Sec Form 4 Filing - Godward Donna @ ALPHA HEALTHCARE ACQUISITION CORP III - 2023-07-14

FORM 4 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 Godward Donna 2. Issuer Name and Ticker or Trading Symbol ALPHA HEALTHCARE ACQUISITION CORP III [ CTCX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chief Quality Officer (Last) (First) (Middle) C/O CARMELL THERAPEUTICS CORPORATION, 2403 SIDNEY STREET, SUITE 300 3. Date of Earliest Transaction (MM/DD/YY) 07/14/2023 (Street) PITTSBURGH, PA15203 4. If Amendment, Date Original Filed (MM/DD/YY) 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 07/14/2023 A 37,296 A 37,296 D

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 Stock Option (right to buy) $ 1.79 07/14/2023 A 2,090 ( 2 ) 06/20/2027 Common Stock 2,090 ( 7 ) 2,090 D Stock Option (right to buy) $ 2.27 07/14/2023 A 5,318 ( 3 ) 07/19/2029 Common Stock 5,318 ( 7 ) 5,318 D Stock Option (right to buy) $ 2.11 07/14/2023 A 119,098 ( 4 ) 09/23/2031 Common Stock 119,098 ( 7 ) 119,098 D Stock Option (right to buy) $ 2.11 07/14/2023 A 12,309 ( 5 ) 07/13/2032 Common Stock 12,309 ( 7 ) 12,309 D Stock Option (right to buy) $ 2.6 07/14/2023 A 12,309 ( 6 ) 12/15/2032 Common Stock 12,309 ( 7 ) 12,309 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Godward Donna C/O CARMELL THERAPEUTICS CORPORATION 2403 SIDNEY STREET, SUITE 300 PITTSBURGH, PA15203 Chief Quality Officer Signatures /s/ Randolph W. Hubbell, Attorney-in-Fact 07/18/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )On July 14, 2023, Alpha Healthcare Acquisition Corp. III ("ALPA") consummated a business combination (the "Business Combination") by and among ALPA, Candy Merger Sub, Inc., a Delaware Corporation ("Merger Sub") and Carmell Regen Med Corporation, a Delaware corporation ("Legacy Carmell"), ALPA changed its name to "Carmell Therapeutics Corporation" and Merger Sub merged with and into Legacy Carmell. As part of the Business Combination, each share of common stock of Legacy Carmell was exchanged for 0.06154 shares of common stock of Carmell Therapeutics Corporation. ( 2 )Options are fully vested and exercisable. ( 3 )Options to purchase 5,318 shares of common stock of Legacy Carmell granted on July 19, 2019, which vest as follows: 25% vested on July 19, 2020, July 19, 2021 and July 19, 2022 and the remaining 25% becomes vested on July 19, 2023. ( 4 )Options to purchase 119,098 shares of common stock of Legacy Carmell granted on September 23, 2021, which vest as follows: 25% vested on September 23, 2022 and the remaining 75% becomes vested in 36 equal monthly installments thereafter, subject to continued service through each vesting date. ( 5 )Options to purchase 12,309 shares of common stock of Legacy Carmell granted on July 13, 2023 and the remaining 75% becomes vested in 36 equal monthly installments thereafter, subject to continued service through each vesting date. ( 6 )Options to purchase 12,309 shares of common stock of Legacy Carmell granted on December 15, 2022, which vest as follows: 25% vesting on December 22, 2023 and the remaining 75% becomes vested in 36 equal monthly installments thereafter, subject to continued service through each vesting date. ( 7 )As part of the Business Combination, each Legacy Carmell stock option was exchanged for a stock option to acquire 0.06154 shares of common stock of Carmell Therapeutics Corporation.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

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

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