Form 4: Sessa Capital Sells 10 Million Shares of Garrett Motion Inc. in Block Trade

Sessa Capital GP, LLC and related entities sold 10,000,000 shares of Garrett Motion Inc. to the issuer at $9 per share on March 6, 2024.

Summary

• Sessa Capital GP, LLC, along with related entities, filed a Form 4 detailing changes in beneficial ownership of Garrett Motion Inc. (GTX) stock.
• On March 6, 2024, Sessa Capital sold 10,000,000 shares of GTX common stock back to the company at a price of $9 per share.
• The sale was executed pursuant to a Block Trade Purchase Agreement.
• Following the transaction, Sessa Capital (Master), L.P. indirectly beneficially owns 15,236,484 shares.
• John Petry, in his capacity as manager of various Sessa Capital entities, signed the Form 4 on behalf of the reporting persons.

Sentiment

Score: 5

Explanation: Neutral sentiment as it reports a transaction without expressing positive or negative views on the company's prospects. The sale itself could be interpreted in different ways.

Negatives

• Sessa Capital has reduced its stake in Garrett Motion Inc. by selling 10,000,000 shares.

Risks

• The sale of a large block of shares by a significant shareholder like Sessa Capital could create short-term price volatility for Garrett Motion Inc.
• The market may interpret the sale as a lack of confidence in the company's future prospects, although the document does not provide any specific reason for the sale.

Industry Context

Block trades are common mechanisms for large shareholders to divest their holdings. The impact on Garrett Motion's stock will depend on market perception of the reasons behind the sale and the overall health of the automotive industry.

Related Party Transactions

• The sale of shares to the issuer is a related party transaction.

Stakeholder Impact

• Shareholders may react to the news of Sessa Capital's sale, potentially impacting the stock price.
• The company's financials are affected by the repurchase of shares.

Key Dates