X0206 3 2023-05-05 0 0000742112 INVACARE HOLDINGS Corp IVCRQ 0001278960 SILVERBACK ASSET MANAGEMENT LLC 1414 RALEIGH ROAD, SUITE 250 CHAPEL HILL NC 27517 0 0 1 0 Common Stock 1347138 I See footnote 9.00% Series A Convertible Participating Preferred Stock Common Stock 912980 I See footnote Shares reported herein are held by private investment funds and separately managed accounts for which Silverback Asset Management, LLC serves as the investment manager. Mr. Bossen serves as the Managing Member of Silverback Asset Management, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein, and the filing of this Form 3 shall not be construed as an admission that either of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose. The Issuer's 9.00% Series A Convertible Participating Preferred Stock (the "Convertible Preferred Stock") has no expiration date. At any time on or after the earlier to occur of November 6, 2023 or the occurrence of certain liquidation, dissolution or mandatory redemption events, holders of shares of Convertible Preferred Stock shall have the option to convert all or a portion of their shares of Convertible Preferred Stock into shares of the Issuer's common stock at rate of $25.00 divided by $1.72076211. The Convertible Preferred Stock contains automatic adjustment features to the convertibility ratio as a result of, among other things, an accruing payment-in-kind dividend feature. /s/ Silverback Asset Management, LLC, by Elliot Bossen, Managing Member 2023-05-15