U. Bertram Ellis Jr. - Apr 7, 2021 Form 4 Insider Report for American Virtual Cloud Technologies, Inc. (AVCT)

Role
Director
Signature
/s/ Alan I. Annex, Attorney-in-Fact
Stock symbol
AVCT
Transactions as of
Apr 7, 2021
Transactions value $
$2,611,246
Form type
4
Date filed
9/13/2021, 04:05 PM

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AVCT Common Stock Options Exercise +15K +55.56% 42K Apr 7, 2021 Direct F1
transaction AVCT Common Stock Conversion of derivative security $1.36M +395K +939.44% $3.45* 437K Sep 8, 2021 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 AVCT Series A-1 convertible debentures Conversion of derivative security $1M 0 Sep 8, 2021 Common Stock 83.4K $3.45 Direct F2, F3
transaction AVCT Series A convertible debentures Conversion of derivative security $250K 0 Sep 8, 2021 Common Stock 311K $3.45 Direct F2, F3
transaction AVCT Restricted Stock Units Options Exercise $0 +15K +50% $0.00 45K Apr 7, 2021 Common Stock 15K Direct F1, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Restricted stock units convert into common stock on a one-for-one basis.
F2 The debentures were immediately exercisable, subject to a conversion cap that applied until the Issuer obtained the requisite stockholder approval to issue the full amount of underlying shares.
F3 The expiration date was the date that the principal amount of the applicable debenture (together with all accrued but unpaid interest thereon) was paid in full, subject to mandatory conversion in whole pursuant to the terms thereof, which mandatory conversion occurred effective September 8, 2021. The entire principal sum amount of the Series A-1 and Series A convertible debentures, together with accrued and unpaid interest thereon, was due and payable on the earlier to occur of certain dates specified in the debentures.
F4 On April 7, 2020, the reporting person was granted 60,000 restricted stock units, vesting in four equal annual installments beginning on April 7, 2021 (each, a "Vesting Date"), provided that the reporting person's service continues with the Issuer and its related entities through and on the applicable Vesting Date.