Form 4: Alphatec Director Sells 250,000 Shares Under 10b5-1 Plan

Alphatec Holdings, Inc. Director and 10% owner David R. Pelizzon reported the future sale of 250,000 shares of common stock under a Rule 10b5-1 plan.

Summary

• David R. Pelizzon, a Director and 10% owner of Alphatec Holdings, Inc. (ATEC), reported the sale of 250,000 shares of common stock.
• The transaction is scheduled to occur on November 12, 2025, and was made pursuant to a Rule 10b5-1 pre-arranged trading plan.
• The shares were sold at a weighted average price of $20.8 per share, with individual transactions ranging from $20.67 to $21.07.
• Following this transaction, Pelizzon will directly beneficially own 346,827 shares and indirectly own 11,145,045 shares through Squadron Capital LLC.

Sentiment

Score: 4

Explanation: The sale of a significant number of shares by a director and 10% owner, even under a 10b5-1 plan and for a future date, typically generates a moderately negative sentiment as it can be perceived as a lack of confidence or a belief that the stock is fully valued, despite the pre-planned nature.

Negatives

• A significant sale of 250,000 shares by a Director and 10% owner, even if pre-planned, could be perceived negatively by the market, potentially signaling a lack of confidence or a belief that the stock is fully valued.

Risks

• Potential negative market perception due to a significant insider sale, which could put downward pressure on the stock price, despite being executed under a Rule 10b5-1 plan.

Future Outlook

The filing does not provide any forward-looking statements or guidance beyond the details of the reported transaction.

Industry Context

This Form 4 filing reports an insider transaction and does not provide broader industry context or trends. Insider sales, even when pre-planned, are often closely watched by the market as potential indicators of management's view on the company's valuation.

Related Party Transactions

• David R. Pelizzon is one of two members of the Managing Committee of Squadron Capital LLC, which indirectly holds 11,145,045 shares of Alphatec Holdings, Inc. Pelizzon disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders: May interpret the insider sale as a negative signal, potentially leading to decreased investor confidence or downward pressure on the stock price, despite the pre-planned nature of the transaction.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the reported range upon request to the issuer, any security holder, or the SEC staff.

Key Dates

Recommendation

The reported sale by a Director and 10% owner, while significant, is explicitly stated to be executed under a Rule 10b5-1 plan for a future date (November 12, 2025). This indicates a pre-scheduled transaction rather than a reactive decision based on new information. Therefore, it should not be interpreted as an immediate signal of deteriorating company fundamentals. Investors should 'hold' to monitor the company's performance and any subsequent disclosures, as this transaction is part of a pre-determined trading strategy.

Keywords

Alphatec Holdings, ATEC, Insider Trading, Form 4, Stock Sale, Director Sale, Pelizzon, Squadron Capital, 10b5-1 Plan