JANA Partners Management, LP 4

What Happened

• JANA Partners Management, LP (an institutional asset manager that may be deemed a director by deputization) sold 400,000 shares of Mercury Systems (MRCY) on 2026-02-09 at $81.00 per share, generating $32,400,000 in proceeds. The transaction is reported as a sale (code S) and was executed as an open-market or private sale.

Key Details

• Transaction date and price: 2026-02-09 — 400,000 shares at $81.00 each.
• Total value: $32,400,000.
• Shares owned after transaction: Not disclosed in the Form 4 filing.
• Footnotes: F1 states the sale was for portfolio rebalancing of funds/accounts managed by JANA; F2 clarifies JANA is a private money manager and that JANA Partners Management GP, LLC and Barry Rosenstein disclaim beneficial ownership except for any pecuniary interest.
• Reporting/filing date: Form filed 2026-02-11. The filing appears to have been made within the typical two-business-day Section 16 reporting window.
• Transaction type: Sale (S); open-market or private sale. No 10b5-1 plan, gift, exercise, or tax-withholding noted.

Context

• This is an institutional manager sell transaction, not a straightforward individual executive buy/sell. The filing notes Scott Ostfeld (a Managing Partner/Portfolio Manager at JANA) serves on Mercury’s board, so JANA may be treated as a director for Section 16 reporting purposes. The filing’s footnote attributes the trade to portfolio rebalancing, which is common for funds and does not necessarily signal management’s view of the company’s outlook.