Arq, Inc. — Director's Dealing 2017

Dec 15, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Advanced Emissions Solutions, Inc. (ADES)
CIK: 0001515156
Period of Report: 2017-12-13

Reporting Person: Alta Fundamental Advisers LLC (Director)
Reporting Person: Alta Fundamental Advisers SP LLC (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-13	Common Stock	P	244020	$9.8897	Acquired	1268088	Indirect
2017-12-14	Common Stock	P	18246	$9.8575	Acquired	1286334	Indirect

Footnotes

F1: This price is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $9.8001 to $9.9000, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this Form 4.

F2: These securities are directly held by Clients, Funds, and Affiliates ("Accounts") that are managed by Alta Fundamental Advisers LLC ("Alta"). Gilbert Li, a Director of the Issuer, is Managing Partner of Alta. In addition, Mr. Li is an investor in one or more of these Accounts and therefore is an indirect beneficial owner of a portion of these shares. Alta and Mr. Li disclaim beneficial ownership of these shares except to the extent of their pecuniary interest therein.