Helen K. Ellias - Nov 24, 2023 Form 4 Insider Report for SAB Biotherapeutics, Inc. (SABS)

Role: Director
Signature: /s/ Katie Ellias
Stock symbol: SABS
Transactions as of: Nov 24, 2023
Transactions value $: -$1,800,000
Form type: 4
Date filed: 11/28/2023, 04:05 PM
Previous filing: Nov 22, 2023
Next filing: Nov 5, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SABS	Common Stock	Options Exercise		+2.86M			2.86M	Nov 24, 2023	See Footnote	F1, F2, F3

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	SABS	Series A-1 Convertible Preferred Stock	Options Exercise	-$1.8M	-1.8K	-100%	$1,000.00	0	Nov 24, 2023	Common Stock or Series A-2 Convertible Preferred Stock	2.86M	$0.63	See Footnote	F1, F2, F3

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

Explanation of Responses:

Id	Content
F1	Reflects the automatic conversion of shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share ("Series A-1 Preferred Stock"), held by JDRF T1D Fund, LLC ("JDRF") into shares of common stock, par value $0.0001 per share ("Common Stock") of SAB Biotherapeutics, Inc. (the "Issuer"). The Series A-1 Preferred Stock became automatically convertible on November 24, 2023, the first trading day following the announcement of the approval by the stockholders of the Issuer of (i) an amendment to the Issuer's Amended and Restated Certificate of Incorporation to increase the number of authorized shares of Common Stock of the Issuer and (ii) the issuance of shares of Common Stock upon conversion of the Issuer's Series A-1 Preferred Stock, Series A-2 Convertible Preferred Stock, par value $0.0001 per share ("Series A-2 Preferred Stock"), and Series A-3 Convertible Preferred Stock, par value $0.0001 per share.
F2	Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: The Series A-1 Preferred Stock is subject to a beneficial ownership blocker provision that prevents the Reporting Person from converting the Series A-1 Preferred Stock into Common Stock to the extent such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion, and to the extent the conversion would cause the Reporting Person's beneficial ownership to exceed such maximum percentage, the Reporting Person will receive shares of Series A-2 Preferred Stock in lieu of Common Stock of the Issuer.
F3	These securities are beneficially owned by JDRF, directly. Helen Katherine Ellias, a Managing Director with JDRF, is a member of the board of directors of the Issuer. JDRF is a non-profit organization and the Reporting Person is an employee of such organization. As such, the Reporting Person disclaims beneficial ownership of any securities held by JDRF.