PENSARE SPONSOR GROUP, LLC - 10 Sep 2021 Form 4 Insider Report for American Virtual Cloud Technologies, Inc.

Role: 10%+ Owner
Signature: /s/ Alan I. Annex, Attorney-in-Fact
Issuer symbol: N/A
Transactions as of: 10 Sep 2021
Net transactions value: +$6.26
Form type: 4
Filing time: 14 Sep 2021, 20:02:45 UTC
Previous filing: 10 Sep 2021
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AVCT	Common Stock	Exercise of in-the-money or at-the-money derivative security	$2,260	+226,000	+3.4%	$0.0100^*	6,799,133	10 Sep 2021	Direct
transaction	AVCT	Common Stock	Sale	$2,254	-564	-0.01%	$4.00^*	6,798,569	10 Sep 2021	Direct	F1

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	Warrants	Exercise of in-the-money or at-the-money derivative security	$0	-226,000	-100%	$0.000000^*	0	10 Sep 2021	Common Stock	226,000	$0.0100	Direct

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

Explanation of Responses:

Id	Content
F1	On September 10, 2021, the reporting person exercised warrants to purchase 226,000 shares of the issuer's common stock for $0.01 per share. The reporting person paid the exercise price on a cashless basis, resulting in the issuer's withholding of 564 of the warrant shares to pay the exercise price and issuing to the reporting person the remaining 225,436 shares.