BNB Plus director reports 1.3M warrant shares
Rhea-AI Filing Summary
BNB PLUS CORP. (BNBX) director Shorten Richard Lee Jr. has filed an initial ownership report showing indirect positions in several preferred stock and warrant classes convertible into common stock. These securities are held by Comstock MultiChain Fund, L.P., for which affiliated entities advised and majority-owned by him act as investment advisor and general partner, and he disclaims beneficial ownership beyond any pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
Shorten Richard Lee Jr.
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Series B-1 Convertible preferred stock F1, F2 | -- | -- | -- |
| holding | Series B-2 Convertible preferred stock F1, F2 | -- | -- | -- |
| holding | Series B-2 Prefunded warrant F1, F2 | -- | -- | -- |
| holding | Series E-1 Warrants F2 | -- | -- | -- |
Holdings After Transaction:
Series B-1 Convertible preferred stock — 641,426 contracts (Indirect, See Footnote);
Series B-2 Convertible preferred stock — 550,000 contracts (Indirect, See Footnote);
Series B-2 Prefunded warrant — 1,151,810 contracts (Indirect, See Footnote);
Series E-1 Warrants — 1,310,242 contracts (Indirect, See Footnote)
Footnotes (2)
- F1. No expiration date.
- F2. The reported securities are owned and held directly by Comstock MultiChain Fund, L.P. (the "Fund"). Silvermine Capital Advisors, LLC ("Silvermine") serves as investment advisor to the Fund, and the general partner of the Fund is Comstock MultiChain GP, LLC (the "General Partner"). The reporting person is the majority owner and managing member of each of Silvermine and the General Partner and, as a result, may be deemed to have indirect beneficial ownership of such securities. The Reporting Person does not directly own the reported securities and disclaims beneficial ownership thereof except to the extent, if any, of his pecuniary interest therein, including any indirect economic interest arising through his ownership interest in Silvermine and the General Partner. This report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.
Key Figures
Underlying common shares from Series B-1 convertible preferred: 641,426 shares
Series B-1 conversion price: $1.05 per share
Underlying common shares from Series B-2 convertible preferred: 550,000 shares
+5 more
8 metrics
Underlying common shares from Series B-1 convertible preferred
641,426 shares
Indirect position convertible into BNB PLUS CORP. common stock
Series B-1 conversion price
$1.05 per share
Conversion price into common stock
Underlying common shares from Series B-2 convertible preferred
550,000 shares
Indirect position convertible into BNB PLUS CORP. common stock
Series B-2 conversion price
$0.38 per share
Conversion price into common stock
Underlying Series B-2 preferred from prefunded warrant
1,151,810 shares
Indirect position via Series B-2 prefunded warrant
Prefunded warrant exercise price
$0.0001 per share
Exercise price for Series B-2 prefunded warrant
Underlying common shares from Series E-1 warrants
1,310,242 shares
Indirect warrant position in BNB PLUS CORP. common stock
Series E-1 warrant exercise price and expiry
$3.82 per share; expires October 3, 2030
Exercise terms for Series E-1 warrants
Key Terms
convertible preferred stock, prefunded warrant, beneficial ownership, pecuniary interest
4 terms
convertible preferred stock financial
"Series B-1 Convertible preferred stock"
Convertible preferred stock is a special class of company shares that pays priority, usually fixed, payments to holders and can be exchanged later for a set number of common shares. It matters to investors because it combines steady income and added protection with the chance to share in a company’s upside; think of it as a hybrid between a bond that pays regularly and an option to convert into growth-oriented stock, where the conversion rules influence both potential gains and how much common shareholders’ ownership may be reduced.
prefunded warrant financial
"Series B-2 Prefunded warrant"
A prefunded warrant is a type of option to buy a share where the buyer has already paid nearly the full purchase price up front, leaving only a tiny additional sum to convert the warrant into a stock. Think of it like a nearly paid gift card that lets you claim a product by paying a token amount; for investors it speeds access to shares while helping manage ownership limits and can affect future dilution, voting power and liquidity when converted.
beneficial ownership financial
"may be deemed to have indirect beneficial ownership of such securities"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"disclaims beneficial ownership thereof except to the extent, if any, of his pecuniary interest therein"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did director Shorten Richard Lee Jr. report owning in BNBX on this Form 3?
He reported indirect interests in Series B-1 and Series B-2 convertible preferred stock, a Series B-2 prefunded warrant, and Series E-1 warrants, all ultimately linked to BNB PLUS CORP. common stock, with specific conversion and exercise prices disclosed.
What are the key warrant holdings reported for BNBX?
The Form 3 lists a Series B-2 prefunded warrant for 1,151,810 underlying Series B-2 preferred shares at a $0.0001 exercise price, and Series E-1 warrants for 1,310,242 underlying common shares at a $3.82 exercise price, expiring October 3, 2030.
Are these BNBX securities owned directly by Shorten Richard Lee Jr.?
No. The securities are held by Comstock MultiChain Fund, L.P. The filing explains that affiliated entities advise and manage the fund and that he may be deemed to have indirect beneficial ownership but disclaims beneficial ownership except for any pecuniary interest.
Does this BNBX Form 3 report any recent purchases or sales?
No. The entries are reported as holdings as of the filing, showing derivative positions and their terms rather than new purchases or sales of BNB PLUS CORP. securities.
Is any Rule 10b5-1 trading plan mentioned in this BNBX filing?
No Rule 10b5-1 trading plan or pre-arranged trading arrangement is described in the ownership or footnote disclosures.
AI-generated analysis. How Rhea-AI works. Not financial advice.
