Forte Biosciences Merger Payouts
Forte Biosciences directors cash out all equity following the $77 merger agreement.
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Key Points
1
On August 27, 2026, multiple unexercised Company Options with exercise prices of 35.75, 31.75, 20.00, 17.25, and 7.02 per share were canceled and cash-settled, with post-transaction holdings for those grants reported as zero.
2
In addition to those, other option grants were canceled and cash-settled under the Merger Agreement, including options with exercise prices of 25.50, 20.00, 8.60, and 7.54 per share.
3
The filings identify two notable large option grants—a 2,000-share option and a 31,000-share option—that were canceled and cash-settled under the Merger Agreement, with post-transaction holdings for those grants showing 0 RSUs.
4
The Merger Agreement specifies that cash settlements for options and RSUs are determined by the Merger Consideration, and the filings note the Merger Consideration is provided “net to the seller.”
5
One filing includes a standard RSU definition stating that each restricted stock unit (RSU) represents a contingent right to receive one share, highlighting the structure of RSU cash-out under the merger.
Forte Biosciences completed a $77-per-share merger in August 2026, converting all outstanding stock options and restricted stock units into cash payments. Kalkine Media reported that director Scott C. Brun sold all derivative securities and 18,353 restricted stock units as part of the deal, which was structured as a take-private transaction by parent company argenx BV.
The merger agreement specified that cash settlements for both options and RSUs would be calculated using the $77.00 per-share merger consideration. All outstanding equity grants were canceled on August 27, 2026, with post-transaction holdings reported as zero across all award types.
Director's Options Canceled Across Multiple Strike Prices
Forte Biosciences executives held options with exercise prices ranging from $7.02 to $35.75 per share. On the August 27, 2026 merger closing date, unexercised options at strike prices of $35.75, $31.75, $20.00, $17.25, and $7.02 were all canceled and converted to cash. Additional option grants with exercise prices of $25.50, $8.60, and $7.54 per share were similarly cash-settled under the merger agreement.
Two particularly large option grants—a 2,000-share grant and a 31,000-share grant—were among those canceled in the transaction. Post-transaction holdings for all option grants were reported as zero, reflecting the complete conversion of equity-based compensation to cash proceeds.
RSUs Converted to Cash at $77 Per Share
Restricted stock units represented contingent rights to receive one share of common stock for each unit held. Director Brun's 18,353 RSUs were canceled and converted into cash rights, with the payment amount determined by multiplying his unit count by the $77.00 merger consideration. The conversion left zero RSU holdings post-transaction for all award grants.
The merger structure treated RSUs identically to options: each award was calculated using the fixed $77.00 per-share price specified in the Agreement and Plan of Merger. All calculations were performed on a "net to the seller" basis, meaning payment amounts reflected the merger consideration minus any applicable withholding or transaction costs.
Take-Private Transaction Closes With argenx Takeover
TipRanks reported that Forte Biosciences completed its take-private merger and delisting in 2026. A purchaser affiliated with argenx BV, Forte's new parent company, launched a tender offer to acquire all outstanding common shares at the $77 price point.
The transaction eliminated Forte as an independent public company and converted all equity compensation—both vested and unvested—into fixed cash payments. Form 4 filings documented the complete settlement of all derivative securities and equity awards on a single closing date, providing immediate liquidity to all shareholders and option holders.
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