---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-312044"
form_type: "8-K"
ticker: null
cik: "0001392972"
company_name: "PROS Holdings, Inc."
filed_at: "2025-12-09T23:59:59+00:00"
generated_at: "2026-05-16T13:46:37.225579+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Thoma Bravo completes $1.13B acquisition of PROS Holdings; shares cashed out at $23.25 per share

## Summary
- Merger closed Dec 9; shareholders received $23.25 per share in cash; total equity value ~$1.13B.
- 2027 Notes conversion yields cash $555.99 per $1,000 principal; repurchase right expires Jan 7, 2026.
- 2030 Notes conversion yields $1,307.87 per $1,000 principal during make-whole period; repurchase right expires Jan 7, 2026.
- Company stock delisted from NYSE; trading halted Dec 9; Form 15 to deregister and suspend SEC reporting.
- Board resigned; new directors from Thoma Bravo appointed: Jeff Cotten, Stefan Schulz, Damian Olthoff.

## SEC filing metadata
- accession: 0001193125-25-312044
- form_type: 8-K
- cik: 0001392972
- company_name: PROS Holdings, Inc.
- filed_at: 2025-12-09T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 1.02, 2.01, 2.04, 3.01, 3.03, 5.01, 5.02, 5.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1392972/000119312525312044/0001193125-25-312044-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1392972/000119312525312044/d54162d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-312044
- JSON: https://secwatch.observer/filing/0001193125-25-312044.json
- Plain text: https://secwatch.observer/filing/0001193125-25-312044.txt

## Source-grounded claims
- claim_id: 0e559f5a364c018f81309ce28e169eb35c309e40
  claim: PROS Holdings, Inc. faced acceleration on convertible notes with holders of the 2027 Notes and the 2030 Notes.
  evidence_excerpt: Under the Convertible Notes Indentures, the consummation of the Merger constitutes a Fundamental Change and a Make-Whole Fundamental Change (each as defined in the applicable Convertible Notes Indenture).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1392972/000119312525312044/0001193125-25-312044-index.htm
- claim_id: b38482eb906b83b4f169acfcdc9976763278d198
  claim: PROS Holdings, Inc. reported a default on convertible notes with holders of the 2027 Notes.
  evidence_excerpt: holders of the 2027 Notes will be entitled to receive $555.99 per $1,000 principal amount of 2027 Notes validly surrendered for conversion.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1392972/000119312525312044/0001193125-25-312044-index.htm
- claim_id: f09bcd30c537833533ab4690bc099921c274d4dd
  claim: PROS Holdings, Inc. reported a default on convertible notes with holders of the 2030 Notes.
  evidence_excerpt: holders of the 2030 Notes will be entitled to receive $1,307.87 per $1,000 principal amount of 2030 Notes validly surrendered for conversion during the Make-Whole Fundamental Change Period.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1392972/000119312525312044/0001193125-25-312044-index.htm
- claim_id: c385cbf709c2a7ce8ba9a0b730b594f87bf6bfe0
  claim: PROS Holdings, Inc.: Certificate of incorporation amended and restated in its entirety upon Merger effective time.
  evidence_excerpt: Pursuant to the Merger Agreement, at the Effective Time, the Company’s certificate of incorporation and bylaws were amended and restated in their entirety.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1392972/000119312525312044/0001193125-25-312044-index.htm
- claim_id: e29f7d419ead4648889109615df322202d1aec9c
  claim: PROS Holdings, Inc.: Bylaws amended and restated in their entirety upon Merger effective time.
  evidence_excerpt: Pursuant to the Merger Agreement, at the Effective Time, the Company’s certificate of incorporation and bylaws were amended and restated in their entirety.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1392972/000119312525312044/0001193125-25-312044-index.htm
- claim_id: 282b57e67fdc2f60ed95a8277593eb85c2bcd2e1
  claim: PROS Holdings, Inc. underwent a change of control involving Portofino Parent, LLC (parent of Thoma Bravo affiliated entities) for $23.25 per share (closed 2025-12-09).
  evidence_excerpt: affiliated with Thoma Bravo, L.P. (“ TB ”) to acquire all of the Company’s outstanding shares of common stock, par value $0.001 per share (the “ Company Common Stock ”), for $23.25 per share, in cash, as described in more detail below. Capitalized terms used in this Current Report on Form 8-K but not otherwise defined herein have the meanings set forth in
  evidence_url: https://www.sec.gov/Archives/edgar/data/1392972/000119312525312044/0001193125-25-312044-index.htm

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