secwatch.observer — SEC 8-K summary
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Issuer:     Crane NXT, Co. (CXT)
CIK:        0000025445
Form:       8-K
Filed at:   2023-04-03T23:59:59+00:00
Accession:  0001193125-23-089723
Event type: other_material
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 1.02, 2.01, 2.03, 3.03, 5.03, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Crane NXT completes spin-off of Crane Company, draws $350M term loan, new CEO
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- Spin-off effective April 3, 2023; Crane NXT distributed 1 share of Crane Company common stock for each Crane NXT share held on March 23 record date.
- Crane NXT renamed from Crane Holdings, Co. to Crane NXT, Co.; begins trading as CXT on NYSE; Crane Company trades as CR.
- Crane NXT drew full $350M senior secured term loan; proceeds used to repay 364-day term loan and spin-off expenses.
- CEO Max Mitchell, CFO Richard Maue and other execs resigned; Aaron Saak named CEO, Christina Cristiano CFO, Bianca Shardelow VP Controller.
- Four directors resigned; three appointed (Saak, Grogan, Kogl); John Stroup remains Chairman.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/25445/000119312523089723/0001193125-23-089723-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/25445/000119312523089723/d491650d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-089723

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer