Sec Form 4/A Filing - MOCK LAWRENCE E, JR. @ American Virtual Cloud Technologies, Inc. - 2021-09-08

Insider filing report for Changes in Beneficial Ownership
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FORM 4/A
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
MOCK LAWRENCE E, JR.
2. Issuer Name and Ticker or Trading Symbol
American Virtual Cloud Technologies, Inc. [ AVCT]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle)
C/O AMERICAN VIRTUAL CLOUD TECHNOLOGIES,, INC 1720 PEACHTREE STREET, SUITE 629
3. Date of Earliest Transaction (MM/DD/YY)
09/08/2021
(Street)
ATLANTA, GA30309
4. If Amendment, Date Original Filed (MM/DD/YY)
09/10/2021
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/08/2021 C 166,843 A 22,763,537 ( 2 ) I Please see footnotes ( 1 )
Common Stock 09/10/2021 X 2,429,561 A $ 0.01 25,193,098 ( 2 ) I Please see footnotes ( 3 ) ( 4 )
Common Stock 09/10/2021 S( 3 )( 4 ) 6,079 D $ 4 25,187,019 ( 2 ) I Please see footnotes ( 3 ) ( 4 )
Common Stock 09/10/2021 X 2,000,000 A $ 0.01 27,187,019 ( 2 ) I Please see footnotes ( 5 )
Common Stock 09/10/2021 S( 5 ) 5,005 D $ 4 27,182,014 ( 2 ) I Please see footnotes ( 5 )
Common Stock 09/16/2021 X 50,000 A $ 0.01 27,232,014 I Please see footnotes ( 6 )
Common Stock 09/16/2021 S( 6 ) 141 D $ 3.53 27,231,873 I Please see footnotes ( 6 )
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series A Convertible Debentures ( 1 ) 09/08/2021 C ( 1 ) ( 1 ) Common Stock 166,843 $ 0 0 I Please see footnotes ( 1 )
Warrants $ 0.01 09/16/2021 X 50,000 12/01/2020 12/01/2025 Common Stock 50,000 $ 0 0 I Please see footnotes ( 6 )
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
MOCK LAWRENCE E, JR.
C/O AMERICAN VIRTUAL CLOUD TECHNOLOGIES,
INC 1720 PEACHTREE STREET, SUITE 629
ATLANTA, GA30309
X
Signatures
/s/ Lawrence E. Mock 10/04/2021
Signature of Reporting Person Date
Explanation of Responses:
( 1 )On September 8, 2021, the unpaid principal amount (together with all accrued but unpaid interest thereon) of the Series A Convertible Debentures held by Nobadeer L.P. ("Nobadeer") automatically converted into shares of the Issuer's common stock, par value $0.001 per share (the "Common Stock") at a conversion price of $3.45 (the "Mandatory Conversions"). The Mandatory Conversions were triggered by the closing price of the Common Stock on the Nasdaq Capital Market exceeding $6.00 for 40 trading days within a consecutive 60 trading day-period. The reported securities are held directly by Nobadeer and indirectly by Mr. Mock, the general partner of Nobadeer. Mr. Mock disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. The Reporting Person's Form 4 filed on September 10, 2021 (the "First Form 4") inadvertently failed to report this transaction.
( 2 )On September 14, 2021, the Reporting Person filed a Form 4 (the "Second Form 4") that inadvertently reported the conversion (the "Prior Conversion") of debentures into 6,673,731 shares of Common Stock, when the Prior Conversion had previously been reported on the First Form 4. The warrant exercises (and subsequent payments made on a cashless basis) in footnotes (3) and (4) below, which were reported on the Second Form 4, are reported in this filing solely to correct the number of shares of Common Stock beneficially owned by the Reporting Person following each transaction.
( 3 )On September 10, 2021, Navigation Capital Partners SOF I, LLC ("Investment Sub"), a direct wholly-owned subsidiary of SPAC Opportunity Fund I, L.P. ("SPAC Opps"), an entity controlled by Navigation Capital Partners, Inc. ("Navigation Capital") elected to exercise each of its 24,295 warrants (each such warrant entitling the holder thereof to purchase 100 shares of Common Stock at a price of $0.01 per share), and paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 6,079 of the warrant shares to pay the exercise price and issuing to Investment Sub the remaining 2,423,482 shares of Common Stock. Each of the warrants were immediately exercisable and had expiration dates five years from the date of issuance (December 1, 2025, for 10,000 warrants and 79,900 warrants issued on December 1, 2020 and April 7, 2025, for 6,305 warrants issued on April 7, 2020).
( 4 )(continued from footnote (3)) 6,305 of the warrants were previously held by SPAC Opportunity Partners, LLC prior to being transferred to Investment Sub, and no Form 4 was filed for such transfer due to administrative error. The Reporting Person controls Navigation Capital and as a result, each of the Reporting Person, Navigation Capital and SPAC Opps may be deemed to indirectly beneficially own the reported securities. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
( 5 )On September 10, 2021, Stratos Management Systems Holdings, LLC elected to exercise each of its 20,000 warrants (each such warrant entitling the holder thereof to purchase 100 shares of Common Stock at a price of $0.01 per share), and paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 5,005 of the warrant shares to pay the exercise price and issuing to the Reporting Person the remaining 1,994,995 shares of Common Stock. The Reporting Person may be deemed to be an indirect beneficial owner of the reported securities. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.
( 6 )On September 16, 2021, Nobadeer elected to exercise each of its 500 warrants (each such warrant entitling the holder thereof to purchase 100 shares of Common Stock at a price of $0.01 per share), and paid the exercise price on a cashless basis, resulting in the Issuer's withholding of 141 of the warrant shares to pay the exercise price and issuing to Nobadeer the remaining 49,859 shares of Common Stock. The reported securities are held directly by Nobadeer and indirectly by Mr. Mock, the general partner of Nobadeer. Mr. Mock disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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