Form 4: Director Sells PLYM Shares in Merger for $22

Robert O. Stephenson, a director of Plymouth Industrial REIT, Inc., disposed of 6,269 shares of common stock at $22.00 per share as part of a merger agreement.

Summary

• Robert O. Stephenson, a director of Plymouth Industrial REIT, Inc. (PLYM), reported the disposal of 6,269 shares of common stock.
• The transaction occurred on January 27, 2026.
• Shares were disposed of at a price of $22.00 per share.
• This disposal was in connection with an Agreement and Plan of Merger, dated as of October 24, 2025.
• At the effective time of the merger, each share held by the reporting person was converted into the right to receive $22.00 in cash, without interest and subject to any required withholding taxes.
• Following this transaction, the reporting person no longer beneficially owns any shares of Plymouth Industrial REIT, Inc.

Sentiment

Score: 7

Explanation: The filing reports a director's transaction as part of a merger, which is a neutral event in itself. The director received a fixed cash price for shares, indicating a successful exit for shareholders at the agreed merger terms. No negative surprises are indicated, and the transaction aligns with prior merger announcements.

Positives

• The director received a fixed cash consideration of $22.00 per share for all his holdings, indicating a clear and executed exit value for shareholders involved in the merger.

Negatives

• The director no longer holds any shares in Plymouth Industrial REIT, Inc. following the merger, indicating a complete divestment and no participation in any potential future upside of the merged entity.

Risks

• The filing does not detail specific risks for the company, as it reports a director's transaction post-merger. For the reporting person, the risk of no longer participating in future equity performance of the company is realized.

Future Outlook

The filing does not provide forward-looking statements or guidance for the company, as it reports a past insider transaction related to a completed merger.

Management Comments

• The shares were disposed of in connection with the Agreement and Plan of Merger, dated as of October 24, 2025.
• In accordance with the Merger Agreement, at the effective time of the merger, each share held by the reporting person was converted into the right to receive an amount in cash equal to $22.00.

Industry Context

This filing reflects a director's transaction following a merger, which is a common event in the REIT sector when companies are acquired. It indicates a consolidation event for Plymouth Industrial REIT, Inc. within the industrial real estate market, with shareholders receiving a cash payout.

Comparison to Industry Standards

• The filing does not provide sufficient information to compare the merger consideration of $22.00 per share to industry benchmarks or specific comparable companies/projects. A comprehensive analysis of the merger agreement and market conditions at the time would be required for such an assessment.

Management Changes

Stakeholder Impact

• Shareholders: Received $22.00 per share in cash as part of the merger consideration.
• Reporting Person (Robert O. Stephenson): No longer holds shares in the company and is no longer subject to Section 16 reporting requirements.

Next Steps

• The filing reports a completed transaction. No future actions or milestones are mentioned for the reporting person or the company within this specific document.

Key Dates

Keywords

Plymouth Industrial REIT, PLYM, Form 4, Insider Transaction, Director Disposal, Merger, Stock Sale, Beneficial Ownership, Robert O. Stephenson