Form 4: SkyWater Technology Director and 10% Owner Reports Significant Share Transactions

Loren A. Unterseher, a Director and 10% owner of SkyWater Technology, Inc., reported multiple transactions including the sale of over 134,000 shares and the acquisition of restricted stock units.

Summary

• Loren A. Unterseher, a Director and 10% Owner of SkyWater Technology, Inc. (SKYT), along with CMI Oxbow Partners, LLC and Oxbow Industries, LLC, filed a Form 4 detailing changes in beneficial ownership.
• On April 4, 2025, Mr. Unterseher transferred a total of 162,392 shares of common stock (40,598 shares to each of four trusts for his children) from a revocable trust. Some transfers were for cash at $6.1 per share, and others for no consideration. Mr. Unterseher remains an indirect beneficial owner of these shares.
• On May 21, 2025, Mr. Unterseher acquired 11,428 restricted stock units (RSUs) at a price of $0, which are set to vest contingent on his continued service until the next annual meeting.
• On May 22, 2025, Mr. Unterseher sold 134,049 shares of common stock at a weighted average price of $9.4077 per share, with individual sale prices ranging from $9.40 to $9.4991.
• Following these reported transactions, Loren A. Unterseher directly holds 23,713 shares and 3 shares, and indirectly holds shares through various trusts including 2,480,746 shares via a 2023 grantor retained annuity trust, 461,159 shares via trusts for his children (230,580 and 230,579 shares each for two sons and two daughters respectively), 52,317 shares via his spouse, 531,283 shares via a family irrevocable trust, and 1,229,864 shares via a 2024 grantor retained annuity trust.
• CMI Oxbow Partners, LLC directly holds 11,026,783 shares of common stock.
• Oxbow Industries, LLC directly holds 3 shares of common stock.

Sentiment

Score: 5

Explanation: Neutral. While there is a significant insider sale, there is also an RSU grant, and the document is purely transactional, not indicative of company performance or strategic shifts. The sale price is higher than the transfer price from April, which could be seen as positive for the seller.

Positives

• Acquisition of 11,428 Restricted Stock Units (RSUs) by Director Loren A. Unterseher, indicating continued alignment with company performance through equity incentives.
• The sale of shares by Mr. Unterseher occurred at a weighted average price of $9.4077, which is higher than the $6.1 per share price at which shares were transferred to trusts for his children in April 2025.

Negatives

• Sale of 134,049 shares of common stock by Director and 10% Owner Loren A. Unterseher, which could be interpreted as a reduction in direct exposure to the company's equity by a key insider.

Future Outlook

The document does not provide a future outlook for the company's performance or strategic direction, as it is a regulatory filing focused on insider ownership changes.

Management Comments

• "Mr. Unterseher disclaims beneficial ownership of such shares, except to the extent of any pecuniary interest therein." (Regarding shares held by CMI Oxbow Partners, LLC)
• "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." (Regarding the May 22, 2025 sale)

Industry Context

This Form 4 filing reports routine insider transactions and does not provide information to analyze broader industry trends or competitive landscape. It reflects individual investment decisions by a director and significant shareholder within the semiconductor manufacturing industry.

Comparison to Industry Standards

• This document reports insider trading activity, which is standard regulatory disclosure for publicly traded companies. It does not contain financial results or operational metrics that can be directly compared to industry benchmarks or specific comparable companies/projects.

Related Party Transactions

• Transfer of 162,392 shares from Mr. Unterseher's revocable trust to four trusts for his children, some for cash contributions and some for no consideration, with Mr. Unterseher remaining an indirect beneficial owner.

Stakeholder Impact

• Shareholders: Insider selling by a director and 10% owner could be perceived negatively, potentially influencing investor sentiment. However, the RSU grant aligns the director's interests with future company performance.

Next Steps

• The Restricted Stock Units (RSUs) granted on May 21, 2025, are expected to vest on the date immediately preceding the next annual meeting of the Issuer's stockholders, contingent on continued service.

Key Dates

Keywords

SkyWater Technology, SKYT, Form 4, Insider Trading, Beneficial Ownership, Stock Sale, Restricted Stock Units, Director Transactions, 10% Owner