Form 4: SkyWater Director Sells Over 239K Shares

A director and 10% owner of SkyWater Technology, Loren A. Unterseher, sold 239,643 shares of common stock over three days in September 2025, including sales under a pre-arranged 10b5-1 plan.

Summary

• Loren A. Unterseher, a Director and 10% Owner of SkyWater Technology, Inc. (SKYT), reported sales of common stock.
• On September 9, 2025, 6,218 shares were sold at a weighted average price of $10.8688 per share.
• On September 10, 2025, 4,396 shares were sold at a weighted average price of $10.6358 per share.
• On September 11, 2025, 229,029 shares were sold at a weighted average price of $10.4358 per share.
• A total of 239,643 shares were sold across these three dates.
• 120,000 of the shares sold on September 11, 2025, were executed automatically under a Rule 10b5-1 trading plan adopted on June 13, 2025.
• Following these transactions, the reporting persons beneficially own 7,360,602 shares directly through CMI Oxbow Partners, LLC, 3 shares directly through Oxbow Industries, LLC, and 23,713 shares directly by Mr. Unterseher, along with various indirect holdings.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to significant insider selling by a director and 10% owner. While a portion was pre-planned under a 10b5-1, the overall volume and declining sale prices over three days could be interpreted as a lack of strong conviction or a move to diversify holdings, which typically weighs on investor sentiment.

Positives

• The sales include a portion executed under a Rule 10b5-1 trading plan, indicating pre-planned divestment rather than a reaction to new negative information.

Negatives

• Significant insider selling by a director and 10% owner could be perceived negatively by the market, potentially signaling a lack of confidence or a desire to diversify holdings.
• The selling occurred over three consecutive days, with the price declining each day ($10.8688, $10.6358, $10.4358).

Risks

• Increased selling pressure on the stock due to a large block of shares being divested by a significant insider.
• Potential negative market sentiment if investors interpret the sales as a lack of confidence from a key stakeholder.

Future Outlook

NA

Management Comments

• Mr. Unterseher disclaims beneficial ownership of such shares, except to the extent of any pecuniary interest therein.
• The reporting person undertakes to provide upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

Industry Context

This filing is specific to insider trading activity and does not provide broader industry context or trends for the semiconductor manufacturing sector. However, significant insider selling can sometimes be a leading indicator, regardless of industry.

Related Party Transactions

• Sales were conducted by Loren A. Unterseher, a Director and 10% Owner, and entities he controls (CMI Oxbow Partners, LLC and Oxbow Industries, LLC).
• Mr. Unterseher also has indirect beneficial ownership through various trusts (2023 grantor retained annuity trust, trusts for benefit of son/daughter, family irrevocable trust, 2024 grantor retained annuity trust, revocable trust) and by spouse.

Stakeholder Impact

• Shareholders: May interpret the insider selling as a negative signal, potentially leading to downward pressure on the stock price.
• Employees: No direct impact mentioned, but significant insider selling can sometimes affect morale if perceived as a lack of confidence in the company's future.
• Customers/Suppliers/Creditors: No direct impact mentioned.

Key Dates

Recommendation

While significant insider selling by a director and 10% owner is generally a negative signal, a portion of the sales were pre-planned under a Rule 10b5-1 plan, which mitigates the immediate negative interpretation. Without additional context on the company's fundamentals or other market factors, a 'hold' recommendation is appropriate. Investors should monitor future filings and company performance for further insights, as this transaction alone does not provide a complete picture for a 'buy' or 'sell' decision.

Keywords

SkyWater Technology, SKYT, Insider Selling, Form 4, Loren A. Unterseher, Director, 10% Owner, Stock Sale, Rule 10b5-1, Semiconductor