Form 4: Montana Technologies Corp.: Patrick Eilers Reports Ownership Changes Following Business Combination
SEC Form 4
Patrick Eilers, a director and 10% owner of Montana Technologies Corp., reports changes in beneficial ownership of Class A and Class B Common Stock following the company's business combination.
Summary
- Patrick Eilers, a director and 10% owner of Montana Technologies Corp., filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
- The filing reflects transactions that occurred on March 14, 2024, related to the completion of the business combination between Power & Digital Infrastructure Acquisition II Corp. and Montana Technologies LLC.
- Eilers' ownership includes shares held directly and indirectly through entities like XPDI Sponsor II LLC and TEP Montana, LLC.
- The transactions include the conversion of Class B Common Stock to Class A Common Stock, acquisitions of Class A Common Stock at a price of $8.50, and a pro-rata distribution in-kind.
- Eilers also forfeited 269,531 shares of Class B common stock at no cost in connection with the Business Combination and certain transactions with the Anchor Investors.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, so the sentiment is neutral.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider ownership.
- The business combination impacts shareholders through the conversion of stock and changes in ownership structure.
Key Dates
| Date | Description |
|---|---|
| 06/05/2023 | Date of the Merger Agreement between Power & Digital Infrastructure Acquisition II Corp., XPDB Merger Sub, LLC and Montana Technologies LLC. |
| 03/14/2024 | Date of the transactions reported in the Form 4, including stock conversions, acquisitions, and forfeitures. |
| 03/19/2024 | Date of signature of the Form 4 filing. |
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