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

Rhea-AI Filing Summary

SkyWater Technology, Inc. (SKYT) Form 4: Director and 10% owner Loren A. Unterseher reported multiple open-market sales of common stock on August 26–28, 2025. The filings show 756,516 shares sold on 08/26 at a weighted average price of $12.0639, 188,041 shares sold on 08/27 at $12.1077, and 311,959 shares sold on 08/28 at $12.2844, for total reported disposals of 1,256,516 shares across the three days. After those transactions his reported direct beneficial ownership declined from 8,161,012 shares to 7,661,012 shares. The Form 4 also lists multiple indirect holdings through entities and trusts and includes customary disclaimers about pecuniary interest and provision of per-price details on request.

Positive

• Transparent disclosure of multi-day insider sales including weighted average prices and post-transaction holdings
• Detailed ownership mapping listing direct and multiple indirect holdings through entities and trusts
• Willingness to provide full per-price sales breakdown upon request per the explanatory note

Negative

• Substantial insider selling of 1,256,516 shares across three days (08/2602508/28/2025), which materially reduced direct holdings
• No explanation provided in the Form 4 for the purpose of the sales (e.g., diversification, tax, collateral), leaving investors without context

Insights

Financial Analyst

TL;DR: Large, disclosed insider sales totalling 1,256,516 shares over three days; remaining direct stake still substantial.

The Form 4 documents sizeable open-market sales by Loren A. Unterseher, a director and reported 10% owner, across August 26–28, 2025. Total shares sold equal 1,256,516 with day-weighted average prices between $12.0639 and $12.2844. After the sales his direct beneficial holdings decreased from 8,161,012 to 7,661,012 shares, indicating a meaningful reduction but retention of a large position. The filing details extensive indirect holdings via CMI Oxbow Partners, Oxbow Industries and various trusts, and includes standard disclaimers about beneficial ownership. For investors this is material disclosure of insider liquidity but the filing contains no explanations for the sales.

Corporate Governance Expert

TL;DR: Insider fully reported multi-day sales and ownership structure; transparency is good, but sales are material.

The filing complies with Section 16 reporting: it reports multiple transactions, weighted average sale prices per day, and the post-transaction ownership counts. It also clarifies the reporting persons roles in related entities and disclaims direct beneficial ownership of shares held by those entities except to the extent of pecuniary interest. The declaration to provide detailed per-price quantities upon request enhances transparency. There is no additional context provided about the reason for sales; governance disclosure obligations appear met.

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)
08/26/2025

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	08/26/2025		S		756,516	D	$12.0639(1)	8,161,012	D	(2)
Common Stock	08/27/2025		S		188,041	D	$12.1077(3)	7,972,971	D	(2)
Common Stock	08/28/2025		S		311,959	D	$12.2844(4)	7,661,012	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 756,516 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 26, 2025 with sale prices ranging from $11.65 to $12.33 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 188,041 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 27, 2025 with sale prices ranging from $12.00 to $12.395 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 311,959 shares of common stock of SkyWater Technology, Inc. sold in multiple transactions on August 28, 2025 with sale prices ranging from $12.00 to $12.53 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	08/28/2025
	** 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

How many SK YT shares did Loren Unterseher sell on the Form 4?

He sold a total of 1,256,516 shares across August 26025 (756,516), August 27025 (188,041), and August 28025 (311,959).

What were the weighted average prices for the SK YT sales?

Weighted averages per day: $12.0639 on 08/26/2025, $12.1077 on 08/27/2025, and $12.2844 on 08/28/2025.

What is Loren Untersehers reported direct ownership after these transactions?

Direct beneficial ownership fell to 7,661,012 shares following the reported transactions on 08/28/2025.

Does the Form 4 show other indirect holdings for the reporting person?

Yes. The filing lists multiple indirect holdings via CMI Oxbow Partners, Oxbow Industries, family trusts, grantor retained annuity trusts, and spouse-held shares.

Did the filing provide reasons for the insider sales?

No. The Form 4 discloses the transactions and ownership but does not state the purpose or reason for the sales.