L-5 Healthcare Partners, LLC - Jan 25, 2023 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
Stock symbol
ATEC
Transactions as of
Jan 25, 2023
Transactions value $
$2,779
Form type
4
Date filed
1/26/2023, 05:54 PM
Previous filing
Nov 18, 2022
Next filing
Feb 21, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ATEC Common Stock Options Exercise $7M +2M +20.99% $3.50 11.5M Jan 25, 2023 Direct F1, F2, F4
transaction ATEC Common Stock Tax liability -$7M -533K -4.62% $13.14 11M Jan 25, 2023 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 -2M -46.02% $0.00 2.35M Jan 25, 2023 Common Stock 2M $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 1,467,487 shares of Common Stock on cashless exercise of warrants to purchase 2,000,000 shares of Common Stock. The Company withheld 532,513 shares of Common Stock underlying the warrants for payment of the exercise price, using the VWAP on January 24, 2023 of approximately $13.14, 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.