Form 4: SkyWater Director Sells Shares, Transfers Stock to Trusts

SkyWater Technology Director Loren A. Unterseher reported significant transfers of common stock to various trusts and sales of shares in November 2025.

Summary

• Loren A. Unterseher, a Director and 10% Owner of SkyWater Technology, Inc. (SKYT), reported changes in beneficial ownership of common stock.
• On October 3, 2025, Mr. Unterseher disposed of 2,480,746 shares of Common Stock by transferring them to a 2023 grantor retained annuity trust.
• On the same date, he indirectly acquired 457,232 shares each through two separate trusts for the benefit of his sons, 457,232 shares each through two separate trusts for the benefit of his daughters, and 651,818 shares through a Revocable Trust. These represent changes in the form of indirect ownership.
• On November 13, 2025, 2,200 shares of Common Stock were sold directly at a weighted average price of $20.5472 per share, with sale prices ranging from $20.50 to $20.77.
• On November 17, 2025, 12,000 shares of Common Stock were sold directly at a weighted average price of $17.451 per share, with sale prices ranging from $17.25 to $17.505.
• Since the date of the last ownership report, 2,000,000 shares of common stock were transferred to his former spouse pursuant to a domestic relations order, and Mr. Unterseher no longer reports these as beneficially owned.
• Mr. Unterseher is President of CMI Oxbow Partners, LLC and Managing Partner of Oxbow Industries, LLC, which directly hold additional shares. He disclaims beneficial ownership of these shares except to the extent of any pecuniary interest.

Sentiment

Score: 4

Explanation: The filing reports insider sales by a director and 10% owner, which can be viewed negatively. However, a significant portion of the reported transactions involve transfers to trusts, likely for estate planning purposes, and a transfer to a former spouse due to a domestic relations order, which are not directly indicative of company performance.

Negatives

• A director and 10% owner, Loren A. Unterseher, sold a total of 14,200 shares of SkyWater Technology common stock in open market transactions on November 13, 2025, and November 17, 2025.

Future Outlook

NA

Management Comments

• Mr. Unterseher disclaims beneficial ownership of shares held by CMI Oxbow Partners, LLC and Oxbow Industries, LLC, except to the extent of any pecuniary interest therein.

Industry Context

NA

Related Party Transactions

• Transfers of common stock were made to a 2023 grantor retained annuity trust, trusts for the benefit of sons, trusts for the benefit of daughters, and a revocable trust, all associated with the reporting person, Loren A. Unterseher.
• 2,000,000 shares of common stock were transferred to Mr. Unterseher's former spouse pursuant to a domestic relations order.

Stakeholder Impact

• Shareholders may interpret the insider sales by a director and 10% owner as a signal regarding the company's future prospects or valuation.

Next Steps

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price upon request by the U.S. Securities and Exchange Commission staff, the issuer, or a security holder of the issuer.

Key Dates

Recommendation

The filing details insider transactions by a director and 10% owner, Loren A. Unterseher. While there were sales of 14,200 shares, a significant portion of the reported activity involves transfers to various trusts for estate planning purposes and a transfer to a former spouse due to a domestic relations order. These non-market transactions do not reflect a change in the company's operational performance or strategic direction. The sales, while by an insider, are not of a magnitude that would typically signal a fundamental shift in the company's prospects, thus a 'hold' recommendation is appropriate to await further company-specific developments.

Keywords

SkyWater Technology, SKYT, Form 4, Insider Trading, Beneficial Ownership, Stock Sale, Trust Transfer, Director Transaction