SCHEDULE: Alphatec Holdings Insider Group Trims Stake

An insider group, including Squadron Capital LLC and Jennifer N. Pritzker, has reduced its beneficial ownership in Alphatec Holdings, Inc. through recent open market sales.

Summary

• Squadron Capital LLC, Squadron Capital Holdings LLC, Jennifer N. Pritzker, and David R. Pelizzon filed an Amendment No. 1 to their Schedule 13D, updating their beneficial ownership in Alphatec Holdings, Inc.
• Squadron Capital LLC sold a total of 1,000,000 shares of Common Stock in the open market across five separate transactions during November and December 2025.
• The sales by Squadron Capital LLC occurred at weighted average prices ranging from $19.66 to $21.20 per share.
• As of the filing, Jennifer N. Pritzker beneficially owns 13,215,781 shares, representing 8.9% of the Common Stock.
• Squadron Capital LLC and Squadron Capital Holdings LLC each beneficially own 10,395,045 shares, representing 7.0% of the Common Stock.
• David R. Pelizzon beneficially owns 10,741,872 shares, representing 7.2% of the Common Stock.
• Beneficial ownership percentages are calculated based on 148,550,185 shares of Common Stock outstanding as of October 23, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q.

Sentiment

Score: 4

Explanation: The sale of 1,000,000 shares by a significant beneficial owner, Squadron Capital LLC, could be perceived as a slightly negative signal, indicating a reduction in conviction or a move to realize gains. However, the remaining stake held by the group is still substantial, suggesting continued interest.

Negatives

• Squadron Capital LLC, a significant beneficial owner, sold 1,000,000 shares of Common Stock in the open market, which could be interpreted as a reduction in conviction or a move to realize gains.
• The sales occurred at various price points, with the latest transaction on December 16, 2025, at a weighted average price of $19.66, which was the lowest price among the reported sales.

Future Outlook

NA

Industry Context

This filing primarily details changes in beneficial ownership by a significant investor group and does not provide specific industry context. Alphatec Holdings operates in the medical device sector, specifically spine surgery, where investor confidence and strategic holdings can influence market perception.

Stakeholder Impact

• Shareholders: May interpret the sales by a significant holder as a negative signal, potentially leading to short-term price volatility or a reassessment of the stock's value.
• Company Management: Could face questions regarding the reasons behind the significant shareholder's reduction in stake and its potential implications for investor relations.

Key Dates

Recommendation

While a significant beneficial owner has reduced its stake by 1,000,000 shares, the remaining ownership by the group, including Jennifer N. Pritzker, is still substantial (8.9% for Pritzker, 7.0% for Squadron Capital LLC). The sales occurred over a period at varying prices, suggesting a strategic portfolio adjustment rather than an urgent divestment. Investors should monitor future filings and company performance, but the current information does not warrant a strong buy or sell recommendation, leaning towards a 'hold' given the continued, albeit reduced, significant insider interest.

Keywords

Alphatec Holdings, Atec, Squadron Capital, Jennifer Pritzker, David Pelizzon, Schedule 13D/A, Insider Sales, Beneficial Ownership, Common Stock, Medical Devices, Spine Surgery