SkyWater Insider Sales: Unterseher Reports Large 10b5-1 and Open-Market Dispositions
Rhea-AI Filing Summary
Loren A. Unterseher, a director and reported 10% owner of SkyWater Technology, Inc. (SKYT), reported multiple open-market sales of common stock on September 9-11, 2025. The Form 4 shows sales of 6,218 shares at a weighted average price of $10.8688 on 09/09/2025, 4,396 shares at $10.6358 on 09/10/2025, and 229,029 shares at $10.4358 on 09/11/2025, with 120,000 of the September 11 sales executed automatically under a Rule 10b5-1 trading plan adopted June 13, 2025. Following the reported transactions, the aggregate beneficial ownership reported on the form equals several million shares across direct and indirect holdings held by Mr. Unterseher, CMI Oxbow Partners, LLC, Oxbow Industries, LLC and related trusts and family entities. The filer disclaims beneficial ownership of shares held directly by CMI except to the extent of any pecuniary interest, and offers to provide transaction-level sale details upon request by regulators or security holders.
Positive
- Adoption of a Rule 10b5-1 trading plan (adopted 06/13/2025) for at least 120,000 shares, indicating pre-planned, compliant sales
- Transparency offer to provide per-price sale breakdowns to the SEC, issuer, or security holders upon request
- Continued substantial ownership reported across direct and indirect vehicles, indicating ongoing insider stake
Negative
- Significant open-market sales reported: 6,218 shares on 09/09/2025, 4,396 shares on 09/10/2025, and 229,029 shares on 09/11/2025
- Large single-day disposition of 229,029 shares on 09/11/2025 (weighted average price $10.4358), which may increase near-term share supply
Insights
TL;DR: Director sold sizeable blocks over three days, including automated 10b5-1 sales; ownership remains concentrated.
These sales total at least 239,643 shares reported across three days with a large 229,029-share trade on 09/11/2025, of which 120,000 were executed under a pre-established Rule 10b5-1 plan. While the disposition reduces the reporting person’s immediate economic exposure, the Form shows continued large beneficial holdings across direct and indirect vehicles totaling several million shares. The filing’s explicit offer to disclose per-price sale breakdowns supports transparency. For investors, such concentrated insider ownership combined with planned selling can affect perceptions of liquidity and near-term supply but does not by itself reveal company fundamentals.
TL;DR: Use of a Rule 10b5-1 plan signals pre-planned disposals; continued indirect holdings indicate sustained insider alignment.
The filer documents that some sales were governed by a 10b5-1 trading plan adopted on 06/13/2025, which typically provides an affirmative defense against insider trading claims when properly structured. The explanatory footers clarify complex ownership through entities and trusts and include a standard disclaimer of beneficial ownership where applicable. From a governance standpoint, the filing demonstrates procedural compliance and transparent attribution of indirect holdings, while also showing active liquidity events by a significant shareholder and company director.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 229,029 | $10.4358 | $2.39M |
| Sale | Common Stock | 4,396 | $10.6358 | $47K |
| Sale | Common Stock | 6,218 | $10.8688 | $68K |
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Footnotes (1)
- Reflects the weighted average price of 6,218 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 9, 2025 with sale prices ranging from $10.80 to $10.97 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. 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. Reflects the weighted average price of 4,396 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 10, 2025 with sale prices ranging from $10.60 to $10.67 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. Reflects the weighted average price of 229,029 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on September 11, 2025 with sale prices ranging from $10.00 to $10.50 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. Includes 120,000 sold automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 13, 2025. Oxbow directly holds the shares reported in Column 5. Shares owned directly by Mr. Unterseher.
