Sandip Patel - Mar 9, 2023 Form 4 Insider Report for Monterey Innovation Acquisition Corp (MTRY)

Role
Director, 10%+ Owner
Signature
/s/ Jason T. Simon, as Attorney-in-Fact
Stock symbol
MTRY
Transactions as of
Mar 9, 2023
Transactions value $
-$3,420
Form type
4
Date filed
3/13/2023, 08:44 PM
Previous filing
Sep 30, 2021
Next filing
Feb 16, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MTRY Common Stock Sale -$3.42K -570K -29.8% $0.01* 1.34M Mar 9, 2023 See footnote F1, F2
transaction MTRY Common Stock Other +75K +5.59% 1.42M Mar 9, 2023 See footnote F1, F3
holding MTRY Common Stock 35K Mar 9, 2023 Direct
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The shares of common stock (the "founder shares") of Monterey Innovation Acquisition Corp. (the "Company") are held directly by NorthStar Bio Ventures, LLC (the "NorthStar Co-Sponsor"). The Reporting Person is a manager of NorthStar Co-Sponsor. Accordingly, the Reporting Person has voting and dispositive power over the founder shares held by NorthStar Co-Sponsor and may be deemed to beneficially own such shares. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
F2 In connection with the Company's previously disclosed management transition, and pursuant to share transfer agreements dated March 9, 2023, NorthStar Co-Sponsor transferred (i) 478,125 founder shares to Chardan Monterey Investments LLC and (ii) 30,625 founder shares to each of the Company's three new directors, in each case, at a price of $0.006 per share.
F3 On March 9, 2023, Sanjeev Satyal resigned as the Company's Chief Executive Officer and, pursuant to an assignment dated March 9, 2023, transferred back to NorthStar Co-Sponsor 75,000 of the founder shares that he received from NorthStar Co-Sponsor prior to the Company's initial public offering.