L-5 Healthcare Partners, LLC - 17 Nov 2022 Form 4 Insider Report for Alphatec Holdings, Inc. (ATEC)

Role
Director by deputization, 10%+ Owner
Signature
L-5 Healthcare Partners, LLC, /s/ Paul Segal, Manager
Issuer symbol
ATEC
Transactions as of
17 Nov 2022
Net transactions value
-$900
Form type
4
Filing time
18 Nov 2022, 16:20:41 UTC
Previous filing
10 Nov 2022
Next filing
26 Jan 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ATEC Common Stock Options Exercise $3,500,000 +1,000,000 +11% $3.50 9,866,970 17 Nov 2022 Direct F1, F2, F4
transaction ATEC Common Stock Tax liability $3,500,900 -336,625 -3.4% $10.40 9,530,345 17 Nov 2022 Direct F1, F2, F3, F4

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 ATEC Warrants to Purchase Common Stock Exercise of in-the-money or at-the-money derivative security $0 -1,000,000 -19% $0.000000 4,346,032 17 Nov 2022 Common Stock 1,000,000 $3.50 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each of Andy Barnett and Evan Bakst serve on the board of directors of the issuer as a representative of the reporting persons. As a result, each reporting person herein may be deemed a director by deputization for the purposes of Section 16 of the Exchange Act.
F2 Paul Segal directly (through his position as manager of L-5 Healthcare Partners, LLC ("L-5")) may be deemed to control L-5 and to have shared voting and investment power with respect to the shares beneficially owned by L-5. As such, Mr. Segal may be deemed to have shared beneficial ownership of the shares beneficially owned by L-5. Mr. Segal, however, disclaims beneficial ownership of such shares, except to the extent of his indirect pecuniary interest therein.
F3 Represents a "cashless exercise" of outstanding warrants. The reporting person received 663,375 shares of Common Stock on cashless exercise of warrants to purchase 1,000,000 shares of Common Stock. The Company withheld 336,625 shares of Common Stock underlying the warrants for payment of the exercise price, using the VWAP on November 16, 2022 of approximately $10.40, pursuant to the terms of the warrant.
F4 Paul Segal separately is the direct beneficial owner of 338,825 shares of Common Stock of the Issuer.