---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-000631"
form_type: "8-K"
ticker: "TZOO"
cik: "0001133311"
company_name: "TRAVELZOO"
filed_at: "2023-01-05T23:59:59+00:00"
generated_at: "2026-06-20T19:19:20.321213+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Travelzoo closes $15M stock sale to largest shareholder, triggering change of control

## Summary
- Issued 3.41M shares at $4.40/share to Azzurro Capital (Ralph Bartel trust) raising $15M; shareholder approval Dec 28, closed Dec 30, 2022.
- Consideration: $1M cash, $4.75M promissory note due June 30, 2023, and transfer of all MTE stock via merger.
- Azzurro’s stake increased from 36.6% to 50.3%, giving the Ralph Bartel 2005 Trust control.
- Ralph Bartel resigned as director of Travelzoo and its subsidiaries effective Closing Date.
- Shares issued under Section 4(a)(2)/Reg D with restrictive legend; investor represented investment intent.

## SEC filing metadata
- accession: 0001140361-23-000631
- form_type: 8-K
- ticker: TZOO
- cik: 0001133311
- company_name: TRAVELZOO
- filed_at: 2023-01-05T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 3.02, 5.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1133311/000114036123000631/0001140361-23-000631-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1133311/000114036123000631/brhc10046303_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-000631
- JSON: https://secwatch.observer/filing/0001140361-23-000631.json
- Plain text: https://secwatch.observer/filing/0001140361-23-000631.txt

## Key facts
- Executive change
  Ralph Bartel resigned as director at TRAVELZOO.
  - Action: resigned
  - Role: director
  source text: Ralph Bartel resigned as a director of the Company and its subsidiaries.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1133311/000114036123000631/0001140361-23-000631-index.htm
- M&A Transactions
  TRAVELZOO underwent a change of control.
  - Action: change of control
  source text: As a result of the consummation of the transactions stipulated by the SPA, a change of control of the Company occurred, whereby the Investor’s shareholdings in the Company increased from approximately 36.6% to 50.3%.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1133311/000114036123000631/0001140361-23-000631-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.