SEMrush CEO William Wagner Cashes Out $19.6M as Adobe Merger Closes at $12/Share

Context Adobe announced its acquisition of SEMrush in November 2025, agreeing to pay $12 in cash for each SEMrush share. The merger closed on April 28, 2026, making SEMrush a wholly owned subsidiary of Adobe. Under the deal, all outstanding SEMrush equity—including restricted stock and RSUs—was either cashed out at the $12 price or converted into Adobe equity using a set ratio.

Key Facts Wagner’s filing shows a disposition of 1,630,097 shares at $12.00 per share, yielding approximately $19.56 million. The document notes that a portion of his holdings were service‑based RSUs that were cancelled for cash, while other RSUs and restricted stock were converted into Adobe‑linked awards. No discretionary market trade occurred; the transaction was strictly merger‑related.

What It Means The cash‑out provides Wagner immediate liquidity and confirms the completion of the merger’s equity treatment for insiders. It also shows Adobe has fully integrated SEMrush’s shareholder base into its own compensation structure. Market participants will watch how Adobe incorporates SEMrush’s digital‑marketing tools into its product suite and whether any leadership or retention shifts follow the deal.

Investors will monitor Adobe’s upcoming quarterly reports for synergies from SEMrush and any updates on executive retention or new product bundles.