Large holder presses for Strata Critical Medical warrant exchange before 2026 expiry

Rhea-AI Filing Summary

Velibor Krstic filed an amended Schedule 13D showing a larger position in Strata Critical Medical’s public warrants and urging changes to their terms. He now beneficially owns 1,485,877 public warrants, or about 16.21% of the 9,166,644 public warrants outstanding as of April 15, 2026, plus 26,425 common shares.

Krstic invested approximately $25,291 of personal funds to build this warrant stake, including recent open‑market purchases at a weighted average price of about $0.017 per warrant. He advocates a mandatory exchange of warrants via amendment before their May 7, 2026 expiration, citing the company’s record 2025 Adjusted EBITDA of $14.1 million, a 2026 Adjusted EBITDA target of $29–$33 million, and over $110 million in total liquidity, including $61.2 million in cash and undrawn JPMorgan facilities.

Insights

Activist ownership & capital structure analyst

Large warrant holder pushes for amendment ahead of 2026 expiry.

Beneficial owner Velibor Krstic reports holding 1,485,877 public warrants, or about 16.21% of the 9,166,644 public warrants outstanding as of April 15, 2026, plus 26,425 common shares. He built this position using roughly $25,291 of personal funds via open‑market purchases.

He argues that a mandatory exchange via amendment before the May 7, 2026 warrant expiration is the most rational way to stabilize the capital structure. He notes only 50% consent is needed to amend the Warrant Agreement and points to Sponsor KSL’s 35.3% and LMR Partners’ 13.3% positions as key to reaching that threshold.

Krstic supports his stance with Issuer fundamentals, including record $14.1 million 2025 Adjusted EBITDA and a 2026 target of $29–$33 million, implying over 30% annualized growth, plus more than $110 million in total liquidity and $61.2 million in cash and undrawn JPMorgan facilities. Future company communications will clarify whether the board and other holders support any amendment or exchange.

Key Figures

Public warrants owned: 1,485,877 warrants Public warrant ownership share: 16.21% Total warrant purchase cost: $25,291 +5 more

8 metrics

Public warrants owned 1,485,877 warrants Beneficially owned as of April 15, 2026

Public warrant ownership share 16.21% Of 9,166,644 public warrants outstanding

Total warrant purchase cost $25,291 Aggregate personal funds used to buy 1,485,877 warrants

Recent warrant purchases 346,484 warrants at ~$0.017 each Open‑market buys between April 9 and April 15, 2026

2025 Adjusted EBITDA $14.1 million Record results reported for 2025

2026 Adjusted EBITDA target $29–$33 million Management target implying >30% annualized growth

Total liquidity Over $110 million Includes $61.2 million cash and undrawn JPMorgan facilities

Common shares outstanding 86,989,143 shares Outstanding as of February 24, 2026

Key Terms

Public Warrants, Mandatory Exchange, Adjusted EBITDA, Warrant Agreement, +1 more

5 terms

Public Warrants financial

"the Reporting Person increased his position to 16.21 percent of the Public Warrants"

Public warrants are tradable securities that give the holder the right to buy a company’s stock at a fixed price before a set expiration date. Like a coupon that lets you purchase shares later at a preset price, they matter to investors because using them can bring new cash into the company but also increase the total number of shares outstanding, which can dilute existing ownership and influence the stock’s price and potential gains.

Mandatory Exchange financial

"believes that a Mandatory Exchange via Amendment is the only rational solution"

Adjusted EBITDA financial

"reported record results in 2025 with an Adjusted EBITDA of 14.1 million USD"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Warrant Agreement financial

"under the Warrant Agreement only 50 percent consent is required for an amendment"

A warrant agreement is the legal document that lays out the rules for stock warrants — special certificates that let their holder buy company shares at a set price within a certain time. It explains how and when warrants can be exercised, transferred, changed, or canceled, and what happens to them if the company raises money or is sold; investors care because these terms affect potential future ownership, dilution of shares, and the real value of the warrants.

beneficially owns financial

"the Reporting Person beneficially owns 1485877 Warrants which represent approximately 16.21 percent"

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

Strata Critical Medical, Inc.

(Name of Issuer)

Warrants to purchase Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

092667104

(CUSIP Number)

Velibor Krstic
Via Baraggie 23,
Ascona, V8, 6612
0041774839182

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/15/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 092667104

1

Name of reporting person

Krstic Velibor

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,485,877.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,485,877.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,485,877.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

16.2 %

14

Type of Reporting Person (See Instructions)

IN, IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Warrants to purchase Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Strata Critical Medical, Inc.
(c)	Address of Issuer's Principal Executive Offices: 31 HUDSON YARDS, 31 HUDSON YARDS, NEW YORK, NEW YORK , 10001.
Item 2.	Identity and Background
(a)	Velibor Krstic
(b)	Via Baraggie 23, 6612 Ascona, SWITZERLAND
(c)	Private Investor
(d)	NONE
(e)	NONE
(f)	SWITZERLAND
Item 3.	Source and Amount of Funds or Other Consideration
	The total amount of funds used by the Reporting Person to purchase the 1485877 Warrants reported herein was approximately 25291 dollars. All such funds were provided from the Reporting Person personal funds.
Item 4.	Purpose of Transaction
	Since the previous filing on April 8 2026 the Reporting Person increased his position to 16.21 percent of the Public Warrants (10.49 percent of total warrants). The Reporting Person believes that a Mandatory Exchange via Amendment is the only rational solution to stabilize the capital structure before the May 7 2026 expiration. Market Leadership and Financial Performance: The Issuer is the market leader in the transplant logistics industry and reported record results in 2025 with an Adjusted EBITDA of 14.1 million USD . Management has raised the 2026 Adjusted EBITDA target to between 29 and 33 million USD representing an annualized growth rate of over 30 percent . With over 110 million USD in total liquidity including 61.2 million USD in cash and undrawn JPMorgan facilities the Issuer is in a position of exceptional strength . Quorum and Strategic Conclusion: The Reporting Person notes that under the Warrant Agreement only 50 percent consent is required for an amendment. Given the positions held by Sponsor KSL (35.3 percent) and LMR Partners (13.3 percent) the Reporting Person hereby declares his immediate availability to provide written consent to exceed the 50 percent threshold and facilitate the exchange for the benefit of all shareholders. This availability coupled with the confirmation of acquisitions under exclusivity and the fact that the aircraft fleet remains unencumbered means there are no economic justifications to let the securities expire at zero . With the common stock SRTA maintaining a solid market valuation reflecting the record fundamentals of the Company the inaction of the Board would be interpreted as a premeditated destruction of value and a breach of fiduciary duty. Except as set forth above the Reporting Person has no current plans or proposals that relate to or would result in any of the actions listed in paragraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	As of April 15 2026 the Reporting Person beneficially owns 1485877 Warrants which represent approximately 16.21 percent of the 9166644 public warrants outstanding. This percentage is based on the number of Public Warrants reported by the Issuer in its Annual Report on Form 10-K for the year ended December 31 2025. Additionally for transparency the Reporting Person owns 26425 shares of Common Stock (SRTA) representing approximately 0.03 percent of the 86989143 shares of Common Stock outstanding as of February 24 2026. .
(b)	The Reporting Person has the sole power to vote or to direct the vote and the sole power to dispose or to direct the disposition of all 1485877 Warrants and all 26425 shares of Common Stock reported in Item 5a.
(c)	During the past 60 days the Reporting Person acquired an aggregate of 1485877 Warrants in open market transactions on the Nasdaq Stock Market for an aggregate purchase price of approximately 25291 dollars. Between April 9 2026 and April 15 2026 the Reporting Person purchased an additional 346484 Warrants at a weighted average price of approximately 0.017 dollars per Warrant. The most recent transaction which resulted in the Reporting Person changing his beneficial ownership by more than 1 percent of the class occurred on April 15 2026.
(d)	No other person is known to have the right to receive or the power to direct the receipt of dividends from or the proceeds from the sale of the Warrants or the shares of Common Stock reported herein.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Except for the declaration of availability to provide written consent for the Warrant Agreement amendment as described in Item 4 there are no contracts arrangements understandings or relationships legal or otherwise among the persons named in Item 2 and between such persons and any person with respect to any securities of the Issuer including but not limited to transfer or voting of any of the securities finder fees joint ventures loan or option arrangements puts or calls guarantees of profits division of profits or loss or the giving or withholding of proxies.
Item 7.	Material to be Filed as Exhibits.
	NONE

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Krstic Velibor

Signature:	/s/ VELIBOR KRSTIC
Name/Title:	VELIBOR KRSTIC, INDIVIDUAL INVESTOR
Date:	04/16/2026

FAQ

What stake does Velibor Krstic report in Strata Critical Medical warrants?

Velibor Krstic reports beneficial ownership of 1,485,877 public warrants in Strata Critical Medical, equal to about 16.21% of the 9,166,644 public warrants outstanding. He also owns 26,425 common shares, a small fraction of total common stock outstanding.

How much did Velibor Krstic invest to acquire Strata Critical Medical warrants?

Krstic used approximately $25,291 of personal funds to acquire 1,485,877 public warrants. Recent purchases between April 9 and April 15, 2026 added 346,484 warrants at a weighted average price of about $0.017 per warrant, all via open‑market Nasdaq transactions.

What changes to Strata Critical Medical warrants is Velibor Krstic advocating?

Krstic advocates a mandatory exchange of warrants via amendment to the Warrant Agreement before the May 7, 2026 expiration. He notes only 50% consent is required for an amendment and declares his willingness to provide written consent to help exceed that threshold.

What financial performance figures for Strata Critical Medical are highlighted?

The filing highlights record 2025 Adjusted EBITDA of $14.1 million and a 2026 Adjusted EBITDA target between $29 million and $33 million. This target implies annualized growth of over 30%, according to the reporting person’s description of the company’s performance outlook.

What liquidity position does Strata Critical Medical reportedly have?

The company is described as having over $110 million in total liquidity, including $61.2 million in cash and undrawn JPMorgan facilities. The reporting person uses this liquidity and an unencumbered aircraft fleet to argue against allowing the warrants to expire without an exchange.

What ownership percentages do Sponsor KSL and LMR Partners hold in the warrants?

Sponsor KSL is cited as holding about 35.3% of the warrants, while LMR Partners holds about 13.3%. Combined with Krstic’s stake, these positions are referenced to illustrate that exceeding the 50% consent threshold for amending the Warrant Agreement is achievable.