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

Rhea-AI Filing Summary

SkyWater Technology (SKYT) insider Loren A. Unterseher reported multiple sales of common stock on August 12-13, 2025. The Form 4 shows Mr. Unterseher (also identified with CMI Oxbow Partners, LLC and Oxbow Industries, LLC) sold 345,765 shares on August 12 at a weighted-average price of $12.8391 and 287,454 shares on August 13 at a weighted-average price of $12.3824, with sale price ranges disclosed for each day. Following the transactions the filing shows 10,100,043 shares beneficially owned after the August 12 sale and 9,812,589 after the August 13 sale, with many remaining shares held indirectly through trusts, family entities, CMI and Oxbow. The filing includes explanations of ownership structures and states the reporting person will provide detailed per-price breakdowns upon request.

Positive

• Timely compliance with Section 16 reporting through a signed Form 4 filing
• Transparent sale reporting including weighted-average prices and stated price ranges with an offer to provide per-price details on request
• Clear disclosure of complex indirect ownership via CMI Oxbow Partners, Oxbow Industries and multiple trusts

Negative

• Material insider dispositions totaling 633,219 shares sold over two days (345,765 on 08/12/2025 and 287,454 on 08/13/2025)
• Reduction in reported beneficial ownership from 10,100,043 shares after the first sale to 9,812,589 after the second sale
• No stated reason for the sales provided in the filing, limiting context for investors

Insights

Securities Analyst

TL;DR: Significant insider sales over two days reduced reported beneficial ownership; holdings remain largely indirect via family and entity trusts.

The filing documents sizable dispositions: 345,765 shares sold on 08/12/2025 and 287,454 on 08/13/2025, with weighted-average prices and disclosed price ranges. Post-transaction beneficial ownership is reported as 10,100,043 and 9,812,589 shares respectively, indicating meaningful liquidity events by the reporting persons. Ownership is complex: CMI Oxbow Partners, LLC directly holds material positions, Oxbow Industries is the majority member of CMI, and multiple trusts and family entities hold additional shares. The disclosure of the weighted-average prices and the offer to provide per-price sell breakdowns supports compliance and transparency. From an investor perspective, these are material insider dispositions, though the filing does not state any intent or reason for the sales.

Corporate Governance Expert

TL;DR: Form 4 properly discloses transactions and complex indirect ownership; no allegations or unexplained omissions appear in this filing.

The Form 4 identifies the reporting persons, their addresses, roles (Director and 10% owner), and describes direct and indirect holdings through trusts and affiliated entities. It provides explanatory footnotes about ownership attribution and sale price ranges and affirms willingness to provide full per-price sale details on request. The completeness of explanatory notes and signature compliance indicate adherence to Section 16 reporting obligations. The filing does not provide any additional context for the sales, so governance assessment must be limited to disclosure sufficiency rather than motive or timing.

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)
08/12/2025

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	08/12/2025		S		345,765	D	$12.8391(1)	10,100,043	D	(2)
Common Stock	08/13/2025		S		287,454	D	$12.3824(3)	9,812,589	D	(2)
Common Stock								3	D	(4)
Common Stock								23,713	D	(5)
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 345,765 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 12, 2025 with sale prices ranging from $12.53 to $13.44 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 287,454 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 13, 2025 with sale prices ranging from $12.115 to $12.76 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. Oxbow directly holds the shares reported in Column 5.

5. Shares owned directly by Mr. Unterseher.

	/s/ Loren A. Unterseher	08/14/2025
	** 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 for SKYT?

The Form 4 reports sales of 345,765 shares on 08/12/2025 (weighted-average price $12.8391) and 287,454 shares on 08/13/2025 (weighted-average price $12.3824).

What was the reporting person’s beneficial ownership after the sales?

The filing shows 10,100,043 shares following the 08/12 sale and 9,812,589 shares following the 08/13 sale.

Are the shares held directly or indirectly by the reporting persons?

Shares are held both directly and indirectly through entities: CMI Oxbow Partners, LLC (direct holder), Oxbow Industries, LLC (majority member of CMI), multiple trust vehicles, spouse and family irrevocable trust.

Did the filing disclose sale price ranges?

Yes. The filing discloses sale price ranges for each day: $12.53–$13.44 on 08/12/2025 and $12.115–$12.76 on 08/13/2025.

Will more detailed sale information be provided?

The reporting person states they will provide, upon request by the SEC staff, the issuer, or a security holder, full information on the number of shares sold at each separate price.