible CFIUS review because the foreign-controlled sponsor could limit U.S. target options.

Voting thresholds: Extension requires 鈮�65% of all outstanding common shares; directors require plurality; adjournment needs majority of votes cast.