Amberjack funds sell 6,612,500 Innovex (INVX) shares in secondary deal
Rhea-AI Filing Summary
Amberjack-affiliated investment funds sold 6,612,500 shares of Innovex International common stock in an underwritten secondary offering. The shares were sold at a public offering price of $25.75 per share, and the selling funds received $24.59125 per share after underwriting discounts.
The transactions were reported as indirect sales by entities including Amberjack Capital Fund II, Innovex Co-Invest Fund II, Innovex Co-Invest Fund, Intervale Capital Fund II, Intervale Capital Fund II-A, and Intervale Capital Fund III. Footnotes state that Amberjack Management and related general partners may be deemed beneficial owners, while managing partner Jason Turowsky disclaims beneficial ownership beyond his economic interest.
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Insights
Large Amberjack-led funds reduced their Innovex stake via a secondary sale.
Several Amberjack-affiliated funds collectively sold 6,612,500 shares of Innovex International common stock in an underwritten secondary offering. The public paid $25.75 per share, while the funds received $24.59125 per share after underwriting discounts.
The sales are attributed to multiple limited partnerships, with control and voting described through a chain of general partners and Amberjack Management. A key footnote states that Jason Turowsky, managing partner of Amberjack Management, disclaims beneficial ownership beyond his pecuniary interest, highlighting that these are fund-level portfolio moves rather than clearly personal share sales.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 4,902,244 | $24.5913 | $120.55M |
| Sale | Common Stock | 1,144,635 | $24.5913 | $28.15M |
| Sale | Common Stock | 271,279 | $24.5913 | $6.67M |
| Sale | Common Stock | 234,009 | $24.5913 | $5.75M |
| Sale | Common Stock | 116 | $24.5913 | $3K |
| Sale | Common Stock | 60,217 | $24.5913 | $1.48M |
Footnotes (10)
- F1. Consists of shares of common stock, par value $0.01 per share, of the Issuer held directly by Amberjack Capital Fund II, L.P. ("Common Stock") that were sold in an underwritten secondary offering (the "Offering") at a price to the public of $25.75 per share. Amberjack Capital Fund II, L.P. received $24.59125 per share of Common Stock sold in the Offering, which is the public offering price less certain underwriting discounts.
- F2. Consists of shares of Common Stock held directly by Innovex Co-Invest Fund II, L.P. that were sold in the Offering at a price to the public of $25.75 per share. Innovex Co-Invest Fund II, L.P. received $24.59125 per share of Common Stock sold in the Offering, which is the public offering price less certain underwriting discounts.
- F3. Consists of shares of Common Stock held directly by Innovex Co-Invest Fund, L.P. that were sold in the Offering at a price to the public of $25.75 per share. Innovex Co-Invest Fund, L.P. received $24.59125 per share of Common Stock sold in the Offering, which is the public offering price less certain underwriting discounts.
- F4. Consists of shares of Common Stock held directly by Intervale Capital Fund II, L.P. that were sold in the Offering at a price to the public of $25.75 per share. Intervale Capital Fund II, L.P. received $24.59125 per share of Common Stock sold in the Offering, which is the public offering price less certain underwriting discounts.
- F5. Consists of shares of Common Stock held directly by Intervale Capital Fund II-A, L.P. that were sold in the Offering at a price to the public of $25.75 per share. Intervale Capital Fund II-A, L.P. received $24.59125 per share of Common Stock sold in the Offering, which is the public offering price less certain underwriting discounts.
- F6. Consists of shares of Common Stock held directly by Intervale Capital Fund III, L.P. that were sold in the Offering at a price to the public of $25.75 per share. Intervale Capital Fund III, L.P. received $24.59125 per share of Common Stock sold in the Offering, which is the public offering price less certain underwriting discounts.
- F7. The general partner of (i) Amberjack Capital Fund II, L.P. is Amberjack Capital GP II, L.P., and the general partner of such general partner is Amberjack Capital Associates II, LLC, (ii) Innovex Co-Invest Fund II, L.P. is Innovex Co-Invest Fund II GP, L.P., and the general partner of such general partner is Innovex Co-Invest Associates, LLC, (iii) Innovex Co-Invest Fund, L.P. is Innovex Co-Invest Fund GP, L.P., and the general partner of such general partner is Innovex Co-Invest Associates, LLC, (iv) Intervale Capital Fund II, L.P. is Intervale Capital GP II, L.P., and the general partner of such general partner is Intervale Capital Associates II, LLC, (v) Intervale Capital Fund II-A, L.P. is Intervale Capital GP II, L.P., and the general partner of such general partner is Intervale Capital Associates II, LLC, and (vi) Intervale Capital Fund III, L.P. is Intervale Capital GP III, L.P., and the general partner of such general partner is Intervale Capital Associates III, LLC.
- F8. (Continued from footnote 7) Funds affiliated with Amberjack Capital Partners, L.P. ("Amberjack Capital Partners") are referred to as the "Amberjack Funds".
- F9. By virtue of their relationships, the foregoing general partners control all voting and dispositive power over the reported shares held by such Amberjack Fund and therefore may be deemed to be the beneficial owner of such shares. The sole member of Amberjack Capital Associates II, LLC, Innovex Co-Invest Associates, LLC, Intervale Capital Associates II, LLC and Intervale Capital Associates III, LLC is Amberjack Capital Partners, and the general partner of Amberjack Capital Partners is Amberjack Management, LLC ("Amberjack Management"). By virtue of their relationships, Amberjack Capital Partners and Amberjack Management control all voting and dispositive power over the reported shares held by all the Amberjack Funds and therefore may be deemed to be the beneficial owner of such shares. Jason Turowsky is managing partner of Amberjack Management.
- F10. (Continued from footnote 9) Mr. Turowsky disclaims beneficial ownership of such securities in excess of his pecuniary interests in the securities.
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FAQ
What kind of transaction was reported for Innovex International (INVX) in this Form 4?
The Form 4 reports open-market style sales executed through an underwritten secondary offering of Innovex common stock. All six transactions are coded as sales of non-derivative common shares by the Amberjack-affiliated funds.