<SEC-DOCUMENT>0001193125-25-323158.txt : 20251217
<SEC-HEADER>0001193125-25-323158.hdr.sgml : 20251217
<ACCEPTANCE-DATETIME>20251217182528
ACCESSION NUMBER:		0001193125-25-323158
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251217
DATE AS OF CHANGE:		20251217

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Alphatec Holdings, Inc.
		CENTRAL INDEX KEY:			0001350653
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				202463898
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-82584
		FILM NUMBER:		251580650

	BUSINESS ADDRESS:	
		STREET 1:		1950 CAMINO VIA ROBLE
		CITY:			CARLSBAD
		STATE:			CA
		BUSINESS PHONE:		760-431-9286

	MAIL ADDRESS:	
		STREET 1:		1950 CAMINO VIA ROBLE
		CITY:			CARLSBAD
		STATE:			CA

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Squadron Capital LLC
		CENTRAL INDEX KEY:			0001719228
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		2850 FRONTIER DR.
		CITY:			WARSAW
		STATE:			IN
		ZIP:			46582
		BUSINESS PHONE:		5742686379

	MAIL ADDRESS:	
		STREET 1:		2850 FRONTIER DR.
		CITY:			WARSAW
		STATE:			IN
		ZIP:			46582
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001719228</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.0001 per share</securitiesClassTitle>
      <dateOfEvent>12/15/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001350653</issuerCIK>
        <issuerCUSIP>02081G201</issuerCUSIP>
        <issuerName>Alphatec Holdings, Inc.</issuerName>
        <address>
          <street1 xmlns="http://www.sec.gov/edgar/common">1950 Camino Vida Roble</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Carlsbad</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">CA</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">92008</zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>C. Birkeland &amp; A. Berlin</personName>
          <personPhoneNum>312-876-7700</personPhoneNum>
          <personAddress>
            <street1 xmlns="http://www.sec.gov/edgar/common">Latham &amp; Watkins LLP</street1>
            <street2 xmlns="http://www.sec.gov/edgar/common">330 N. Wabash Ave, Suite 2800</street2>
            <city xmlns="http://www.sec.gov/edgar/common">Chicago</city>
            <stateOrCountry xmlns="http://www.sec.gov/edgar/common">IL</stateOrCountry>
            <zipCode xmlns="http://www.sec.gov/edgar/common">60611</zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001719228</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Squadron Capital LLC</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>10395045</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>10395045</sharedDispositivePower>
        <aggregateAmountOwned>10395045</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>7.0</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
        <commentContent>Based on 148,550,185 shares of common stock, par value $0.0001 per share, of the Issuer ("Common Stock") outstanding as of October 23, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001731171</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Squadron Capital Holdings LLC</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>10395045</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>10395045</sharedDispositivePower>
        <aggregateAmountOwned>10395045</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>7.0</percentOfClass>
        <typeOfReportingPerson>OO</typeOfReportingPerson>
        <commentContent>Based on 148,550,185 shares of Common Stock outstanding as of October 23, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001850165</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Jennifer N. Pritzker</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>58000</soleVotingPower>
        <sharedVotingPower>13157781</sharedVotingPower>
        <soleDispositivePower>58000</soleDispositivePower>
        <sharedDispositivePower>13157781</sharedDispositivePower>
        <aggregateAmountOwned>13215781</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.9</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Based on 148,550,185 shares of Common Stock outstanding as of October 23, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025.</commentContent>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001719217</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>David R. Pelizzon</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>346827</soleVotingPower>
        <sharedVotingPower>10395045</sharedVotingPower>
        <soleDispositivePower>331696</soleDispositivePower>
        <sharedDispositivePower>10395045</sharedDispositivePower>
        <aggregateAmountOwned>10741872</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>7.2</percentOfClass>
        <commentContent>Based on 148,550,185 shares of Common Stock outstanding as of October 23, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.0001 per share</securityTitle>
        <issuerName>Alphatec Holdings, Inc.</issuerName>
        <issuerPrincipalAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">1950 Camino Vida Roble</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Carlsbad</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">CA</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">92008</zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 1 to Schedule 13D ("Amendment No. 1") amends and supplements the Schedule 13D originally filed by the Reporting Persons on March 11, 2021 (as amended to date, the "Schedule 13D"). Capitalized terms used herein without definition shall have the meeting set forth in the Schedule 13D.</commentText>
      </item1>
      <item5>
        <percentageOfClassSecurities>Item 5(a) of the Schedule 13D is amended and restated in its entirety as follows:

The information contained on the cover pages to this Schedule 13D is incorporated herein by reference.

Squadron Capital LLC ("SC LLC") is a manager-managed limited liability company and, as of the date hereof, directly holds 10,395,045 shares of Common Stock. The voting and investment decisions of SC LLC are made by its managing committee, consisting of Jennifer N. Pritzker and David R. Pelizzon. In such capacity, each of Ms. Pritzker and Mr. Pelizzon may, for the purposes hereof, be deemed to beneficially own the shares of Common Stock held directly by SC LLC.

Mr. Pelizzon also directly holds 346,827 shares of Common Stock.

Ms. Pritzker directly and/or jointly holds 20,900 shares of Common Stock and may be deemed to have beneficial ownership over 37,100 shares of Common Stock held by Jennifer N. Pritzker Revocable Trust ("JNP Trust") for which she serves as trustee. Ms. Pritzker may also, for the purposes hereof, be deemed to beneficially own (i) 2,725,805 shares of Common Stock held directly by Tawani, a manager-managed limited liability company whose controlling member is JNP Trust and where Ms. Pritzker is one of two managers, (ii) 10,000 shares of Common Stock held directly by Mary's Go Round LLC, a manager-managed limited liability company whose manager and sole member is Tawani Enterprises, Inc., a corporation solely owned by JNP Trust and where Ms. Pritzker is the sole director, (iii) 1,000 shares of Common Stock held directly by the Pritzker Military Museum and Library, for which she is the sole member, (iv) 6,000 shares of Common Stock held directly by Tawani Foundation, for which she is the sole member, (v) 8,000 shares of Common Stock held by the Pritzker Military Foundation, for which she is the sole member, and (vi) 11,931 shares of Common Stock held directly by her spouse.

Squadron Capital Holdings LLC ("SCH LLC") is a manager-managed limited liability company and the controlling member of SC LLC, and in such capacity may be deemed to beneficially own the shares of Common Stock held directly by SC LLC. The voting and investment decisions of SCH LLC are made by its managing committee, consisting of Mary Falcon, David Pelizzon and Michelle Nakfoor. The members of the managing committee of SCH LLC disclaim beneficial ownership as a result of serving as members of the managing committee.</percentageOfClassSecurities>
        <numberOfShares>See Item 5(a)</numberOfShares>
        <transactionDesc>On November 12, 2025, SC LLC sold an aggregate 250,000 shares of Common Stock in the open market for a weighted average price of $20.80. On November 24, 2025, SC LLC sold an aggregate 250,000 shares of Common Stock in the open market for a weighted average price of $20.62. On December 8, 2025, SC LLC sold an aggregate 221,166 shares of Common Stock in the open market for a weighted average price of $21.20. On December 9, 2025, SC LLC sold an aggregate 28,834 shares of Common Stock in the open market for a weighted average price of $21.03. On December 16, 2025, SC LLC sold an aggregate 250,000 shares of Common Stock in the open market for a weighted average price of $19.66.</transactionDesc>
      </item5>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Squadron Capital LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ David R. Pelizzon</signature>
          <title>David R. Pelizzon, President</title>
          <date>12/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Squadron Capital Holdings LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Mary Falcon</signature>
          <title>Mary Falcon, Manager</title>
          <date>12/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Jennifer N. Pritzker</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Jennifer N. Pritzker</signature>
          <title>Jennifer N. Pritzker</title>
          <date>12/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>David R. Pelizzon</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ David R. Pelizzon</signature>
          <title>David R. Pelizzon</title>
          <date>12/17/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
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</DOCUMENT>
</SEC-DOCUMENT>
