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

Rhea-AI Filing Summary

SkyWater Technology, Inc. (SKYT) Form 4 summary: Director and reported 10% owner Loren A. Unterseher disclosed multiple open-market sales of SkyWater common stock in mid-August 2025. The filing shows dispositions of 217,329 shares on 08/14/2025 at a weighted average price of $11.7997, 5,684 shares on 08/15/2025 at $11.5052, and 97,957 shares on 08/18/2025 at $11.6208. After the reported transactions, the filing reports 9,491,619 shares beneficially owned in the direct column for certain lines and identifies substantial additional indirect holdings through entities and trusts. The filer is President of CMI Oxbow Partners, LLC and Managing Partner of Oxbow Industries, LLC; CMI directly holds a large block of shares for which Mr. Unterseher disclaims beneficial ownership except for any pecuniary interest.

Positive

• None.

Negative

• Director and 10% owner executed sizable open-market sales (217,329 shares on 08/14/2025; 5,684 on 08/15/2025; 97,957 on 08/18/2025).
• Direct beneficial ownership reported decreased to figures such as 9,491,619 shares following the transactions disclosed.
• Complex ownership through affiliated entities and trusts could complicate assessment of true insider alignment despite continued large indirect holdings.

Insights

Securities Analyst

TL;DR: Significant insider sales by a director/10% owner reduce direct holdings; material for monitoring but not conclusive on company fundamentals.

The Form 4 documents sizable open-market dispositions across three dates in August 2025 totaling over 320,000 shares sold at weighted average prices between $11.50 and $12.08. For investors, the key points are the size and timing of sales by a high-level insider and the continuing large indirect holdings via affiliated entities and trusts. These sales may reflect portfolio liquidity actions rather than company-specific signals, but they do reduce the reporting person’s direct stake and are therefore relevant to ownership and governance analysis.

Corporate Governance Expert

TL;DR: Director and 10% owner executed material share sales while retaining substantial indirect holdings through affiliated entities.

The filing clarifies ownership structure: CMI Oxbow Partners, LLC directly holds shares and Oxbow Industries, LLC is the majority member. Mr. Unterseher disclaims direct beneficial ownership of CMI-held shares except for pecuniary interest. The reported dispositions reduce direct holdings to the reported level of 9,491,619 shares on certain lines but leave large indirect positions intact across trusts and affiliated entities. From a governance perspective, disclosure is comprehensive and identifies the chain of ownership, which supports transparency for shareholders assessing insider alignment.

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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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)
08/14/2025

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	08/14/2025		S		217,329	D	$11.7997(1)	9,595,260	D	(2)
Common Stock	08/15/2025		S		5,684	D	$11.5052(3)	9,589,576	D	(2)
Common Stock	08/18/2025		S		97,957	D	$11.6208(4)	9,491,619	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 217,329 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 14, 2025 with sale prices ranging from $11.60 to $12.08 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 5,684 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 15, 2025 with sale prices ranging from $11.50 to $11.52 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 97,957 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 18, 2025 with sale prices ranging from $11.50 to $11.73 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	08/18/2025
	** 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).
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FAQ

What trades did Loren A. Unterseher report for SKYT in August 2025?

The Form 4 reports sales of 217,329 shares on 08/14/2025 (weighted avg $11.7997), 5,684 shares on 08/15/2025 (weighted avg $11.5052), and 97,957 shares on 08/18/2025 (weighted avg $11.6208).

How many SKYT shares does the filer report owning after these transactions?

The filing shows direct beneficial ownership figures such as 9,491,619 shares on the reported lines; additional indirect holdings are reported through entities and trusts.

What is the filer’s relationship to SkyWater Technology (SKYT)?

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

Do the filings disclose how the sales were executed or price ranges?

Yes. The filing discloses weighted average prices and states sale price ranges: 08/14 sales ranged from $11.60 to $12.08; 08/15 ranged $11.50 to $11.52; 08/18 ranged $11.50 to $11.73.

Are there indirect holdings reported through other entities or trusts?

Yes. The Form 4 lists multiple indirect holdings held by CMI, Oxbow, family trusts, a grantor retained annuity trust, a family irrevocable trust, a revocable trust, and trusts for benefit of family members.