Roystone Capital Management LP - Feb 8, 2023 Form 3 Insider Report for VAPOTHERM INC (VAPO)

Role: 10%+ Owner
Signature: Roystone Capital Management LP By: Roystone Capital Holdings LLC, its general partner By: /s/ Laura Roche
Stock symbol: VAPO
Transactions as of: Feb 8, 2023
Transactions value $: $0
Form type: 3
Date filed: 2/17/2023, 12:34 PM
Previous filing: Feb 17, 2023
Next filing: Jun 23, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	VAPO	Common Stock, $0.001 par value per share						2.38M	Feb 8, 2023	See Footnote	F1
holding	VAPO	Common Stock, $0.001 par value per share						419K	Feb 8, 2023	See Footnote	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	VAPO	Warrant							Feb 8, 2023	Common Stock, $0.001 par value per share	2.38M	$1.17	See Footnote	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported securities and warrants are owned directly by Guines LLC ("Guines") and may be deemed to be indirectly beneficially owned by (i) Roystone Capital Management LP ("Roystone"), the investment adviser to Guines (ii) Roystone Capital Holdings LLC ("Holdings"), the general partner of Roystone and (iii) Richard Barrera, the managing member of Holdings. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
F2	The reported securities are owned directly by Roystone Capital Master Fund Ltd. (the "Master Fund") and may be deemed to be indirectly beneficially owned by (i) Roystone, the investment adviser to the Master Fund (ii) Holdings, the general partner of Roystone and (iii) Richard Barrera, the managing member of Holdings. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
F3	The reported warrants are each exercisable for one share of Common Stock, $0.001 par value per share. The foregoing description of the warrants does not purport to be complete and is subject to and qualified in its entirety by reference to the Form of Warrant, incorporated as Exhibit 4.2 to the Issuer's 8-K filed on February 8, 2023, which is incorporated by reference.