Mathew Paul Arens - Aug 23, 2023 Form 4 Insider Report for Societal CDMO, Inc. (SCTL)

Role: Director, 10%+ Owner
Signature: /s/ Mathew P. Arens
Stock symbol: SCTL
Transactions as of: Aug 23, 2023
Transactions value $: $2,999,875
Form type: 4
Date filed: 8/25/2023, 04:25 PM
Next filing: Apr 8, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SCTL	Common Stock	Purchase	$2.5M	+6.25M	+46.55%	$0.40	19.7M	Aug 24, 2023	See Footnote	F1
holding	SCTL	Common Stock						635K	Aug 23, 2023	Direct

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	SCTL	Stock Option (right to buy)	Award	$0	+20K		$0.00	20K	Aug 23, 2023	Common Stock	20K	$0.61	Direct	F2
transaction	SCTL	Pre-Funded Warrant (right to buy)	Purchase	$500K	+1.25M		$0.40	125K	Aug 24, 2023	Common Stock	125K	$0.00	Direct	F3

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

Explanation of Responses:

Id	Content
F1	Represents shares held for the benefit of private investment vehicles (the "Accounts") for which First Light Asset Management, LLC ("First Light") serves as investment adviser. Mr. Arens is the Managing Member, CEO and Senior Portfolio Manager of First Light. In such capacities, the Reporting Persons may be deemed to beneficially own securities held for the benefit of the Accounts. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of his or its pecuniary interest therein, and the filing of this Form 3 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose.
F2	Stock options granted to Mr. Arens in his capacity as a director of the Issuer. Stock option vests in three equal annual installments, beginning on August 23, 2024, subject to Mr. Aren's continuous service with the Issuer.
F3	Held jointly by Mr. Arens and his wife. The warrant has no expiration date. Under its terms, the warrant may be converted to Common Stock only to the extent that such conversion would not cause (i) the holder itself to beneficially own in excess of 0.99% of the shares of Common Stock then outstanding or (ii) the holder, together with its affiliates and any other person or entity acting as a group, to beneficially own in excess of 19.95% of the shares of Common Stock then outstanding.

Remarks:

Mr. Arens, a director of the Issuer.