Sessa Capital (Master), L.P. - Sep 29, 2025 Form 4 Insider Report for SAB Biotherapeutics, Inc. (SABS)

Role
Director
Signature
/s/ John Petry, for Sessa Capital (Master), L.P., By: Sessa Capital GP, LLC, its general partner, By: John Petry, as manager
Stock symbol
SABS
Transactions as of
Sep 29, 2025
Transactions value $
$3,045,000
Form type
4
Date filed
10/1/2025, 04:06 PM
Previous filing
Jul 24, 2025
SEC
View on sec.gov

Reporting Owners (5)

Name Relationship Address Signature Signature date CIK
Sessa Capital (Master), L.P. Director 888 SEVENTH AVENUE, 30TH FLOOR, NEW YORK /s/ John Petry, for Sessa Capital (Master), L.P., By: Sessa Capital GP, LLC, its general partner, By: John Petry, as manager 2025-10-01 0001618360
Sessa Capital GP, LLC Director 888 SEVENTH AVENUE, 30TH FLOOR, NEW YORK /s/ John Petry, for Sessa Capital GP, LLC, By: John Petry, as manager 2025-10-01 0001618699
Sessa Capital IM, L.P. Director 888 SEVENTH AVENUE, 30TH FLOOR, NEW YORK /s/ John Petry, for Sessa Capital IM, L.P., By: Sessa Capital IM GP, LLC, its general partner, By: John Petry, as manager 2025-10-01 0001595849
Sessa Capital IM GP, LLC Director 888 SEVENTH AVENUE, 30TH FLOOR, NEW YORK /s/ John Petry, for Sessa Capital IM GP, LLC, By: John Petry, as manager 2025-10-01 0001618700
Petry John Director 888 SEVENTH AVENUE, 30TH FLOOR, NEW YORK /s/ John Petry 2025-10-01 0001618702

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SABS Common Stock Options Exercise $3.05M +1.74M +379.53% $1.75 2.2M Sep 29, 2025 Direct F1, F2

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 SABS Series B Convertible Preferred Stock Options Exercise -17.4K -7.61% 211K Sep 29, 2025 Common Stock 1.74M $1.75 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Reflects the automatic conversion of Series B Convertible Preferred Stock, par value $0.0001 per share (the "Preferred Stock"), of SAB Biotherapeutics, Inc. (the "Issuer"), held by Sessa Capital (Master), L.P. (the "Fund") into common stock, par value $0.0001 per share (the "Common Stock") of the Issuer. The Preferred Stock became automatically convertible on September 29, 2025, the first trading day following the announcement of the approval by the stockholders of the Issuer of the issuance of all Common Stock upon conversion of the Preferred Stock.
F2 These securities of the Issuer are beneficially owned by (i) the Fund, directly, (ii) Sessa Capital GP, LLC, indirectly as a result of being the sole general partner of the Fund, (iii) Sessa Capital IM, L.P., indirectly as a result of being the investment adviser for the Fund, (iv) Sessa Capital IM GP, LLC, indirectly as a result of being the sole general partner of Sessa Capital IM, L.P., and (v) John Petry, indirectly as a result of being the manager of Sessa Capital GP, LLC and Sessa Capital IM GP, LLC. Andrew Moin, an Analyst and Partner with the Fund, is a member of the board of directors of the Issuer. Each of the Reporting Persons and Mr. Moin disclaim beneficial ownership of any securities reported by any person except to the extent of their pecuniary interest therein.
F3 The Fund acquired the Preferred Stock of the Issuer for an aggregate purchase price of $39,987,500 pursuant to that certain Securities Purchase Agreement, dated July 21, 2025. The Preferred Stock is subject to a beneficial ownership limitation that prevents the Reporting Persons from converting the Preferred Stock into Common Stock to the extent that such conversion would result in the Reporting Person beneficially owning more than 4.99% of the Issuer's Common Stock outstanding immediately following such conversion.