[Form 4] Satellogic Inc. Insider Trading Activity

Rhea-AI Filing Summary

Satellogic Inc. (SATL) – Form 4 insider filing

On 06/23/2025, CEO, Director and 10% owner Emiliano Kargieman converted 3,000,000 Class B shares into 3,000,000 Class A shares (Transaction Code “M”) at a price of $0. Following the conversion he now directly owns 3,000,000 Class A shares and continues to hold 10,582,642 Class B shares as derivative securities. The exchange occurred on a one-for-one basis; any Class B still outstanding on 01/25/2027 will automatically convert to Class A.

The filing records a reclassification of the insider’s equity rather than an open-market trade, increasing the publicly tradable Class A float by 3 million shares.

Positive

• None.

Negative

• 3 million additional Class A shares enter the public float, incrementally diluting existing Class A holders.

Insights

Financial Analyst

TL;DR – Insider reclassifies 3 M shares; neutral liquidity uptick.

The conversion adds 3 million Class A shares to the float without cash proceeds or insider disposition, signalling neither bullish buying nor bearish selling. Kargieman still controls 10.6 million Class B shares, so overall exposure remains high. While the change marginally boosts liquidity, it also modestly enlarges the Class A share count. Because no price was paid, the transaction is best viewed as administrative rather than fundamental. Impact on valuation is therefore limited.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kargieman Emiliano

(Last) (First) (Middle)

SATELLOGIC INC.

210 DELBURG STREET

(Street)

DAVIDSON NC 28036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Satellogic Inc. [ SATL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/23/2025		M		3,000,000	A	$0	3,000,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock(1)	(1)	06/23/2025		M			3,000,000	(1)	(1)	Class A Common Stock	3,000,000	$0	10,582,642	D

Explanation of Responses:

1. 3,000,000 shares of Class B Common Stock held by the Reporting Person were converted into shares of Class A Common Stock on a one-for-one basis. Future conversions may be made on the same basis at any time. Remaining Class B Common Stock outstanding on January 25, 2027 will automatically convert to Class A Common Stock on that date.

Remarks:

	/s/ Rick Dunn, Attorney-in-fact for Emiliano Kargieman	08/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did SATL's CEO report in the latest Form 4?

He converted 3,000,000 Class B shares into 3,000,000 Class A shares at no cost.

How many SATL Class A shares does Emiliano Kargieman now hold?

After the transaction he directly owns 3,000,000 Class A shares.

What remains of the insider's Class B holdings?

He still holds 10,582,642 Class B shares, which can be converted on the same 1-for-1 basis.

Was there any open-market sale or purchase involved?

No. The filing shows a share class conversion (code “M”) with $0 price; no shares were bought or sold in the market.

When will all outstanding Class B shares automatically convert?

Any Class B shares still outstanding will convert to Class A on January 25, 2027.