Sec Form 13G Filing - Telemetry Investments L.L.C. filing for Xtant Medical Holdings Inc. (XTNT) - 2020-02-13

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>
				 UNITED STATES
			SECURITIES AND EXCHANGE COMMISSION
	   		    Washington, D.C.  20549

				  SCHEDULE 13G/A

    		  Under the Securities Exchange Act of 1934

			       (Amendment No. 4)


			  Xtant Medical Holdings, Inc

			       (Name of Issuer)


			         Common Stock

			(Title of Class of Securities)


				  98420P308

				(CUSIP Number)

			      December 31, 2019

        (Date of Event Which Requires Filing of this Statement)


Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

|X|	Rule 13d-1(b)
| |	Rule 13d-1(c)
| |	Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).


CUSIP No. 98420P308		Schedule 13G/A			Page 2 of 9
___________________________________________________________________________
1.Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Telemetry Investments, L.L.C.
13-4081603
___________________________________________________________________________

2.Check the Appropriate Box if a Member of a Group (See Instructions)
(a) /  /
(b) /  /
___________________________________________________________________________
3.SEC Use Only
___________________________________________________________________________
4.Citizenship or Place of Organization
Delaware
___________________________________________________________________________
Number of
		5.Sole Voting Power

Shares Bene-	0
		_________________________________________________________

ficially owned	6.Shared Voting Power

		752,915 (1)
by Each		_________________________________________________________
		7.Sole Dispositive Power

		0
Reporting	_________________________________________________________

		8.Shared Dispositive Power

Person With:	752,915 (1)
___________________________________________________________________________
9.Aggregate Amount Beneficially Owned by Each Reporting Person

   752,915 (1)
____________________________________________________________________________
10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares
   						(See Instructions)
____________________________________________________________________________
11.Percent of Class Represented by Amount in Row 9

   5.7% *(2)
____________________________________________________________________________
12.Type of Reporting Person (See Instructions)

   IA
____________________________________________________________________________

(1) Telemetry Investments, L.L.C. is the investment manager to Telemetry
Securities, L.L.C., a Delaware limited liability company. For purposes of
Reg. Section 240.13d-3, Telemetry Securities, L.L.C., Telemetry
Investments, L.L.C., as the investment manager to Telemetry Securities,
L.L.C., and each of Andrew J. Schorr and Daniel P. Schorr, as a manager
of Telemetry Investments, L.L.C. are collectively, the Reporting Persons
in respect of the common shares of the Issuer reported herein.

(2) This percentage is calculated based upon 13,161,762 shares outstanding
of the Issuer, as set forth in the Issuer's Quarterly Report on Form 10-Q
for the quarter ended September 30, 2019 filed with the Securities and
Exchange Commission on November 7, 2019.



CUSIP No. 98420P308		Schedule 13G/A			Page 3 of 9
___________________________________________________________________________
1.Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Andrew J. Schorr
___________________________________________________________________________

2.Check the Appropriate Box if a Member of a Group (See Instructions)
(a) /  /
(b) /  /
___________________________________________________________________________
3.SEC Use Only
___________________________________________________________________________
4.Citizenship or Place of Organization
USA
___________________________________________________________________________
Number of
		5.Sole Voting Power

Shares Bene-	0
		_________________________________________________________

ficially owned	6.Shared Voting Power

		752,915 (1)
by Each		_________________________________________________________
		7.Sole Dispositive Power

		0
Reporting	_________________________________________________________

		8.Shared Dispositive Power

Person With:	752,915 (1)
___________________________________________________________________________
9.Aggregate Amount Beneficially Owned by Each Reporting Person

   752,915 (1)
____________________________________________________________________________
10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares
   						(See Instructions)
____________________________________________________________________________
11.Percent of Class Represented by Amount in Row 9

   5.7% * (2)
____________________________________________________________________________
12.Type of Reporting Person (See Instructions)
IN

____________________________________________________________________________

(1) Each of Andrew J. Schorr and Daniel P. Schorr are managers of Telemetry
Investments, L.L.C., a registered investment adviser to, and with power to vote
or dispose of the assets of, Telemetry Securities, L.L.C.  As a result of the
foregoing, for purposes of Reg. Section 240.13d-3, Telemetry Securities,
L.L.C., Telemetry Investments, L.L.C., as the investment manager to
Telemetry Securities, L.L.C., and each of Andrew J. Schorr and Daniel P.
Schorr, as a manager of Telemetry Investments, L.L.C. are collectively,
the Reporting Persons in respect of the common shares of the Issuer reported
herein.

(2) This percentage is calculated based upon 13,161,762 shares outstanding
of the Issuer, as set forth in the Issuer's Quarterly Report on Form 10-Q
for the quarter ended September 30, 2019 filed with the Securities and
Exchange Commission on November 7, 2019.




CUSIP No. 98420P308		Schedule 13G/A			Page 4 of 9
___________________________________________________________________________
1.Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Daniel P. Schorr
___________________________________________________________________________

2.Check the Appropriate Box if a Member of a Group (See Instructions)
(a) /  /
(b) /  /
___________________________________________________________________________
3.SEC Use Only
___________________________________________________________________________
4.Citizenship or Place of Organization
USA
___________________________________________________________________________
Number of
		5.Sole Voting Power

Shares Bene-	0
		_________________________________________________________

ficially owned	6.Shared Voting Power

		752,915 (1)
by Each		_________________________________________________________
		7.Sole Dispositive Power

		0
Reporting	_________________________________________________________

		8.Shared Dispositive Power

Person With:	752,915 (1)
___________________________________________________________________________
9.Aggregate Amount Beneficially Owned by Each Reporting Person

   752,915 (1)
____________________________________________________________________________
10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares
   						(See Instructions)
____________________________________________________________________________
11.Percent of Class Represented by Amount in Row 9

   5.7% * (2)
____________________________________________________________________________
12.Type of Reporting Person (See Instructions)
IN

____________________________________________________________________________

(1) Each of Andrew J. Schorr and Daniel P. Schorr are managers of Telemetry
Investments, L.L.C., a registered investment adviser to, and with power to vote
or dispose of the assets of, Telemetry Securities, L.L.C.  As a result of the
foregoing, for purposes of Reg. Section 240.13d-3, Telemetry Securities,
L.L.C., Telemetry Investments, L.L.C., as the investment manager to
Telemetry Securities, L.L.C., and each of Andrew J. Schorr and Daniel P.
Schorr, as a manager of Telemetry Investments, L.L.C. are collectively,
the Reporting Persons in respect of the common shares of the Issuer reported
herein.

(2) This percentage is calculated based upon 13,161,762 shares outstanding
of the Issuer, as set forth in the Issuer's Quarterly Report on Form 10-Q
for the quarter ended September 30, 2019 filed with the Securities and
Exchange Commission on November 7, 2019.



CUSIP No. 98420P308		Schedule 13G/A			Page 5 of 9
___________________________________________________________________________
1.Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Telemetry Securities, L.L.C.
13-4081600
___________________________________________________________________________

2.Check the Appropriate Box if a Member of a Group (See Instructions)
(a) /  /
(b) /  /
___________________________________________________________________________
3.SEC Use Only
___________________________________________________________________________
4.Citizenship or Place of Organization
Delaware
___________________________________________________________________________
Number of
		5.Sole Voting Power

Shares Bene-	0 (1)
		_________________________________________________________

ficially owned	6.Shared Voting Power

		0
by Each		_________________________________________________________
		7.Sole Dispositive Power

		0 (1)
Reporting	_________________________________________________________

		8.Shared Dispositive Power

Person With:	0
___________________________________________________________________________
9.Aggregate Amount Beneficially Owned by Each Reporting Person

   752,915 (1)
____________________________________________________________________________
10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares
   						(See Instructions)
____________________________________________________________________________
11.Percent of Class Represented by Amount in Row 9

   5.7% (2)
____________________________________________________________________________
12.Type of Reporting Person (See Instructions)

   PN
____________________________________________________________________________

(1) For purposes of Reg. Section 240.13d-3, Telemetry Securities, L.L.C.,
Telemetry Investments, L.L.C., as the investment manager to Telemetry
Securities, L.L.C., and each of Andrew J. Schorr and Daniel P. Schorr,
as a manager of Telemetry Investments, L.L.C. are collectively, the
Reporting Persons in respect of the common shares of the Issuer reported
herein.

(2) This percentage is calculated based upon 13,161,762 shares outstanding
of the Issuer, as set forth in the Issuer's Quarterly Report on Form 10-Q
for the quarter ended September 30, 2019 filed with the Securities and
Exchange Commission on November 7, 2019.




CUSIP No. 98420P308             Schedule 13G/A                    Page 6 of 9

Item 1.

(a)Name of Issuer:
   Xtant Medical Holdings, Inc.


(b)Address of Issuer's Principal Executive Offices
   664 Cruiser Lane
   Belgrade, Montana 59714

Item 2.

(a)Name of Person Filing

   Telemetry Securities, L.L.C. as the holder of 752,915 common shares
   of the Issuer, Telemetry Investments, L.L.C., as the investment
   manager to Telemetry Securities, L.L.C., and each of Andrew J.
   Schorr and Daniel P. Schorr, as a manager of Telemetry Investments,
   L.L.C. are collectively, the Reporting Persons hereunder.

(b)Address of Principal Business Office or, if none, Residence

   152 West 36th Street, Room 402
   New York, NY  10018-8765

(c)Citizenship

   Telemetry Investments, L.L.C. and Telemetry Securities, L.L.C.-- Delaware
   Andrew J. Schorr and Daniel P. Schorr  -- USA


(d)Title of Class of Securities

   Common Stock


(e)CUSIP Number

   98420P308

Item 3. If this statement is filed pursuant to ss240.13d-1(b) or 240.13d-2(b)
	or (c), check whether the person filing is a:

(a) | |	Broker or dealer registered under section 15 of the
		Act (15 U.S.C. 78o).(1)
(b) | |	Bank as defined in section 3(s)(6) of the Act (15 U.S.C. 78c).
(c) | |	Insurance Company as defined in section 3(a)(19) of the
		Act (15 U.S.C. 78c).
(d) | |	Investment Company registered under section 8 of the
		Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) |X|	An investment adviser in accordance with
		s240.13d-1(b)(1)(ii)(E);(2)
(f) | |	An employee benefit plan or endowment fund in accordance
		with s240.13d-1(b)(1)(ii)(F);
(g) | |	A parent holding company or control person in accordance
		with s240.13d-1(b)(ii)(G);
(h) | |	A savings associations as defined in Section 3(b) of the
		Federal Deposit Insurance Act (12 U.S.C. 1813);
(i) | |	A church plan that is excluded from the definition of an
		investment company under section 3c(14) of the	Investment
		Company Act of 1940 (15 U.S.C. 80a-3);
(j) | |	Group, in accordance with s240.13d-1(b)(1)(ii)(J).





CUSIP No. 98420P308             Schedule 13G/A                    Page 7 of 9

Item 4.  Ownership

Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

(a) Amount Beneficially Owned:

    752,915 shares of common stock of the Issuer

(b) Percent of Class:

    5.7% of the common stock of the Issuer, based upon the amount outstanding
    as reported in Issuer's most recent quarterly report

(c) Number of shares as to which such person has:

	(i) Sole power to vote or to direct the vote:
            0

	(ii) Shared power to vote or to direct the vote:
       	     *

	(iii) Sole power to dispose or to direct the disposition of:
	    0

	(iv) Shared power to dispose or to direct the disposition of:
	     *

Instruction:  For computations regarding securities which represent a right
to acquire an underlying security see s240.13d(1).

* This report on Schedule 13G/A is being jointly filed by (i) Telemetry
Securities, L.L.C., (ii) Telemetry Investments, L.L.C. as investment adviser
to Telemetry Securities, L.L.C., (iii) Andrew J. Schorr as a manager and
member of Telemetry Investments, L.L.C. and (iv) Daniel P. Schorr as the
other manager and member of Telemetry Investments, L.L.C.

As of December 31, 2019, Telemetry Securities, L.L.C. holds 752,915 common
shares of the Issuer.

Such shares are deemed to be beneficially owned (a) directly by Telemetry
Securities, L.L.C. and (b) indirectly by Telemetry Investments, L.L.C. as
investment adviser to Telemetry Securities, L.L.C.and (c) indirectly by each
of Andrew J. Schorr and Daniel P. Schorr as managers and members of Telemetry
Investments, L.L.C.

The beneficial ownership percentage of 5.7% of the class is based upon
13,161,762 shares outstanding of the Issuer, as set forth in the Issuer's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2019,
filed with the Securities and Exchange Commission on November 7, 2019.


Item 5.	Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following / /.

Item 6.	Ownership of More than Five Percent on Behalf of Another Person.

Telemetry Fund I, L.P. is the sole member of Telemetry Securities, L.L.C.
As such, it and its partners have an indirect right in dividends from, or
the proceeds from the sale of, shares of the Issuer owned by Telemetry
Securities, L.L.C.


Item 7.	Identification and Classification of the Subsidiary Which Acquired
	the Security Being Reported on By the Parent Holding Company

Not Applicable

Item 8.	Identification and Classification of Members of the Group

Not Applicable

Item 9.	Notice of Dissolution of Group

Not Applicable



CUSIP No. 98420P308             Schedule 13G/A                    Page 8 o
f 9

Item 10. Certification.

     By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and held in the
ordinary course of business and were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that
purpose or effect.



                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.

                                              February 10, 2020
                                        ______________________________
                                                    (Date)


TELEMETRY INVESTMENTS, L.L.C.

By:  /s/   Andrew Schorr
    ______________________________
	Name:  Andrew Schorr
	Title: Chief Executive Officer


TELEMETRY SECURITIES, L.L.C.

By: Telemetry Investments, L.L.C., its Investment Manager

By:  /s/   Andrew Schorr
    ______________________________
	Name:  Andrew Schorr
	Title: Chief Executive Officer



     /s/   Andrew Schorr
    ______________________________
        Andrew Schorr



     /s/   Daniel Schorr
    ______________________________
        Daniel Schorr