# EDGAR Filing Document

**Accession Number:** 0001947083
**File Stem:** 0000950159-23-000073
**Filing Date:** 2023-2
**Character Count:** 22102
**Document Hash:** a2aac7e78a6278de490bca20c1972540
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950159-23-000073.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000950159-23-000073

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**GROUP MEMBERS**: MVM GP (NO. 5) LP

**GROUP MEMBERS**: MVM V (2020) LP

**GROUP MEMBERS**: MVM V LP

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Paragon 28, Inc.
- **CENTRAL INDEX KEY:** 0001531978
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **IRS NUMBER:** 273170186
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93355
- **FILM NUMBER:** 23628906

**BUSINESS ADDRESS:**
- **STREET 1:** 14445 GRASSLANDS DRIVE
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112
- **BUSINESS PHONE:** 720-912-1332

**MAIL ADDRESS:**
- **STREET 1:** 14445 GRASSLANDS DRIVE
- **CITY:** ENGLEWOOD
- **STATE:** CO
- **ZIP:** 80112
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MVM Partners, LLC
- **CENTRAL INDEX KEY:** 0001947083
- **IRS NUMBER:** 861050775
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** OLD CITY HALL
- **STREET 2:** 45 SCHOOL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108
- **BUSINESS PHONE:** 617-383-2101

**MAIL ADDRESS:**
- **STREET 1:** OLD CITY HALL
- **STREET 2:** 45 SCHOOL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02108

![](image_001.jpg)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**<br> SCHEDULE 13G**

**Under the Securities Exchange Act of 1934**

**(Amendment No. 1)\***

---

| |
|:---|
| **Paragon 28, Inc.** |
| (Name of Issuer) |
| **Common Stock, $0.01 par value per share** |
| (Title of Class of Securities) |
| **69913P105** |
| (CUSIP Number) |
| **December 31, 2022** |
| (Date of Event which Requires Filing of this Statement) |

---

---

| | |
|:---|:---|
| Check the appropriate box to designate the rule pursuant to which this Schedule is filed. | Check the appropriate box to designate the rule pursuant to which this Schedule is filed. |
| □ | 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 disclosures provided in a prior cover page.

The information required on 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 ("<u>Act</u>") 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. 69913P105** | **SCHEDULE 13G** |

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| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM Partners, LLC | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM Partners, LLC | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM Partners, LLC |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) □<br> (b) □ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>Delaware | CITIZENSHIP OR PLACE OF ORGANIZATION<br>Delaware | CITIZENSHIP OR PLACE OF ORGANIZATION<br>Delaware |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER (1)<br>13,659,625 | SOLE VOTING POWER (1)<br>13,659,625 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER<br>0 | SHARED VOTING POWER<br>0 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>13,659,625 | SOLE DISPOSITIVE POWER<br>13,659,625 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>0 | SHARED DISPOSITIVE POWER<br>0 |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>13,659,625 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>13,659,625 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>13,659,625 |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | □ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>17.7% | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>17.7% | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>17.7% |  |
| 12 | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN |  |

---

---

| | |
|:---|:---|
| **CUSIP No. 69913P105** | **SCHEDULE 13G** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM V LP | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM V LP | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM V LP |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) □<br> (b) □ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United Kingdom | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United Kingdom | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United Kingdom |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER<br>– | SOLE VOTING POWER<br>– |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER (1)<br>5,325,843 | SHARED VOTING POWER (1)<br>5,325,843 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>– | SOLE DISPOSITIVE POWER<br>– |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>5,325,843 | SHARED DISPOSITIVE POWER<br>5,325,843 |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>5,325,843 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>5,325,843 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>5,325,843 |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | □ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>6.9% | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>6.9% | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>6.9% |  |
| 12 | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN |  |

---

---

| | |
|:---|:---|
| **CUSIP No. 69913P105** | **SCHEDULE 13G** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM V (2020) LP | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM V (2020) LP | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM V (2020) LP |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) □<br> (b) □ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United Kingdom | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United Kingdom | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United Kingdom |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER<br>– | SOLE VOTING POWER<br>– |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER (1)<br>8,253,867 | SHARED VOTING POWER (1)<br>8,253,867 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>– | SOLE DISPOSITIVE POWER<br>– |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>8,253,867 | SHARED DISPOSITIVE POWER<br>8,253,867 |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>8,253,867 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>8,253,867 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>8,253,867 |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | □ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>10.7% | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>10.7% | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>10.7% |  |
| 12 | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN |  |

---

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| | |
|:---|:---|
| **CUSIP No. 69913P105** | **SCHEDULE 13G** |

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| | | | | |
|:---|:---|:---|:---|:---|
| 1 | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM GP (No. 5) LP | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM GP (No. 5) LP | NAME OF REPORTING PERSON OR<br> I.R.S. IDENTIFICATION NO. OF ABOVE PERSON<br>MVM GP (No. 5) LP |  |
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) □<br> (b) □ |
| 3 | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |  |
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United Kingdom | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United Kingdom | CITIZENSHIP OR PLACE OF ORGANIZATION<br>United Kingdom |  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 5 | SOLE VOTING POWER<br>– | SOLE VOTING POWER<br>– |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 6 | SHARED VOTING POWER (1)<br>79,915 | SHARED VOTING POWER (1)<br>79,915 |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 7 | SOLE DISPOSITIVE POWER<br>– | SOLE DISPOSITIVE POWER<br>– |
| NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | NUMBER OF<br> SHARES<br> BENEFICIALLY OWNED<br> BY EACH REPORTING<br> PERSON<br> WITH | 8 | SHARED DISPOSITIVE POWER<br>79,915 | SHARED DISPOSITIVE POWER<br>79,915 |
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>79,915 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>79,915 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>79,915 |  |
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES | □ |
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>0.1% | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>0.1% | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>0.1% |  |
| 12 | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN | TYPE OF REPORTING PERSON<br>PN |  |

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| | |
|:---|:---|
| **CUSIP No. 69913P105** | **SCHEDULE 13G** |

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| | | |
|:---|:---|:---|
| **Item 1.** | (a) | Name of Issuer: |
|  |  | Paragon 28, Inc. |
|  | (b) | Address of Issuer's Principal Executive Offices: |
|  |  | <br> 8310 South Valley Highway<br> Suite 3115<br> Englewood, CO 80112 |
| **Item 2.** | (a) - | (c) Name of Person Filing; Address of Principal Business Office; and Citizenship |
|  |  | <br> · MVM Partners, LLC ("MVM Partners"), a Delaware limited liability company; <br> · MVM V LP ("MVM V"), an entity formed under the laws of the United Kingdom; <br> · MVM V (2020) LP ("MVM V 2020"), an entity formed under the laws of the United Kingdom; and <br> · MVM GP (No. 5) LP ("MVM GP"), an entity formed under the laws of the United Kingdom.<br>The principal business address and principal office of MVM Partners is Old City Hall, 45 School Street, Boston, MA 02108 and the principal business address and principal office of the other Reporting Persons is Old City Hall, 45 School Street, Boston, MA 02108.<br>|
|  | (d) | Title of Class of Securities: Common Stock |
|  | (e) | CUSIP Number: 69913P105 |

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| | |
|:---|:---|
| **Item 3.** | **IF THIS STATEMENT IS FILED PURSUANT TO SS.240.13D-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) |
| (b) | [__] Bank as defined in Section 3(a)(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) | [__] An investment adviser in accordance with ss.240.13d-1(b)(1)(ii)(E) |
| (f) | [__] An employee benefit plan or endowment fund in accordance with ss.240.13d-1(b)(1)(ii)(F); |
| (g) | [__] A Parent holding company or control person in accordance with ss.240.13d-1(b)(1)(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 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3) |
| (j) | [__] Group, in accordance with ss.240.13d-1(b)(1)(ii)(J). |

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| | |
|:---|:---|
| **Item 4.** | **OWNERSHIP** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(a) Amount Beneficially Owned:<br>** <br>MVM Partners. – 13,659,625<br> MVM V – 5,325,843<br> MVM V 2020 – 8,253,867<br> MVM GP – 79,915<br>**(b) Percent of Class:**<br>MVM Partners. – 17.7%<br> MVM V – 6.9%<br> MVM V 2020 – 10.7%<br> MVM GP – 0.1%<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Number of Shares to which such person has:** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Sole power to vote or direct the vote:**<br>MVM Partners. – 13,659,625<br> MVM V – 0<br> MVM V 2020 – 0<br> MVM GP – 0<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Shared power to vote or direct the vote:**<br>MVM Partners. – 0<br> MVM V – 5,325,843<br> MVM V 2020 – 8,253,867<br> MVM GP – 79,915<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Sole power to dispose or to direct the disposition of:**<br>MVM Partners. – 13,659,625<br> MVM V – 0<br> MVM V 2020 – 0<br> MVM GP – 0<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Shared power to dispose or to direct the disposition of:**<br>MVM Partners. – 0<br> MVM V – 5,325,843<br> MVM V 2020 – 8,253,867<br> MVM GP – 79,915<br>The percentages used in this Amendment are calculated based upon on a total of 77,126,895 outstanding shares of Common Stock of the Issuer as reported in the Issuer's Current Report on Form 10-Q filed on November 10, 2022.<br>

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| | |
|:---|:---|
| **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. ☐<br>|
| **Item 6.** | **OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.** |
|  | Not applicable |
| **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.** |
|  | Each of the Reporting Persons may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for the purpose of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended. |
| **Item 9.** | **NOTICE OF DISSOLUTION OF GROUP.** |
|  | Not applicable. |

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| | |
|:---|:---|
| **Item 10.** | **CERTIFICATIONS.** |
|  | By signing below the undersigned certify that, to the best of their knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing of 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, other than activities solely in connection with a nomination under § 240.14a-11. |

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**<u>SIGNATURES</u>**

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.

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| | | |
|:---|:---|:---|
| Dated: February 14, 2023 | **MVM Partners, LLC** | **MVM Partners, LLC** |
|  | By: | /s/ Eric Bednarski |
|  | Name: | Eric Bednarski |
|  | Title: | Vice President |
|  | **MVM V LP** | **MVM V LP** |
|  | **By: MVM Partners, LLC, its Fund Manager** | **By: MVM Partners, LLC, its Fund Manager** |
|  | By: | /s/ Eric Bednarski |
|  | Name: | Eric Bednarski |
|  | Title: | Vice President |
|  | **MVM V (2020) LP** | **MVM V (2020) LP** |
|  | **By: MVM Partners, LLC, its Fund Manager** | **By: MVM Partners, LLC, its Fund Manager** |
|  | By: | /s/ Eric Bednarski |
|  | Name: | Eric Bednarski |
|  | Title: | Vice President |
|  | **MVM GP (No. 5) LP** | **MVM GP (No. 5) LP** |
|  | **By: MVM Partners, LLC, its Fund Manager** | **By: MVM Partners, LLC, its Fund Manager** |
|  | By: | /s/ Eric Bednarski |
|  | Name: | Eric Bednarski |
|  | Title: | Vice President |

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## Ex-1

Exhibit 1

<u>JOINT FILING AGREEMENT</u>

The undersigned acknowledge and agree that the statement on Schedule 13G with respect to the beneficial ownership by the undersigned of the Common Stock of Paragon 28, Inc., $0.001 par value per share, to which this Joint Filing Agreement is filed as an exhibit, has been filed on behalf of each of the undersigned, and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements, in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that it knows or has reason to believe that such information is inaccurate. This Agreement may be executed in any number of counterparts and all of such counterparts taken together shall constitute one and the same instrument.

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| Dated: February 14, 2023 | **MVM Partners, LLC** | **MVM Partners, LLC** |
|  | By: | /s/ Eric Bednarski |
|  | Name: | Eric Bednarski |
|  | Title: | Vice President |
|  | **MVM V LP** | **MVM V LP** |
|  | **By: MVM Partners, LLC, its Fund Manager** | **By: MVM Partners, LLC, its Fund Manager** |
|  | By: | /s/ Eric Bednarski |
|  | Name: | Eric Bednarski |
|  | Title: | Vice President |
|  | **MVM V (2020) LP** | **MVM V (2020) LP** |
|  | **By: MVM Partners, LLC, its Fund Manager** | **By: MVM Partners, LLC, its Fund Manager** |
|  | By: | /s/ Eric Bednarski |
|  | Name: | Eric Bednarski |
|  | Title: | Vice President |
|  | **MVM GP (No. 5) LP** | **MVM GP (No. 5) LP** |
|  | **By: MVM Partners, LLC, its Fund Manager** | **By: MVM Partners, LLC, its Fund Manager** |
|  | By: | /s/ Eric Bednarski |
|  | Name: | Eric Bednarski |
|  | Title: | Vice President |

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