October 23, 2025 · Form 4 insider transaction
Avedisian Vann A sold 40,710 shares of PBPB at $17.12 per share, a transaction worth $697.0K. The trade was recorded as disposition to the issuer and disclosed on an SEC Form 4, filed 4 days after the transaction.
Pursuant to the Merger Agreement, at the Effective Time, (a) each of the Issuer's outstanding warrants to purchase shares of Common Stock (the "Warrants") outstanding and unexercised as of immediately prior to the Effective Time, was automatically cancelled and converted into and became the right to receive an amount in cash, without interest thereon (but subject to applicable withholding), equal to the product obtained by multiplying (i) the total number of shares of Common Stock underlying such Warrant by (ii) the excess, if any, of the Per Share Price over the exercise price of such Warrant, less applicable taxes required to be withheld with respect to such payment (the "Warrant Consideration"), and (b) the holder of such Warrant, in lieu of shares of Common Stock immediately purchasable and receivable upon the exercise of such Warrant, is entitled only to receive the Warrant Consideration in respect of such Warrant and has no other rights pursuant to such holder's ownership.; The Form 3 inadvertently reported 40,634 Warrants. The correction is reflected here.; The securities are held by Intrinsic Investment Holdings, LLC ("Intrinsic") and Mr. Avedisian is the Managing Director of Intrinsic. Mr. Avedisian disclaims beneficial ownership of any shares in which he does not have a pecuniary interest.