Catalyst (CPRX) CEO Richard Daly Sells Shares in Merger

What Happened
Richard J. Daly, President, CEO and a director of Catalyst Pharmaceuticals (CPRX), reported dispositions on July 15, 2026 related to the company’s acquisition by Angelini Pharma S.p.A. He disposed of 271,266 common shares at $31.50 per share for proceeds of $8,544,879. In addition, a number of stock options and restricted stock units (totaling several aggregate lots reported on the Form 4) were cancelled/converted as part of the merger and reported as dispositions (derivative transactions).

Key Details

• Transaction date: July 15, 2026; Form 4 filed July 17, 2026 (timely filing).
• Cash sale: 271,266 shares sold at $31.50/sh for $8,544,879.
• Derivative dispositions: multiple option and RSU awards (reported with $0 per-share price on the Form 4) were cancelled/converted in the merger; cash consideration for those awards is determined under the merger agreement (see notes).
• Footnotes: F1–F6 explain these were merger-related—RSUs represent rights to shares (F2), options/RSUs were vested and converted into cash payments based on the $31.50 per-share merger consideration less option strike (F3–F4, F5–F6), and payments are without interest and subject to tax withholding.
• Shares owned after the transaction are not specified in the provided filing excerpt.

Context
This was not an open-market sale driven by routine trading: the transactions were part of the company’s acquisition by Angelini. Options and RSUs were cancelled and converted into cash under the merger terms rather than being exercised or sold on the market. Such merger-related dispositions typically reflect contract terms of the acquisition rather than an insider signaling a view on the stock.