Baupost Group Llc/Ma - Jun 13, 2023 Form 4 Insider Report for Garrett Motion Inc. (GTX)

Role
10%+ Owner
Signature
Seth A. Klarman
Stock symbol
GTX
Transactions as of
Jun 13, 2023
Transactions value $
-$35,701,750
Form type
4
Date filed
6/15/2023, 07:36 PM
Previous filing
Jun 12, 2023
Next filing
Aug 10, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GTX Common Stock Conversion of derivative security +25.5M +444.16% 31.2M Jun 13, 2023 See Footnotes F1, F2, F3
transaction GTX Common Stock Sale -$4M -500K -1.6% $8.00 30.7M Jun 13, 2023 See Footnotes F1, F2
transaction GTX Common Stock Sale -$24M -3.1M -10.1% $7.73 27.6M Jun 14, 2023 See Footnotes F1, F2, F4
transaction GTX Common Stock Sale -$7.74M -1.03M -3.71% $7.55 26.6M Jun 15, 2023 See Footnotes 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 GTX Series A Cumulative Convertible Preferred Stock Conversion of derivative security +25.5M 0 Jun 13, 2023 Common Stock 28.1M See Footnotes F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Baupost Group Llc/Ma is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 This statement on Form 4 is being jointly filed by The Baupost Group, L.L.C. ("Baupost"), Baupost Group GP, L.L.C. ("Baupost GP"), and Seth A. Klarman ("Mr. Klarman") (collectively, the "Reporting Persons"). Baupost is a registered investment adviser. The principal business of Baupost is to act as an investment adviser to various private investment limited partnerships. Baupost GP, as the manager of Baupost, and Mr. Klarman, as the sole managing member of Baupost GP and a controlling person of Baupost, may be deemed to have beneficial ownership under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), of the securities beneficially owned by Baupost. Securities reported on this Form 4 as being beneficially owned by Baupost were purchased on behalf of certain of such partnerships.
F2 (Continued from footnote 1) The Reporting Persons disclaim beneficial ownership of the securities indicated except to the extent of their pecuniary interest therein, and the reporting herein of such securities shall not be construed as an admission that the Reporting Persons are the beneficial owners thereof for purposes of Section 16 of the Exchange Act or for any other purpose.
F3 The common stock reported herein were issued following the automatic conversion of all outstanding the Series A Cumulative Convertible Preferred Stock of Garrett Motion Inc. (the "Conversion") in accordance with the Issuer's certificate of designations for the Series A Cumulative Convertible Preferred Stock.
F4 The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $7.71 to $7.87. The Reporting Person undertakes to provide the staff at the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth above.