This amendment is routine and does not affect trading. However, the retention awards and board additions with restructuring backgrounds signal ongoing financial distress. Monitor for further debt restructuring, asset sales, or potential bankruptcy filings.
Price Chart
Executive Summary
Trinseo filed Amendment No. 1 to its 2025 10-K to add Part III items (directors, executive compensation, security ownership, related transactions, and auditor fees) that were omitted from the original filing because no proxy statement was filed. The amendment contains no financial restatements, no changes to previously filed financials, and no new business disclosures. The company was delisted from the NYSE on March 30, 2026 and its stock closed at $0.50 on December 31, 2025.
Key Facts
- Amendment only adds governance disclosures (Items 10-14 of Part III) — no financial restatements or corrections.
- NYSE delisting effective March 30, 2026; shares now trade OTC under TSEOF.
- Closing stock price on Dec 31, 2025: $0.50 per share.
- Two new independent directors appointed Feb 2026 with restructuring/turnaround experience (Carol Flaton, Jill Frizzley).
- All NEOs waived 2025 ACI bonuses and RCU vesting in exchange for retention awards totaling $9.4 million, conditioned on employment through March 31, 2027.
- Auditor: PricewaterhouseCoopers LLP; audit fees $5.9 million for 2025 (down from $6.1 million).
- Top shareholders: M&G Investment (20.9%), Nut Tree Capital (9.6%), BlackRock (6.3%), Charles Schwab (5.8%).
- CEO pay ratio 70:1; median employee compensation $76,655.
Financial Impact
No financial impact from this filing; it contains only governance disclosures.
Risk Factors
- Continued financial distress evidenced by NYSE delisting, negative free cash flow (-$153M), and miss on all financial bonus metrics.
- Retention awards indicate key executive retention risk in a stressed credit situation.
- OTC trading may reduce liquidity and institutional coverage.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 10-K/A Filing (Primary) | 0001104659-26-049440 |
| Document: tse-20251231xex31d3.htm | 0001104659-26-049440 |
| Document: tse-20251231xex31d4.htm | 0001104659-26-049440 |
| Document: 0001104659-26-049440-index-headers.html | 0001104659-26-049440 |
| Document: 0001104659-26-049440-index.html | 0001104659-26-049440 |
| Document: 0001104659-26-049440.txt | 0001104659-26-049440 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 26, 2026 22w ago | 8-K | $0.0130 $0.0130 | · 0.00% | ▼ −1.90% | — |
May 15, 2026 23w ago | 8-K | $0.1500 $0.0130 | ▲ +91.33% | ▲ +92.91% | — |
May 14, 2026 23w ago | 8-K | $0.1400 $0.0130 | ▲ +90.71% | ▲ +89.86% | — |
Apr 30, 2026 25w ago | 8-K | $0.1000 $0.0130 | ▲ +87.00% | ▲ +91.97% | — |
Apr 27, 2026 26w ago | 10-K/A | $0.1000 $0.0130 | ▼ −87.00% | ▼ −92.47% | — |
Apr 15, 2026 27w ago | 8-K | $0.1440 $0.1000 | ▲ +30.56% | ▲ +36.60% | — |
Apr 13, 2026 28w ago | 8-K | $0.1060 $0.1000 | ▲ +5.66% | ▲ +13.39% | — |
US Market Status
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