[Form 4] SkyWater Technology, Inc Insider Trading Activity

Rhea-AI Filing Summary

SkyWater Technology insider Loren A. Unterseher reported multiple sales of common stock on September 18-19, 2025. The filings show dispositions of 74,900 shares at a weighted average price of $12.8054, 45,100 shares at $13.5892, and 120,000 shares at $14.0523, reducing the reporting person’s direct holdings to 6,931,626 shares following the transactions. The Form 4 identifies Mr. Unterseher as a director and a 10% owner, and discloses substantial indirect holdings via entities and trusts. The filing includes explanations of weighted average prices and ownership relationships, and is signed and dated September 22, 2025.

Positive

• Timely and detailed disclosure of multiple transactions including weighted average prices and itemized explanations
• Clear identification of reporting person’s roles and indirect ownership through entities and trusts

Negative

• Substantial insider selling totaling 240,000 shares over two days, which reduced direct holdings to 6,931,626 shares
• Director and 10% owner executed the sales, a development that may be viewed negatively by investors despite compliance

Insights

Financial Analyst

TL;DR: Significant insider sales over two days reduced direct holdings materially, but disclosure is complete and prices are provided.

The report documents aggregate sales of 240,000 shares executed on September 18-19, 2025 at weighted average prices between $12.8054 and $14.0523. Post-transaction direct beneficial ownership is reported at 6,931,626 shares, with additional indirect holdings through entities and trusts. From a capital markets perspective, the size and rapid timing of these sales are noteworthy for liquidity and potential supply impact, though the filing contains no statements about the reason for sales.

Corporate Governance Expert

TL;DR: Director and 10% owner executed large open-market dispositions; raises governance questions about insider selling but disclosure is proper.

Mr. Unterseher is disclosed as President of CMI Oxbow Partners, LLC and Managing Partner of Oxbow Industries, LLC, with numerous indirect holdings via trusts and entities. The Form 4 explains weighted-average sale prices and disclaims certain beneficial ownership where appropriate. Material insider selling by a director/large owner can be perceived negatively by investors, although the filing itself complies with Section 16 reporting requirements.

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
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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^*

Unterseher Loren A

(Last) (First) (Middle)

4450 EXCELSIOR BLVD

SUITE 440

(Street)

MINNEAPOLIS MN 55416

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SkyWater Technology, Inc [ SKYT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

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

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

	Form filed by One Reporting Person
X	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
Common Stock	09/18/2025		S		74,900	D	$12.8054(1)	7,096,726	D	(2)
Common Stock	09/18/2025		S		45,100	D	$13.5892(3)	7,051,626	D	(2)
Common Stock	09/19/2025		S		120,000	D	$14.0523(4)	6,931,626	D	(2)
Common Stock								3	D	(5)
Common Stock								23,713	D	(6)
Common Stock								2,480,746	I	By 2023 grantor retained annuity trust
Common Stock								230,580	I	By trust for benefit of son
Common Stock								230,580	I	By trust for benefit of son
Common Stock								230,579	I	By trust for benefit of daughter
Common Stock								230,579	I	By trust for benefit of daughter
Common Stock								52,317	I	By spouse
Common Stock								531,283	I	By family irrevocable trust
Common Stock								1,229,864	I	By 2024 grantor retained annuity trust
Common Stock								2	I	By revocable trust

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

1. Name and Address of Reporting Person^*

Unterseher Loren A

(Last) (First) (Middle)

4450 EXCELSIOR BLVD

SUITE 440

(Street)

MINNEAPOLIS MN 55416

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

CMI Oxbow Partners, LLC

(Last) (First) (Middle)

4450 EXCELSIOR BOULEVARD

SUITE 440

(Street)

MINNEAPOLIS MN 55416

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Oxbow Industries, LLC

(Last) (First) (Middle)

4450 EXCELSIOR BOULEVARD

SUITE 440

(Street)

MINNEAPOLIS MN 55416

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Reflects the weighted average price of 74,900 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 18, 2025 with sale prices ranging from $12.50 to $13.49 per share. 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.

2. Mr. Unterseher is President of CMI Oxbow Partners, LLC ("CMI") and Managing Partner of Oxbow Industries, LLC ("Oxbow"), which is the majority member of CMI. CMI directly holds the shares of Common Stock reported in Column 5. As a result, he may be deemed to be the beneficial owner of, and to have a pecuniary interest in, such shares of Common Stock. Mr. Unterseher disclaims beneficial ownership of such shares, except to the extent of any pecuniary interest therein.

3. Reflects the weighted average price of 45,100 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 18, 2025 with sale prices ranging from $13.50 to $13.80 per share. 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.

4. Reflects the weighted average price of 120,000 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 19, 2025 with sale prices ranging from $14.00 to $14.20 per share. 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.

5. Oxbow directly holds the shares reported in Column 5.

6. Shares owned directly by Mr. Unterseher.

	/s/ Loren A. Unterseher	09/22/2025
	** 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 shares did Loren A. Unterseher sell according to the SKyWater (SKYT) Form 4?

The Form 4 reports dispositions of 74,900 shares at a weighted average price of $12.8054, 45,100 shares at $13.5892, and 120,000 shares at $14.0523 on 09/18/2025 and 09/19/2025.

What was Loren Unterseher’s direct ownership after the reported transactions?

Following the reported sales, direct beneficial ownership is reported as 6,931,626 shares.

What is Loren Unterseher’s relationship to SkyWater Technology (SKYT)?

The filing identifies Loren A. Unterseher as a Director and a 10% owner; he is also President of CMI Oxbow Partners, LLC and Managing Partner of Oxbow Industries, LLC.

Did the Form 4 disclose indirect holdings and trusts?

Yes. The Form 4 discloses multiple indirect holdings including shares held by CMI Oxbow Partners, LLC, Oxbow Industries, LLC, family trusts, and grantor retained annuity trusts.

When was the Form 4 signed and filed?

The signature block shows the filing signed by Loren A. Unterseher on 09/22/2025.