Julian Alexander McIntyre - Mar 9, 2023 Form 4/A Insider Report for Advanced Emissions Solutions, Inc. (ADES)

Role
Director
Signature
/s/ Julian Alexander McIntyre
Stock symbol
ADES
Transactions as of
Mar 9, 2023
Transactions value $
$0
Form type
4/A
Date filed
1/25/2024, 04:30 PM
Date Of Original Report
Mar 13, 2023
Previous filing
Feb 3, 2023
Next filing
Jul 5, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ADES Common Stock Other +160K 160K Mar 9, 2023 By MWB Limited F1, F2, F3
transaction ADES Common Stock Other +18K 18K Mar 9, 2023 By Markham Fuels Management Limited F1, F2, F4
transaction ADES Series A Convertible Preferred Stock Other +187K 187K Mar 9, 2023 By MWB Limited F1, F2, F3, F5
transaction ADES Series A Convertible Preferred Stock Other +21K 21K Mar 9, 2023 By Markham Fuels Management Limited F1, F2, F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On March 13, 2023, the reporting person filed a Form 4 which inadvertendly omitted certain indirect beneficial ownership interests in the issuer's Common Stock and Series A Convertible Preferred Stock. As reported in this amendment, the reporting person indirectly owned additional interests in the issuer's Common Stock and Series A Convertible Preferred Stock through their control of Markham Fuels Management Limited, and control of Allard Services Limited, which controls MWB Limited. This amended filing on Form 4/A reflects the shares obtained by Markham Fuels Management Limited and MWB Limited in the transaction.
F2 Pursuant to that certain Share Buy Back Agreement, by and among Arq Limited and certain of its shareholders (the "Share Buy Back Agreement"), Arq Limited distributed shares of Common Stock, par value $0.001 per share (the "Common Stock") and shares of Series A Preferred Convertible Stock, par value $0.001 per share (the "Series A Preferred Stock"), to such shareholders in exchange for ordinary shares of Arq Limited held by such shareholders, in connection with the acquisition of Arq Limited by the Issuer. Pursuant to the Share Buy Back Agreement, certain shareholders of Arq Limited sold in the aggregate 90% of their ordinary shares in Arq and received in the aggregate 9.78 shares of Common Stock and 11.44 shares of Preferred Stock as consideration for every 1,000 ordinary shares in Arq sold (rounded down to the nearest whole share). The shares of the Issuer distributed in exchange for Arq Limited ordinary shares were valued at $4.00 per share.
F3 The shares reported on this row are held by MWB Limited, which is controlled by Allard Services Limited. Julian McIntyre, a Director of the Issuer, controls Allard Services Limited and therefore may be deemed to be an indirect beneficial owner of the securities reported herein.
F4 The shares reported on this row are held by Markham Fuels Management Limited. Julian McIntyre, a Director of the Issuer, controls Markham Fuels Management Limited and therefore is an indirect beneficial owner of the securities reported herein.
F5 Each share of Series A Preferred Stock will be automatically converted into a share of Common Stock upon approval by the holders of the percentage of Common Stock required to approve such conversion under the applicable rules of The Nasdaq Stock Market, without the need for any action on the part of the holders of the Series A Preferred Stock (the "Conversion Approval"). Each share of Series A Preferred Stock is deemed to have an original issue price of $4.00 per share (the "Original Issue Amount"). The number of shares of Common Stock issued upon conversion of each share of Series A Preferred Stock shall be equal to the product of (i) the sum of (A) the Original Issue Amount plus (B) an amount equal to the cumulative amount of the accrued and unpaid dividends on such share at such time (regardless of whether or not declared or funds for their payment are lawfully available) divided by (ii) the Original Issue Amount, subject to adjustment as provided in the Certificate of Designations.