[Form 4] SkyWater Technology, Inc. Insider Trading Activity

Rhea-AI Filing Summary

SkyWater Technology, Inc. (SKYT) Form 4 details multiple insider sales by Loren A. Unterseher. Mr. Unterseher, identified as a director and 10% owner and affiliated with CMI Oxbow Partners, LLC and Oxbow Industries, LLC, executed three blocks of sales in August 2025. On 08/21/2025 he sold 37,979 shares at a weighted average price of $11.1644, reducing reported beneficial holdings to 9,453,640 shares. On 08/22/2025 he sold 292,628 shares at $11.5006 (weighted average), reducing holdings to 9,161,012 shares. On 08/25/2025 he sold 243,484 shares at $11.8202 (weighted average), reducing holdings to 8,917,528 shares. The filing discloses numerous indirect holdings through trusts and affiliated entities and includes explanatory notes on pricing ranges and ownership disclaimers.

Positive

• None.

Negative

• Insider dispositions: Aggregate sale of 574,091 shares on 08/21/2025, 08/22/2025 and 08/25/2025 at weighted averages $11.1644, $11.5006 and $11.8202 respectively.
• Decline in reported beneficial ownership: Reported holdings fell to 8,917,528 shares after the August 25, 2025 transaction.
• Concentration of ownership via affiliates: Significant holdings are held indirectly by CMI Oxbow Partners, LLC, Oxbow Industries, LLC and multiple trusts, which may complicate assessment of direct insider intentions.

Insights

Securities Analyst

TL;DR: Significant insider selling occurred over three days in August 2025, materially reducing reported beneficial ownership.

The Form 4 shows aggregate open-market dispositions of 574,091 shares across 08/21/2025, 08/22/2025 and 08/25/2025 at weighted average prices of $11.1644, $11.5006 and $11.8202 respectively. Reported direct beneficial ownership fell from the amounts reported after each sale to 8,917,528 shares after the final sale. The filing also clarifies that many shares are held indirectly by CMI Oxbow Partners, LLC, Oxbow Industries, LLC, family trusts and grantor retained annuity trusts, with Mr. Unterseher disclaiming direct beneficial ownership of certain shares except for pecuniary interest. For investors, the sale schedule and magnitude are important for assessing potential share supply pressure and insider liquidity but the filing does not state motivations or any trading plan.

Corporate Governance Expert

TL;DR: Multiple scheduled open-market sales disclosed; ownership structure shows complex indirect holdings and disclaimers.

The disclosure identifies Mr. Unterseher as a director and 10% owner and documents direct and indirect holdings via affiliated entities and several trusts. The explanation sections supply weighted average sale prices and price ranges for the transactions and include the customary disclaimer about beneficial ownership through entities. From a governance perspective, transparency in reporting price ranges and willingness to provide detailed trade breakdowns upon request are positive compliance signals. The filing does not reference a Rule 10b5-1 plan or other contractual sale framework for these transactions.

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^*

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)
08/21/2025

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	08/21/2025		S		37,979	D	$11.1644(1)	9,453,640	D	(2)
Common Stock	08/22/2025		S		292,628	D	$11.5006(3)	9,161,012	D	(2)
Common Stock	08/25/2025		S		243,484	D	$11.8202(4)	8,917,528	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 37,979 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 21, 2025 with sale prices ranging from $11.00 to $11.40 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 292,628 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 22, 2025 with sale prices ranging from $11.00 to $11.64 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 243,484 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 25, 2025 with sale prices ranging from $11.55 to $12.02 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	08/25/2025
	** 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 transactions did Loren A. Unterseher report on the SKyWater (SKYT) Form 4?

The Form 4 reports three open-market sales: 37,979 shares sold on 08/21/2025 at a weighted average price of $11.1644; 292,628 shares sold on 08/22/2025 at $11.5006; and 243,484 shares sold on 08/25/2025 at $11.8202.

How many SKyWater shares did reported beneficial ownership fall to after the filings?

Reported beneficial ownership decreased to 9,453,640 after 08/21/2025, then to 9,161,012 after 08/22/2025, and to 8,917,528 after 08/25/2025 as stated on the Form 4.

What roles and affiliations of the reporting person are disclosed in the filing?

Loren A. Unterseher is identified as a director and a 10% owner. He is President of CMI Oxbow Partners, LLC and Managing Partner of Oxbow Industries, LLC, which holds shares reported in the filing.

Does the Form 4 state the sale price ranges for the transactions?

Yes. The filing discloses price ranges: 08/21/2025 sales ranged $11.00–$11.40 per share; 08/22/2025 sales ranged $11.00–$11.64; 08/25/2025 sales ranged $11.55–$12.02. Weighted average prices are provided for each day.

Are there indirect holdings disclosed in the Form 4?

Yes. The filing lists multiple indirect holdings held by CMI Oxbow Partners, Oxbow Industries, family irrevocable trust, grantor retained annuity trusts and trusts for the benefit of family members, with specified share amounts for many of those vehicles.