Kellogg Family Discloses Previously Hidden 2021 Voting Control Shift and Adds $380K Purchase
MERC sits 21% above its 52-week low of $0.53.
Summary
Peter Kellogg's latest 13D/A reveals a previously undisclosed 2021 transfer of voting control to Charles Kellogg, while an oral agreement keeps all power with Peter. He also bought 419,743 more shares in June 2026, continuing his heavy accumulation.
Key Events · Ownership and Investor Activity · MERC
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Hidden Voting Control Shift Disclosed
In January 2021, Peter Kellogg sold all voting preferred shares of Goose Creek Capital to Charles Kellogg, giving Charles indirect voting control over 18.22M shares, or 27.2% of Mercer. This transfer was not previously disclosed.
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Oral Agreement Keeps Power with Peter
An oral agreement among family members gives Peter Kellogg the exclusive right to vote and dispose of all family-held shares, effectively neutralizing the voting control shift — Peter remains in charge.
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Peter Kellogg Buys 419,743 More Shares
On June 1, 2026, Peter Kellogg purchased 419,743 shares at prices ranging from $0.8984 to $0.91 each, totaling approximately $380,000. This continues his pattern of open-market accumulation during the company's financial distress.
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Kellogg Group Now Holds 40.25% of Mercer
The reporting group beneficially owns 26.95M shares, or 40.25% of outstanding shares, up from prior filings due to the June purchase and the inclusion of additional entities.
Analysis · MERC · Manufacturing
This amendment reveals for the first time that Peter Kellogg transferred voting control of the family's 27.2% stake to Charles Kellogg back in January 2021 — a material governance change that remained hidden from public view for over five years. Despite the transfer, an oral agreement keeps all voting and disposition power with Peter Kellogg, meaning the economic and voting interests stay aligned under his direction. The filing also reports that Peter Kellogg bought another 419,743 shares in June 2026 at around $0.90, adding to his aggressive accumulation during the company's distress. The delayed disclosure and the complex control structure raise governance concerns, but the continued buying by the largest shareholder signals conviction even as the stock trades near all-time lows and faces delisting risk.
At the time of this filing, MERC was trading at $0.64 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $42.3M. The 52-week trading range was $0.53 to $4.13. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.