R. Aron English - Sep 19, 2023 Form 4 Insider Report for DIRTT ENVIRONMENTAL SOLUTIONS LTD (DRTT)

Role
Director, 10%+ Owner
Signature
/s/ Aron R. English
Stock symbol
DRTT
Transactions as of
Sep 19, 2023
Transactions value $
$32,553,000
Form type
4
Date filed
9/21/2023, 05:03 PM
Previous filing
Jul 18, 2023
Next filing
Oct 3, 2023

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
transaction DRTT 6.00% Convertible Unsecured Debentures due January 2026 Purchase $18.9M $18.9M Sep 19, 2023 Common Shares 4.07M $4.65 By: 22NW Fund, LP F1, F2, F3, F4
transaction DRTT 6.25% Convertible Unsecured Debentures due December 2026 Purchase $13.6M $13.6M Sep 19, 2023 Common Shares 3.25M $4.20 By: 22NW Fund, LP F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents Canadian dollars (C$).
F2 The 6.00% Convertible Unsecured Debentures due January 2026 and the 6.25% Convertible Unsecured Debentures due December 2026 are convertible as of the date hereof and were convertible commencing from the date of their original issuance.
F3 This Form 4 is filed jointly by 22NW Fund, LP ("22NW Fund"), 22NW, LP ("22NW"), 22NW Fund GP, LLC ("22NW GP"), 22NW GP, Inc. ("22NW Inc.") and Aron R. English (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding Common Shares. Mr. English is also a director of the Issuer. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
F4 Securities owned directly by 22NW Fund. As the investment manager to 22NW Fund, 22NW may be deemed to beneficially own the securities owned directly by 22NW Fund. As the general partner of 22NW Fund, 22NW GP may be deemed to beneficially own the securities owned directly by 22NW Fund. As the general partner of 22NW, 22NW Inc. may be deemed to beneficially own the securities owned directly by 22NW Fund. Mr. English, as the Portfolio Manager of 22NW, Manager of 22NW GP and President and sole shareholder of 22NW Inc., may be deemed to beneficially own the securities owned directly by 22NW Fund.