SCHEDULE: Oxbow Group Boosts SkyWater Stake to Over 20%

CMI Oxbow Partners, LLC, Oxbow Industries, LLC, and Loren A. Unterseher collectively reported beneficial ownership of 20.73% of SkyWater Technology, Inc. common stock.

Summary

• CMI Oxbow Partners, LLC, Oxbow Industries, LLC, and Loren A. Unterseher reported beneficial ownership of SkyWater Technology, Inc. common stock.
• Loren A. Unterseher, individually and through his affiliations, holds an aggregate of 9,987,757 shares, representing 20.73% of the class.
• CMI Oxbow Partners, LLC and Oxbow Industries, LLC each beneficially own 4,811,256 shares, representing 9.99% of the class.
• The percentage calculations are based on 48,175,815 shares of common stock outstanding as of August 6, 2025.
• Mr. Unterseher's reported sole voting and dispositive power includes 5,176,498 shares, while shared power is 4,811,259 shares.
• The amounts for Mr. Unterseher exclude 11,428 shares underlying restricted stock units scheduled to vest on the date immediately preceding the next annual meeting of the issuer's stockholders.

Sentiment

Score: 7

Explanation: The filing indicates a significant and concentrated beneficial ownership by a key individual and affiliated entities, which can be interpreted as a strong vote of confidence in the company's future. This level of insider commitment is generally viewed positively by investors.

Positives

• Significant insider and institutional ownership, with Loren A. Unterseher and affiliated entities holding over 20% of SkyWater Technology, Inc.
• High beneficial ownership by key individuals and associated entities often signals confidence in the company's long-term prospects and strategic direction.

Risks

• Concentrated ownership by a single group could potentially influence corporate decisions in a way that may not always align with the interests of all minority shareholders.

Future Outlook

NA

Industry Context

This significant increase in beneficial ownership by a key individual and associated investment entities in a semiconductor technology company like SkyWater Technology, Inc. suggests a strong belief in the company's strategic direction and future growth potential within the competitive and capital-intensive semiconductor industry. Such a large stake can provide stability but also raises questions about governance and influence.

Related Party Transactions

• Loren A. Unterseher is President of CMI Oxbow Partners, LLC and Managing Partner of Oxbow Industries, LLC, which is the majority member of CMI. As a result, Mr. Unterseher and Oxbow may be deemed to be the beneficial owners of, and to have a pecuniary interest in, shares of common stock held by CMI. Each disclaims beneficial ownership of such shares, except to the extent of any pecuniary interest therein.

Stakeholder Impact

• Shareholders: The increased concentrated ownership by a single group, including an insider, could provide stability and signal confidence, but also raises potential concerns about control and influence over corporate decisions.
• Management: The significant stake held by Loren A. Unterseher and his affiliated entities could imply closer oversight and influence on strategic direction and operational execution.

Key Dates

Recommendation

The filing reveals a substantial increase in beneficial ownership by a key insider and affiliated entities, now exceeding 20%. While this signals strong confidence from a significant stakeholder, a Schedule 13G filing primarily reports ownership and does not provide operational or financial performance updates. Therefore, without additional information on the company's fundamentals, financial health, or strategic initiatives, a 'hold' recommendation is prudent. Investors should monitor future filings and company performance to assess the impact of this concentrated ownership and determine if it translates into improved operational results or strategic advantages.

Keywords

SkyWater Technology, SWTR, Beneficial Ownership, Schedule 13G, Insider Ownership, Institutional Ownership, CMI Oxbow Partners, Oxbow Industries, Loren A. Unterseher, Semiconductor, Technology