Form 4: ATEC Director Sells $5.15M in Common Stock

Alphatec Holdings, Inc. Director and 10% owner David R. Pelizzon sold 250,000 shares of common stock for approximately $5.15 million in a pre-planned transaction.

Summary

• David R. Pelizzon, a Director and 10% owner of Alphatec Holdings, Inc. (ATEC), sold 250,000 shares of common stock.
• The transaction occurred on November 24, 2025, at a weighted average price of $20.62 per share.
• The shares were sold in multiple transactions with prices ranging from $20.34 to $20.79.
• The total value of the shares sold was approximately $5,155,000.
• This sale was executed pursuant to a Rule 10b5-1(c) pre-planned trading arrangement.
• Following the transaction, David R. Pelizzon directly beneficially owns 346,827 shares of common stock.
• Additionally, 10,895,045 shares are indirectly held by Squadron Capital LLC, where Pelizzon may be deemed a beneficial owner due to his role on the Managing Committee, though he disclaims beneficial ownership except for his pecuniary interest.

Sentiment

Score: 5

Explanation: The sale of a significant number of shares by a director and 10% owner is generally viewed neutrally to slightly negatively, even when pre-planned under a 10b5-1 arrangement. The pre-planned nature mitigates strong negative sentiment, but it is not a positive signal for immediate stock appreciation.

Positives

• The transaction was conducted under a Rule 10b5-1(c) pre-planned trading arrangement, which indicates a scheduled sale rather than a discretionary one based on immediate market conditions or new information.
• David R. Pelizzon retains significant indirect beneficial ownership of 10,895,045 shares through Squadron Capital LLC, suggesting continued alignment with the company's long-term performance.

Negatives

• A large insider sale of 250,000 shares by a director and 10% owner, even if pre-planned, can sometimes be perceived negatively by the market, potentially signaling a lack of confidence or a desire for liquidity.

Future Outlook

NA

Management Comments

• The reporting person expressly disclaims beneficial ownership of shares held by Squadron Capital LLC, except to the extent of his pecuniary interest therein. The inclusion of these shares in this report shall not be deemed to be an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

Industry Context

NA

Related Party Transactions

• David R. Pelizzon's indirect beneficial ownership of 10,895,045 shares through Squadron Capital LLC is disclosed, highlighting a relationship with this entity.

Stakeholder Impact

• Shareholders may interpret the insider sale as a signal regarding management's confidence, potentially leading to short-term price fluctuations, although the 10b5-1 plan mitigates some of this concern.

Key Dates

Recommendation

While a significant insider sale occurred, it was executed under a pre-planned 10b5-1 arrangement, which suggests a scheduled liquidity event rather than a reaction to new negative information. The reporting person retains substantial indirect ownership, indicating continued alignment with shareholder interests. Therefore, a 'hold' recommendation is appropriate as this single transaction does not fundamentally alter the investment thesis for Alphatec Holdings, Inc.

Keywords

Alphatec Holdings, ATEC, Insider Sale, Form 4, David R. Pelizzon, Stock Transaction, 10b5-1 Plan, Director Sale, 10% Owner