Telemetry Investments, L.L.C. – ‘SC 13G/A’ on 2/13/20 re: Xtant Medical Holdings, Inc.

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Amendment to Statement of Acquisition of Beneficial Ownership by a Passive Investor   —   Sch. 13G
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13G/A    Amendment to Statement of Acquisition of              10±    29K 
                Beneficial Ownership by a Passive Investor                       

Document Table of Contents

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

  SCHEDULE 13G/A

Under the Securities Exchange Act of 1934   

(Amendment No. 4) 

Xtant Medical Holdings, Inc 

(Name of Issuer)  

Common Stock  

(Title of Class of Securities)  

98420P308   

(CUSIP Number)  

December 31, 2019   

(Date of Event Which Requires Filing of this Statement)         

Check the appropriate box to designate the rule pursuant to which this          
Schedule is filed:                                                              

|X|     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 the disclosures provided in a prior cover page.               

The information required in 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 ("Act") 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. 98420P308             Schedule 13G/A                  Page 2 of 9     
___________________________________________________________________________     
1.Names of Reporting Persons.                                                   
I.R.S. Identification Nos. of above persons (entities only).                    
Telemetry Investments, L.L.C.                                                   
13-4081603                                                                      
___________________________________________________________________________     

2.Check the Appropriate Box if a Member of a Group (See Instructions)           
(a) /  /                                                                        
(b) /  /                                                                        
___________________________________________________________________________     
3.SEC Use Only                                                                  
___________________________________________________________________________     
4.Citizenship or Place of Organization                                          
Delaware                                                                        
___________________________________________________________________________     
Number of                                                                       
5.Sole Voting Power                             

Shares Bene-    0                                                               
         _________________________________________________________

ficially owned  6.Shared Voting Power                                           

752,915 (1)                                     
by Each         _________________________________________________________       
7.Sole Dispositive Power                        

0                                               
Reporting       _________________________________________________________       

8.Shared Dispositive Power                      

Person With:    752,915 (1)                                                     
___________________________________________________________________________     
9.Aggregate Amount Beneficially Owned by Each Reporting Person                  

752,915 (1)                                                               
____________________________________________________________________________    
10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares             
                                  (See Instructions)
____________________________________________________________________________    
11.Percent of Class Represented by Amount in Row 9                              

5.7% *(2)                                                                 
____________________________________________________________________________    
12.Type of Reporting Person (See Instructions)                                  

IA                                                                        
____________________________________________________________________________    

(1) Telemetry Investments, L.L.C. is the investment manager to Telemetry        
Securities, L.L.C., a Delaware limited liability company. For purposes of       
Reg. Section 240.13d-3, Telemetry Securities, L.L.C., Telemetry                 
Investments, L.L.C., as the investment manager to Telemetry Securities,         
L.L.C., and each of Andrew J. Schorr and Daniel P. Schorr, as a manager         
of Telemetry Investments, L.L.C. are collectively, the Reporting Persons        
in respect of the common shares of the Issuer reported herein.                  

(2) This percentage is calculated based upon 13,161,762 shares outstanding      
of the Issuer, as set forth in the Issuer's Quarterly Report on Form 10-Q       
for the quarter ended September 30, 2019 filed with the Securities and          
Exchange Commission on November 7, 2019.                                        

CUSIP No. 98420P308             Schedule 13G/A                  Page 3 of 9     
___________________________________________________________________________     
1.Names of Reporting Persons.                                                   
I.R.S. Identification Nos. of above persons (entities only).                    
Andrew J. Schorr                                                                
___________________________________________________________________________     

2.Check the Appropriate Box if a Member of a Group (See Instructions)           
(a) /  /                                                                        
(b) /  /                                                                        
___________________________________________________________________________     
3.SEC Use Only                                                                  
___________________________________________________________________________     
4.Citizenship or Place of Organization                                          
USA                                                                             
___________________________________________________________________________     
Number of                                                                       
5.Sole Voting Power                             

Shares Bene-    0                                                               
         _________________________________________________________

ficially owned  6.Shared Voting Power                                           

752,915 (1)                                     
by Each         _________________________________________________________       
7.Sole Dispositive Power                        

0                                               
Reporting       _________________________________________________________       

8.Shared Dispositive Power                      

Person With:    752,915 (1)                                                     
___________________________________________________________________________     
9.Aggregate Amount Beneficially Owned by Each Reporting Person                  

752,915 (1)                                                               
____________________________________________________________________________    
10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares             
                                  (See Instructions)
____________________________________________________________________________    
11.Percent of Class Represented by Amount in Row 9                              

5.7% * (2)                                                                
____________________________________________________________________________    
12.Type of Reporting Person (See Instructions)                                  
IN                                                                              

____________________________________________________________________________    

(1) Each of Andrew J. Schorr and Daniel P. Schorr are managers of Telemetry     
Investments, L.L.C., a registered investment adviser to, and with power to vote 
or dispose of the assets of, Telemetry Securities, L.L.C.  As a result of the   
foregoing, for purposes of Reg. Section 240.13d-3, Telemetry Securities,        
L.L.C., Telemetry Investments, L.L.C., as the investment manager to             
Telemetry Securities, L.L.C., and each of Andrew J. Schorr and Daniel P.        
Schorr, as a manager of Telemetry Investments, L.L.C. are collectively,         
the Reporting Persons in respect of the common shares of the Issuer reported    
herein.                                                                         

(2) This percentage is calculated based upon 13,161,762 shares outstanding      
of the Issuer, as set forth in the Issuer's Quarterly Report on Form 10-Q       
for the quarter ended September 30, 2019 filed with the Securities and          
Exchange Commission on November 7, 2019.                                        

CUSIP No. 98420P308             Schedule 13G/A                  Page 4 of 9     
___________________________________________________________________________     
1.Names of Reporting Persons.                                                   
I.R.S. Identification Nos. of above persons (entities only).                    
Daniel P. Schorr                                                                
___________________________________________________________________________     

2.Check the Appropriate Box if a Member of a Group (See Instructions)           
(a) /  /                                                                        
(b) /  /                                                                        
___________________________________________________________________________     
3.SEC Use Only                                                                  
___________________________________________________________________________     
4.Citizenship or Place of Organization                                          
USA                                                                             
___________________________________________________________________________     
Number of                                                                       
5.Sole Voting Power                             

Shares Bene-    0                                                               
         _________________________________________________________

ficially owned  6.Shared Voting Power                                           

752,915 (1)                                     
by Each         _________________________________________________________       
7.Sole Dispositive Power                        

0                                               
Reporting       _________________________________________________________       

8.Shared Dispositive Power                      

Person With:    752,915 (1)                                                     
___________________________________________________________________________     
9.Aggregate Amount Beneficially Owned by Each Reporting Person                  

752,915 (1)                                                               
____________________________________________________________________________    
10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares             
                                  (See Instructions)
____________________________________________________________________________    
11.Percent of Class Represented by Amount in Row 9                              

5.7% * (2)                                                                
____________________________________________________________________________    
12.Type of Reporting Person (See Instructions)                                  
IN                                                                              

____________________________________________________________________________    

(1) Each of Andrew J. Schorr and Daniel P. Schorr are managers of Telemetry     
Investments, L.L.C., a registered investment adviser to, and with power to vote 
or dispose of the assets of, Telemetry Securities, L.L.C.  As a result of the   
foregoing, for purposes of Reg. Section 240.13d-3, Telemetry Securities,        
L.L.C., Telemetry Investments, L.L.C., as the investment manager to             
Telemetry Securities, L.L.C., and each of Andrew J. Schorr and Daniel P.        
Schorr, as a manager of Telemetry Investments, L.L.C. are collectively,         
the Reporting Persons in respect of the common shares of the Issuer reported    
herein.                                                                         

(2) This percentage is calculated based upon 13,161,762 shares outstanding      
of the Issuer, as set forth in the Issuer's Quarterly Report on Form 10-Q       
for the quarter ended September 30, 2019 filed with the Securities and          
Exchange Commission on November 7, 2019.                                        

CUSIP No. 98420P308             Schedule 13G/A                  Page 5 of 9     
___________________________________________________________________________     
1.Names of Reporting Persons.                                                   
I.R.S. Identification Nos. of above persons (entities only).                    
Telemetry Securities, L.L.C.                                                    
13-4081600                                                                      
___________________________________________________________________________     

2.Check the Appropriate Box if a Member of a Group (See Instructions)           
(a) /  /                                                                        
(b) /  /                                                                        
___________________________________________________________________________     
3.SEC Use Only                                                                  
___________________________________________________________________________     
4.Citizenship or Place of Organization                                          
Delaware                                                                        
___________________________________________________________________________     
Number of                                                                       
5.Sole Voting Power                             

Shares Bene-    0 (1)                                                           
         _________________________________________________________

ficially owned  6.Shared Voting Power                                           

0                                               
by Each         _________________________________________________________       
7.Sole Dispositive Power                        

0 (1)                                           
Reporting       _________________________________________________________       

8.Shared Dispositive Power                      

Person With:    0                                                               
___________________________________________________________________________     
9.Aggregate Amount Beneficially Owned by Each Reporting Person                  

752,915 (1)                                                               
____________________________________________________________________________    
10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares             
                                  (See Instructions)
____________________________________________________________________________    
11.Percent of Class Represented by Amount in Row 9                              

5.7% (2)                                                                  
____________________________________________________________________________    
12.Type of Reporting Person (See Instructions)                                  

PN                                                                        
____________________________________________________________________________    

(1) For purposes of Reg. Section 240.13d-3, Telemetry Securities, L.L.C.,       
Telemetry Investments, L.L.C., as the investment manager to Telemetry           
Securities, L.L.C., and each of Andrew J. Schorr and Daniel P. Schorr,          
as a manager of Telemetry Investments, L.L.C. are collectively, the             
Reporting Persons in respect of the common shares of the Issuer reported        
herein.                                                                         

(2) This percentage is calculated based upon 13,161,762 shares outstanding      
of the Issuer, as set forth in the Issuer's Quarterly Report on Form 10-Q       
for the quarter ended September 30, 2019 filed with the Securities and          
Exchange Commission on November 7, 2019.                                        

CUSIP No. 98420P308             Schedule 13G/A                    Page 6 of 9   

Item 1.                                                                         

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

(b)Address of Issuer's Principal Executive Offices                              
664 Cruiser Lane                                                          
Belgrade, Montana 59714                                                   

Item 2.                                                                         

(a)Name of Person Filing                                                        

Telemetry Securities, L.L.C. as the holder of 752,915 common shares       
of the Issuer, Telemetry Investments, L.L.C., as the investment           
manager to Telemetry Securities, L.L.C., and each of Andrew J.            
Schorr and Daniel P. Schorr, as a manager of Telemetry Investments,       
L.L.C. are collectively, the Reporting Persons hereunder.                 

(b)Address of Principal Business Office or, if none, Residence                  

152 West 36th Street, Room 402                                            
New York, NY  10018-8765                                                  

(c)Citizenship                                                                  

Telemetry Investments, L.L.C. and Telemetry Securities, L.L.C.-- Delaware 
Andrew J. Schorr and Daniel P. Schorr  -- USA                             

(d)Title of Class of Securities                                                 

Common Stock                                                              

(e)CUSIP Number                                                                 

98420P308                                                                 

Item 3. If this statement is filed pursuant to ss240.13d-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).(1)                         
(b) | | Bank as defined in section 3(s)(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) |X| An investment adviser in accordance with                                
s240.13d-1(b)(1)(ii)(E);(2)                     
(f) | | An employee benefit plan or endowment fund in accordance                
with s240.13d-1(b)(1)(ii)(F);                   
(g) | | A parent holding company or control person in accordance                
with s240.13d-1(b)(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 3c(14) of the  Investment
Company Act of 1940 (15 U.S.C. 80a-3);          
(j) | | Group, in accordance with s240.13d-1(b)(1)(ii)(J).                      

CUSIP No. 98420P308             Schedule 13G/A                    Page 7 of 9   

Item 4.  Ownership                                                              

Provide the following information regarding the aggregate number and            
percentage of the class of securities of the issuer identified in Item 1.       

(a) Amount Beneficially Owned:                                                  

752,915 shares of common stock of the Issuer                            

(b) Percent of Class:                                                           

 5.7% of the common stock of the Issuer, based upon the amount outstanding
as reported in Issuer's most recent quarterly report                    

(c) Number of shares as to which such person has:                               

(i) Sole power to vote or to direct the vote:                   
0                                                       

(ii) Shared power to vote or to direct the vote:                
*                                                     

(iii) Sole power to dispose or to direct the disposition of:    
0                                                       

(iv) Shared power to dispose or to direct the disposition of:   
*                                                     

Instruction:  For computations regarding securities which represent a right     
to acquire an underlying security see s240.13d(1).                              

* This report on Schedule 13G/A is being jointly filed by (i) Telemetry         
Securities, L.L.C., (ii) Telemetry Investments, L.L.C. as investment adviser    
to Telemetry Securities, L.L.C., (iii) Andrew J. Schorr as a manager and        
member of Telemetry Investments, L.L.C. and (iv) Daniel P. Schorr as the        
other manager and member of Telemetry Investments, L.L.C.                       

As of December 31, 2019, Telemetry Securities, L.L.C. holds 752,915 common      
shares of the Issuer.                                                           

Such shares are deemed to be beneficially owned (a) directly by Telemetry       
Securities, L.L.C. and (b) indirectly by Telemetry Investments, L.L.C. as       
investment adviser to Telemetry Securities, L.L.C.and (c) indirectly by each    
of Andrew J. Schorr and Daniel P. Schorr as managers and members of Telemetry   
Investments, L.L.C.                                                             

The beneficial ownership percentage of 5.7% of the class is based upon          
13,161,762 shares outstanding of the Issuer, as set forth in the Issuer's       
Quarterly Report on Form 10-Q for the quarter ended September 30, 2019,         
filed with the Securities and Exchange Commission on November 7, 2019.          

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 / /.          

Item 6. Ownership of More than Five Percent on Behalf of Another Person.        

Telemetry Fund I, L.P. is the sole member of Telemetry Securities, L.L.C.       
As such, it and its partners have an indirect right in dividends from, or       
the proceeds from the sale of, shares of the Issuer owned by Telemetry          
Securities, L.L.C.                                                              

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               

Not Applicable                                                                  

Item 9. Notice of Dissolution of Group                                          

Not Applicable                                                                  

CUSIP No. 98420P308             Schedule 13G/A                    Page 8 of 9   

Item 10. Certification.                                                         

By signing below I certify that, to the best of my knowledge and      
belief, the securities referred to above were acquired and held in the          
ordinary course of business and were not acquired and are not held for          
the purpose of or with the effect of changing or 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.                                                              

 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.                                                                    

                             February 10, 2020
                              ______________________________
                              (Date)

TELEMETRY INVESTMENTS, L.L.C.                                                   

By:  /s/   Andrew Schorr                                                        
______________________________                                          
Name:  Andrew Schorr                                            
Title: Chief Executive Officer                                  

TELEMETRY SECURITIES, L.L.C.                                                    

By: Telemetry Investments, L.L.C., its Investment Manager                       

By:  /s/   Andrew Schorr                                                        
______________________________                                          
Name:  Andrew Schorr                                            
Title: Chief Executive Officer                                  

/s/   Andrew Schorr                                                   
______________________________                                          
Andrew Schorr                                                   

/s/   Daniel Schorr                                                   
______________________________                                          
Daniel Schorr                                                   

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘SC 13G/A’ Filing		Date		Other Filings
Filed on:		2/13/20
		2/10/20
		12/31/19
		11/7/19		10-Q,  8-K
		9/30/19		10-Q,  13F-HR
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