Pinetree Capital Ltd. 4
4 · TruBridge, Inc. · Filed Jul 10, 2026
Research Summary
AI-generated summary of this filing
TruBridge (TBRG) 10% Owner Pinetree Capital Sells 2.98M Shares
What Happened
- Pinetree Capital Ltd. (reported as a 10% owner) disposed of a total of 2,980,000 TruBridge (TBRG) shares in a change-of-control transaction tied to the company’s merger. The sales broke down as 2,130,000 shares at $26.25 each ($55,912,500) and 850,000 shares at $26.25 each ($22,312,500), for a combined proceeds of $78,225,000 (≈ $78.23M).
- These were not open-market sales but dispositions pursuant to the Agreement and Plan of Merger, under which each outstanding share of TruBridge was converted into the right to receive $26.25 in cash effective July 9, 2026.
Key Details
- Transaction date: July 9, 2026; Price: $26.25 per share; Total shares: 2,980,000; Total proceeds: $78,225,000.
- Transaction coded “U” in the filing — a disposition in connection with a change of control (the Merger).
- The Form 4 was filed July 10, 2026 (timely relative to the July 9 transaction).
- The filing was made jointly by L6 Holdings Inc. and Pinetree Capital Ltd.; each disclaims beneficial ownership except to the extent of any pecuniary interest (see footnotes).
- The excerpt provided does not state the number of TruBridge shares (if any) held by the reporting persons after the transaction.
Context
- These dispositions resulted from a cash-out merger (each common share cancelled and converted to $26.25 cash); this is different from an insider selling shares on the open market and generally reflects transaction mechanics of the deal rather than a standalone trading decision.
- Pinetree is a large institutional holder (not an individual executive). The filing also references related entities and officers (e.g., L6 Holdings and Damien Leonard) in the ownership structure and joint filing disclaimers.
Facts presented are from the Form 4 (Accession 0000921895-26-001794) and its footnotes; this summary avoids speculation about motives.
Insider Transaction Report
Form 4Exit
TruBridge, Inc.TBRG
Pinetree Capital Ltd.
10% Owner
Transactions
- Disposition from Tender
Common stock, par value $0.001 per share ("Common Stock")
[F1][F2][F3]2026-07-09$26.25/sh−2,130,000$55,912,500→ 0 total(indirect: See footnotes) - Disposition from Tender
Common Stock
[F1][F2][F4]2026-07-09$26.25/sh−850,000$22,312,500→ 0 total(indirect: See footnotes)
Footnotes (4)
- [F1]This Form 4 is filed jointly by: (i) L6 Holdings Inc., a corporation organized under the laws of Ontario, Canada ("L6") and (ii) Pinetree Capital Ltd., a corporation organized under the laws of Ontario, Canada ("PCL"). Each of the foregoing is referred to as a "Reporting Person" and collectively, as the "Reporting Persons." Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and the filing of this Form 4 shall not be construed as an admission that any Reporting Person is the beneficial owner of any such securities for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. Each of the Reporting Persons may be deemed to be a member of a "group" for purposes of Section 13(d) of the Exchange Act that previously collectively beneficially owned over 10% of the Issuer's outstanding securities.
- [F2]This Form 4 reports securities disposed of pursuant to the terms of the Agreement and Plan of Merger (the "Merger Agreement"), dated as of April 23, 2026, by and among the Issuer, Inventurus Knowledge Solutions, Inc. a Delaware corporation ("Parent"), IKS Next Horizon, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), and solely for certain limited purposes as specified therein, Inventurus Knowledge Solutions Limited, an Indian public limited company, pursuant to which, among other things, each oustanding share of Common Stock of the Issuer was cancelled and converted into the right to receive $26.25 in cash, without interest, effective July 9, 2026 (the "Merger"). After completion of the Merger, Merger Sub merged with and into the Issuer, with the Issuer continuing as the surviving entity and a wholly owned subsidiary of Parent.
- [F3]Securities held by L6 Holdings Inc. Damien Leonard ("Mr. Leonard") is a Managing Director of L6.
- [F4]Securities held by Pinetree Investment Partnership ("PVP"). Pinetree Capital Investment Corp., a corporation organized under the laws of Ontario, Canada ("PCIC"), holds 99.99% of the outstanding equity interests of PVP. Emerald Capital Corp., a corporation formed under the laws of the Province of Alberta, Canada ('Emerald'), holds .01% of the outstanding equity interests of PVP. PCL is the parent company and holds 100% of the outstanding capital stock of each of PCIC and Emerald. Mr. Leonard is the President of PCL.