TEAM INC (TISI) gains new 10% owners with sizable warrants and preferred stake
Rhea-AI Filing Summary
InspectionTech Holdings LP and related Stellex entities, together with Raymond Whiteman, reported indirect ownership positions in TEAM INC. Through InspectionTech Holdings LP (the Stellex SPV), they hold 1,604,326 shares of Common Stock and 75,000 shares of Series B Preferred Stock, plus derivative securities. Indirect warrant positions include Tranche A Warrants over 982,371 Common shares at an exercise price of $23.00 and Tranche B Warrants over 470,889 Common shares at $50.00, subject to a 4.99% beneficial ownership cap. They also hold rights to 30,000 Delayed Draw Preferred Shares of Series B Preferred Stock at $1,000 per share, which, upon each 5,000-share issuance, trigger additional Tranche A and Tranche B Warrants on specified terms.
Positive
- None.
Negative
- None.
Insider Trade Summary
5 transactions reported
Mixed
5 txns
Insider
InspectionTech Holdings LP, Stellex Partners III LP, Stellex Management Partners A LP, Stellex Management Partners A LLC, Whiteman Raymond Alston
Role
10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Tranche A Warrants F2, F1 | -- | -- | -- |
| holding | Tranche B Warrants F2, F1 | -- | -- | -- |
| holding | Delayed Draw Preferred Shares (obligation to buy) F3, F1 | -- | -- | -- |
| holding | Common Stock F1 | -- | -- | -- |
| holding | Series B Preferred Stock F1 | -- | -- | -- |
Holdings After Transaction:
Tranche A Warrants — 982,371 shares (Indirect, See footnote);
Tranche B Warrants — 470,889 shares (Indirect, See footnote);
Delayed Draw Preferred Shares (obligation to buy) — 30,000 shares (Indirect, See footnote);
Common Stock — 1,604,326 shares (Indirect, See footnote);
Series B Preferred Stock — 75,000 shares (Indirect, See footnote)
Footnotes (3)
- F1. Securities held of record by InspectionTech Holdings LP (the "Stellex SPV"). Michael Stewart and Raymond Whiteman are the managing members of Stellex Management Partners A LLC, which is the general partner of Stellex Management Partners A LP, which is the general partner of Stellex Partners III LP, which is the general partner of the Stellex SPV. As a result of these relationships, each of the foregoing entities may be deemed to share beneficial ownership of the securities held of record by the Stellex SPV.
- F2. The warrants contain provisions preventing exercise if such exercise would result in the Stellex SPV beneficially owning greater than 4.99% of the Common Stock when aggregated with all other shares of Common Stock beneficially owned.
- F3. Upon each issuance of 5,000 Delayed Draw Preferred Shares, the Issuer will issue to the Stellex SPV an additional 65,491 Tranche A Warrants (the "Additional Tranche A Warrants") and an additional 31,393 Tranche B Warrants (the "Additional Tranche B Warrants") on substantially similar terms as the warrants reported herein, except that upon each issuance of Delayed Draw Preferred Shares on or after December 10, 2025, any Additional Tranche A Warrants issued shall have an initial exercise price the lesser of (x) $30.00 and (y) 110% of the 30-day volume weighted average price of the Common Stock, subject to adjustments. Any Additional Tranche B Warrants issued shall have an initial exercise price of $50.00 per share, subject to adjustments.
Key Figures
Common Stock held indirectly: 1,604,326 shares
Series B Preferred Stock held indirectly: 75,000 shares
Tranche A Warrants underlying shares: 982,371 shares
+5 more
8 metrics
Common Stock held indirectly
1,604,326 shares
Indirect Common Stock position held through the Stellex SPV
Series B Preferred Stock held indirectly
75,000 shares
Indirect Series B Preferred position through the Stellex SPV
Tranche A Warrants underlying shares
982,371 shares
Common Stock underlying Tranche A Warrants at $23.00 exercise price
Tranche A Warrants exercise price
$23.00
Exercise price per Common share for Tranche A Warrants
Tranche B Warrants underlying shares
470,889 shares
Common Stock underlying Tranche B Warrants at $50.00 exercise price
Tranche B Warrants exercise price
$50.00
Exercise price per Common share for Tranche B Warrants
Delayed Draw Preferred Shares right
30,000 shares at $1,000
Rights to acquire Series B Preferred Stock at $1,000 per share
Beneficial ownership cap
4.99%
Warrants not exercisable above 4.99% beneficial ownership of Common Stock
Key Terms
Tranche A Warrants, Tranche B Warrants, Delayed Draw Preferred Shares, beneficial ownership, +1 more
5 terms
Tranche A Warrants financial
"The warrants contain provisions preventing exercise if such exercise would result"
Tranche B Warrants financial
"and an additional 31,393 Tranche B Warrants on substantially similar terms"
beneficial ownership financial
"may be deemed to share beneficial ownership of the securities held of record"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Series B Preferred Stock financial
"underlying security title Series B Preferred Stock underlying security shares"
Series B preferred stock is a type of ownership share issued by a company that offers certain advantages over common stock, such as priority in receiving dividends or assets if the company is sold or liquidated. It is typically issued after an initial round of funding, making it a way for investors to support a company's growth while gaining some protections and benefits. This stock matters to investors because it often provides a more secure investment position with potential for future growth.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What is the 4.99% beneficial ownership limitation mentioned for TEAM INC (TISI)?
The warrants include a provision preventing exercise if doing so would cause the Stellex SPV to beneficially own more than 4.99% of TEAM INC Common Stock when aggregated with all other Common shares it beneficially owns.
Who ultimately controls the TEAM INC (TISI) securities held by the Stellex SPV?
InspectionTech Holdings LP (the Stellex SPV) holds the securities of record, and various Stellex entities plus Michael Stewart and Raymond Whiteman may be deemed to share beneficial ownership through their general partner and management relationships.