# EDGAR Filing Document

**Accession Number:** 0001472322
**File Stem:** 0001104659-25-074220
**Filing Date:** 2025-8
**Character Count:** 14794
**Document Hash:** 78c588e9f1e27db924c27afd29bf9374
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-074220.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001104659-25-074220

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Xtant Medical Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001453593
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 205313323
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86224
- **FILM NUMBER:** 251185446

**BUSINESS ADDRESS:**
- **STREET 1:** 664 CRUISER LANE
- **CITY:** BELGRADE
- **STATE:** MT
- **ZIP:** 59714
- **BUSINESS PHONE:** 406-388-0480

**MAIL ADDRESS:**
- **STREET 1:** 664 CRUISER LANE
- **CITY:** BELGRADE
- **STATE:** MT
- **ZIP:** 59714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bacterin International Holdings, Inc.
- **DATE OF NAME CHANGE:** 20100615

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** K KITZ INC
- **DATE OF NAME CHANGE:** 20090108
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nantahala Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001472322

**ORGANIZATION NAME:**
- **EIN:** 201151760
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 130 MAIN ST.
- **STREET 2:** 2ND FLOOR
- **CITY:** NEW CANAAN
- **STATE:** CT
- **ZIP:** 06840
- **BUSINESS PHONE:** 203-404-1172

**MAIL ADDRESS:**
- **STREET 1:** 130 MAIN ST.
- **STREET 2:** 2ND FLOOR
- **CITY:** NEW CANAAN
- **STATE:** CT
- **ZIP:** 06840

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Xtant Medical Holdings, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.000001 per share**

*(Title of Class of Securities)*

**98420P308**

*(CUSIP Number)*

**Taki Vasilakis**<br>130 Main St., 2nd Floor<br>New Canaan CT 06840<br>203-308-4440

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/01/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **98420P308** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Nantahala Capital Partners Limited Partnership** | Name of reporting person<br>**Nantahala Capital Partners Limited Partnership** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MASSACHUSETTS** | Citizenship or place of organization<br>**MASSACHUSETTS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**16380396.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**16380396.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**16380396.00** | Aggregate amount beneficially owned by each reporting person<br>**16380396.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.8%** | Percent of class represented by amount in Row (11)<br>**11.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **98420P308** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Nantahala Capital Management, LLC** | Name of reporting person<br>**Nantahala Capital Management, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**MASSACHUSETTS** | Citizenship or place of organization<br>**MASSACHUSETTS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**68394000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**68394000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**68394000.00** | Aggregate amount beneficially owned by each reporting person<br>**68394000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**49.1%** | Percent of class represented by amount in Row (11)<br>**49.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **98420P308** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Harkey Wilmot B.** | Name of reporting person<br>**Harkey Wilmot B.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**68394000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**68394000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**68394000.00** | Aggregate amount beneficially owned by each reporting person<br>**68394000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**49.1%** | Percent of class represented by amount in Row (11)<br>**49.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **98420P308** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Mack Daniel** | Name of reporting person<br>**Mack Daniel** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**68394000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**68394000.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**68394000.00** | Aggregate amount beneficially owned by each reporting person<br>**68394000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**49.1%** | Percent of class represented by amount in Row (11)<br>**49.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.000001 per share

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

**(c) Address of Issuer's Principal Executive Offices:**
664 Cruiser Lane, Belgrade, MT, 59714

This Amendment No. 1 ("Amendment No. 1") amends and supplements the Schedule 13D filed with the Securities and Exchange Commission on behalf of Nantahala Capital Partners Limited Partnership, a Massachusetts limited liability partnership ("NCP"), Nantahala Capital Management, LLC, a Massachusetts limited liability company ("Nantahala"), and Messrs. Wilmot B. Harkey and Daniel Mack, the principals of Nantahala (collectively, the "Reporting Persons") on April 17, 2025 (the "Original Schedule 13D"), relating to Common Stock, par value $0.000001 per share (the "Common Stock"), of Xtant Medical Holdings, Inc. a Delaware corporation (the "Issuer"). Capitalized terms used but not defined in this Amendment have the meanings set forth in the Original Schedule 13D. Except as specifically provided herein, this Amendment does not modify any of the information reported in the Original Schedule 13D.

This Schedule 13D relates to Common Stock of the Issuer purchased by Nantahala through the accounts of certain private funds, including NCP, and managed accounts (collectively, the "Nantahala Investors"). Nantahala serves as the investment adviser to the Nantahala Investors and may direct the vote and dispose of the shares of Common Stock held by the Nantahala Investors. As the principals of Nantahala, Mr. Harkey and Mr. Mack may direct the vote and disposition of the shares of Common Stock held by the Nantahala Investors.

**Item 4. Purpose of Transaction**

Item 4 is amended by the addition of the following:

On August 1, 2025, the Board of Directors (the "Board") of the Issuer elected Abhinav (Abi) Jain, an Analyst at NCM, to the Board. Mr. Jain was appointed to serve as a member of the Compensation Committee and Nominating and Corporate Governance Committee of the Board. Mr. Jain's appointment was described further by the Issuer in a Form 8-K filed with the SEC on August 4, 2025.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is amended and restated as follows:

See Items 11 and 13 of the cover pages.

The percentage of the outstanding shares of Common Stock beneficially owned by the Reporting Persons reported herein is based on 139,323,172 shares of Common Stock outstanding, as reported by the Issuer in a Final Prospectus filed with the SEC on May 20, 2025 pursuant to Rule 424(b)(3).

**(b)**
Item 5(b) is amended and restated as follows:

See Items 7, 8, 9 and 10 of the cover pages.

**(c)**
Item 5(c) is amended by the addition of the following:

Other than the transactions reported herein, if applicable, no Reporting Person or Other Officer has effected any transactions in the Common Stock of the Issuer in the prior sixty days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is amended by the addition of the following:

The disclosure set forth in Item 4 to this Amendment No. 1 is incorporated herein by reference.

### 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.

**Reporting Person:** Nantahala Capital Partners Limited Partnership

**Signature:** /s/ Taki Vasilakis

**Name/Title:** Taki Vasilakis, Chief Compliance Officer

**Date:** 08/05/2025

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.

**Reporting Person:** Nantahala Capital Management, LLC

**Signature:** /s/ Taki Vasilakis

**Name/Title:** Taki Vasilakis, Chief Compliance Officer

**Date:** 08/05/2025

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.

**Reporting Person:** Harkey Wilmot B.

**Signature:** /s/ Wilmot B. Harkey

**Name/Title:** Wilmot B. Harkey

**Date:** 08/05/2025

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.

**Reporting Person:** Mack Daniel

**Signature:** /s/ Daniel Mack

**Name/Title:** Daniel Mack

**Date:** 08/05/2025