SCHEDULE: Vivo Funds Report 9.99% Stake in SAB Biotherapeutics

Vivo Opportunity Funds disclose a combined 9.99% beneficial ownership in SAB Biotherapeutics, primarily through convertible preferred stock and warrants.

Summary

• Vivo Opportunity Fund Holdings, L.P. and its general partner, Vivo Opportunity, LLC, beneficially own an aggregate of 25,931,000 shares of SAB Biotherapeutics, Inc. common stock, representing 9.99% of the class.
• This ownership includes 4,000,000 common shares automatically converted from Series B Preferred Stock on September 29, 2025, following stockholder approval.
• Additionally, it includes 6,372,400 common shares issuable upon conversion of Series B Preferred Stock, 10,372,400 common shares issuable from Series B Preferred Stock underlying Enrollment Warrants, and 5,186,200 common shares issuable from Series B Preferred Stock underlying Data Release Warrants, all convertible/exercisable within 60 days of the statement.
• Vivo Opportunity Cayman Fund, L.P. and its general partner, Vivo Opportunity Cayman, LLC, beneficially own an aggregate of 2,619,000 shares of SAB Biotherapeutics, Inc. common stock, also representing 9.99% of the class.
• This Cayman entity's ownership includes 401,500 common shares automatically converted from Series B Preferred Stock on September 29, 2025.
• It also includes 646,100 common shares issuable upon conversion of Series B Preferred Stock, 1,047,600 common shares issuable from Series B Preferred Stock underlying Enrollment Warrants, and 523,800 common shares issuable from Series B Preferred Stock underlying Data Release Warrants, all convertible/exercisable within 60 days.
• All Series B Preferred Stock, Enrollment Warrants, and Data Release Warrants contain provisions preventing conversion or exercise if it would result in the holder or its affiliates obtaining greater than 9.99% of the Issuer's voting securities. The reported amounts are calculated without giving effect to these blocking provisions.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing disclosing beneficial ownership by passive investors, with no explicit positive or negative operational or financial news for the issuer.

Positives

• Significant institutional investment by Vivo Opportunity Funds, indicating investor confidence in SAB Biotherapeutics.
• Conversion of 4,401,500 shares of Series B Preferred Stock into common stock on September 29, 2025, simplifying a portion of the capital structure.

Negatives

• Potential future dilution for existing common shareholders from the conversion and exercise of remaining Series B Preferred Stock and warrants held by Vivo Opportunity Funds.
• The contractual blocking provisions limit the reporting persons from exceeding 9.99% beneficial ownership, which could restrict their ability to exert greater influence or take a more active role if desired.

Risks

• Potential future dilution of common stock from the conversion of 6,372,400 shares of Series B Preferred Stock, 10,372,400 shares underlying Enrollment Warrants, and 5,186,200 shares underlying Data Release Warrants held by Vivo Opportunity Fund Holdings, L.P. and Vivo Opportunity, LLC, which are convertible/exercisable within 60 days.
• Potential future dilution of common stock from the conversion of 646,100 shares of Series B Preferred Stock, 1,047,600 shares underlying Enrollment Warrants, and 523,800 shares underlying Data Release Warrants held by Vivo Opportunity Cayman Fund, L.P. and Vivo Opportunity Cayman, LLC, which are convertible/exercisable within 60 days.
• The contractual blocking provisions limit the reporting persons from exceeding 9.99% beneficial ownership, which could restrict their ability to exert greater influence or take a more active role if desired.

Future Outlook

The filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from SAB Biotherapeutics, Inc. regarding its future operations or financial performance.

Industry Context

This filing represents a routine disclosure of a significant passive institutional investment in a publicly traded company, common in the biotechnology or pharmaceutical sector where specialized funds often take stakes in promising firms.

Stakeholder Impact

• Shareholders may view the significant institutional investment as a positive signal of confidence in the company.
• Potential future dilution for existing common shareholders upon the conversion and exercise of the remaining convertible preferred stock and warrants.

Next Steps

• Conversion of 6,372,400 shares of Series B Preferred Stock into common stock within 60 days by Vivo Opportunity Fund Holdings, L.P. and Vivo Opportunity, LLC.
• Exercise of Enrollment Warrants for 10,372,400 shares and Data Release Warrants for 5,186,200 shares into Series B Preferred Stock, then conversion to common stock, within 60 days by Vivo Opportunity Fund Holdings, L.P. and Vivo Opportunity, LLC.
• Conversion of 646,100 shares of Series B Preferred Stock into common stock within 60 days by Vivo Opportunity Cayman Fund, L.P. and Vivo Opportunity Cayman, LLC.
• Exercise of Enrollment Warrants for 1,047,600 shares and Data Release Warrants for 523,800 shares into Series B Preferred Stock, then conversion to common stock, within 60 days by Vivo Opportunity Cayman Fund, L.P. and Vivo Opportunity Cayman, LLC.

Key Dates

Recommendation

The Schedule 13G filing is a routine disclosure of beneficial ownership by passive investors and does not contain operational or financial performance data to warrant a change in investment recommendation. It confirms a significant institutional stake, which is generally neutral to slightly positive, but lacks catalysts for a strong buy or sell.

Keywords

SAB Biotherapeutics, Schedule 13G, beneficial ownership, convertible preferred stock, warrants, Vivo Opportunity Fund, institutional ownership, equity stake