Spring Mountain Capital, LLC 4
4 · GIGA TRONICS INC · Filed Aug 31, 2020
Insider Transaction Report
Form 4
GIGA TRONICS INCGIGA
Spring Mountain Capital, LLC
10% Owner
Transactions
- Sale
Series C Convertible Voting Perpetual Preferred Stock
2020-08-27$54.26/sh−3,020.35$163,884→ 0 total→ Common Stock (20,136 underlying) - Sale
Common Stock
2020-08-27$3.86/sh−62,715$242,080→ 0 total - Sale
Series B Convertible Voting Perpetual Preferred Stock
2020-08-27$81.77/sh−8,704.44$711,762→ 0 total→ Common Stock (58,030 underlying) - Sale
Series D Convertible Voting Perpetual Preferred Stock
2020-08-27$53.15/sh−5,111.86$271,695→ 0 total→ Common Stock (34,079 underlying)
Footnotes (6)
- [F1]Represents shares of common stock of Issuer disposed of directly by the Reporting Persons as follows: 33,305 shares by SMC Select Co-Investment Fund I, LP ("SMC Co-Investment LP") and 29,410 shares by SMC Private Equity Holdings, LP ("SMC PE LP").
- [F2]Each of the Series B Convertible Voting Perpetual Preferred Stock ("Series B Preferred Stock"), Series C Convertible Voting Perpetual Preferred Stock ("Series C Preferred Stock") and Series D Convertible Voting Perpetual Preferred Stock ("Series D Preferred Stock") was convertible at any time upon request and was initially convertible into shares of common stock on a 1:100 basis. Each such class of stock had no expiration date.
- [F3]Represents shares of Series B Preferred Stock disposed of by the Reporting Persons as follows: 6,885.52 shares by SMC Co-Investment LP, 97.54 shares by Spring Mountain Capital G.P., LLC and 1,721.38 shares by Mr. Steffens.
- [F4]Represents shares of Series C Preferred Stock disposed of by the Reporting Persons as follows: 1,476.19 shares by SMC Co-Investment LP, 82.81 shares by Spring Mountain Capital G.P., LLC and 1,461.34 shares by Mr. Steffens.
- [F5]Represents shares of Series D Preferred Stock disposed of by the Reporting Persons as follows: 700.28 shares by SMC Co-Investment LP and 4,411.58 shares by SMC PE LP.
- [F6]As reported by the Issuer on Form 8-K, on December 12, 2019 the Issuer effected a 1 for 15 reverse stock split. The number of shares of common stock indicated in this Statement reflects the post-split number of shares disposed of. All warrants previously acquired by the Reporting Persons and disclosed in its Form 3 filed on January 9, 2019 expired without any portion being exercised. As a result of the transactions reported herein, the Reporting Persons were completely divested of the shares of Issuer's securities.