SCHEDULE: Oxbow Entities Boost SkyWater Stake to 19.92%

CMI Oxbow Partners, Oxbow Industries, and Loren A. Unterseher collectively reported beneficial ownership of 19.92% of SkyWater Technology, Inc. common stock.

Summary

• CMI Oxbow Partners, LLC, Oxbow Industries, LLC, and Loren A. Unterseher filed an Amendment No. 8 to Schedule 13G for SkyWater Technology, Inc.
• Loren A. Unterseher, individually and through his affiliations with CMI Oxbow Partners, LLC and Oxbow Industries, LLC, beneficially owns 9,663,895 shares of SkyWater Technology, Inc. common stock.
• This aggregate ownership represents 19.92% of the company's common stock outstanding.
• The percentage is calculated based on 48,508,000 shares of common stock outstanding as of November 10, 2025, as reported by the issuer in its Form 10-Q filed on November 12, 2025.
• Loren A. Unterseher holds sole voting and dispositive power over 5,176,498 shares and shared voting and dispositive power over 4,487,397 shares.
• CMI Oxbow Partners, LLC and Oxbow Industries, LLC each report shared voting and dispositive power over 4,487,394 shares and 4,487,397 shares respectively, representing 9.25% of the class for each entity.
• The amounts reflected for Loren A. Unterseher exclude 11,428 shares of common stock underlying restricted stock units scheduled to vest on the date immediately preceding the next annual meeting of the issuer's stockholders.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant increase in beneficial ownership by a known entity often signals strong conviction in the company's value and future prospects, potentially indicating a long-term commitment.

Positives

• Significant ownership by a group, including a key individual (Loren A. Unterseher), can signal strong conviction in the company's future prospects.
• A large institutional stake may provide a degree of stability to the shareholder base.

Negatives

• Concentrated ownership by a single group, especially nearing the 20% threshold, could potentially lead to increased influence over corporate decisions, which might not always align with all minority shareholders' interests.

Risks

• Potential for increased influence by a significant shareholder group on strategic decisions, capital allocation, or management appointments.

Industry Context

StockSavvy.ai notes that significant beneficial ownership disclosures like this can attract attention from other institutional investors, signaling potential confidence in SkyWater Technology's position within the specialized semiconductor foundry market. Such a large stake by a single group could imply a long-term investment horizon or a more active role in the company's strategic direction, which is particularly relevant in the capital-intensive and rapidly evolving semiconductor industry.

Comparison to Industry Standards

• StockSavvy.ai observes that a 19.92% stake by a single investor group is substantial, placing them as a dominant shareholder.
• For comparison, activist investors often target stakes in the 5-15% range to exert influence, while a nearly 20% stake provides significant leverage in shareholder votes and potential board representation.
• This level of ownership is comparable to major institutional holders in other specialized technology firms, where concentrated ownership can be a feature, such as SoftBank's historical large stakes in various tech companies or private equity firms holding significant portions of public companies post-IPO.

Stakeholder Impact

• Shareholders: May view the significant stake as a vote of confidence, potentially stabilizing the stock price. However, it could also raise concerns about concentrated control.
• Management: May face increased scrutiny or influence from a large shareholder group regarding strategic decisions and operational performance.

Key Dates

Recommendation

While the significant beneficial ownership by Loren A. Unterseher and affiliated entities signals strong conviction, a Schedule 13G filing primarily discloses ownership and does not provide new operational or financial performance data. The increased stake suggests a long-term interest, but without further strategic or financial updates, a 'hold' recommendation is prudent for investors to assess how this concentrated ownership might translate into future company performance or governance changes.

Keywords

SkyWater Technology, SWTR, Schedule 13G, Beneficial Ownership, CMI Oxbow Partners, Oxbow Industries, Loren A. Unterseher, Semiconductor, Foundry, Equity Stake, Institutional Investor