Sandip I. Patel - 09 Mar 2023 Form 4 Insider Report for Monterey Innovation Acquisition Corp (MTRY)

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MTRY	Common Stock	Sale	$3,420	-570,000	-30%	$0.006000^*	1,342,500	09 Mar 2023	See footnote	F1, F2
transaction	MTRY	Common Stock	Other		+75,000	+5.6%		1,417,500	09 Mar 2023	See footnote	F1, F3
holding	MTRY	Common Stock						35,000	09 Mar 2023	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	The shares of common stock (the "founder shares") of Monterey Innovation Acquisition Corp. (the "Company") are held directly by NorthStar Bio Ventures, LLC (the "NorthStar Co-Sponsor"). The Reporting Person is a manager of NorthStar Co-Sponsor. Accordingly, the Reporting Person has voting and dispositive power over the founder shares held by NorthStar Co-Sponsor and may be deemed to beneficially own such shares. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
F2	In connection with the Company's previously disclosed management transition, and pursuant to share transfer agreements dated March 9, 2023, NorthStar Co-Sponsor transferred (i) 478,125 founder shares to Chardan Monterey Investments LLC and (ii) 30,625 founder shares to each of the Company's three new directors, in each case, at a price of $0.006 per share.
F3	On March 9, 2023, Sanjeev Satyal resigned as the Company's Chief Executive Officer and, pursuant to an assignment dated March 9, 2023, transferred back to NorthStar Co-Sponsor 75,000 of the founder shares that he received from NorthStar Co-Sponsor prior to the Company's initial public offering.