BoltRock converts CitroTech note into shares
BoltRock Holdings LLC, an entity associated with CitroTech director and 10% owner Craig Huff, converted a 10% Senior Secured Convertible Promissory Note into 940,799 shares of Common Stock at a $2.40 conversion price per share.
Rhea-AI Filing Summary
BoltRock Holdings LLC, an entity associated with CitroTech director and 10% owner Craig Huff, converted a 10% Senior Secured Convertible Promissory Note into 940,799 shares of Common Stock at a $2.40 conversion price per share. Following this conversion, BoltRock indirectly holds 3,357,467 CitroTech common shares.
In connection with extending the note’s maturity date to April 28, 2026, CitroTech issued BoltRock a warrant to purchase 46,250 additional common shares at an exercise price of $3.00 per share, with a five-year term beginning on its April 7, 2031 expiration date. Huff disclaims beneficial ownership except for his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
0 shares exercised/converted
Exercise
3 txns
Insider
HUFF CRAIG A, BoltRock Holdings LLC
Role
Director, 10% Owner | 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Convertible Note | 0 | $0.00 | $0.00 |
| Conversion | Common Stock | 940,799 | $2.40 | $2.26M |
| Other | Warrant | 46,250 | $0.00 | $0.00 |
Holdings After Transaction:
Warrant — 46,250 contracts (Indirect, By BoltRock Holdings LLC);
Convertible Note — 0 contracts (Indirect, By BoltRock Holdings LLC);
Common Stock — 3,357,467 shares (Indirect, By BoltRock Holdings LLC)
Footnotes (3)
- F1. The 10% Senior Secured Convertible Promissory Note (the "Note") was convertible, in whole but not in part, into shares of Common Stock at a conversion price of $2.40 per share, based on the outstanding principal amount plus all accrued and unpaid interest, at the Reporting Person's election or automatically upon the occurrence of certain events tied to the trading price of the Common Stock. The reported amount includes shares of Common Stock issuable upon the conversion of interest accruing at a rate of 10% per annum, payable in kind. The maturity date of the Note was extended to April 28, 2026, on February 27, 2026.
- F2. The securities are held directly by BoltRock Holdings LLC ("BoltRock"). Craig Huff is the managing member of BoltRock. Mr. Huff disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein.
- F3. In connection with the extension of the Note held by the Reporting Person, the Issuer issued the Reporting Person a warrant to purchase 46,250 shares of Common Stock at an exercise price of $3.00 per share. The warrant has a five-year term commencing on its date of issuance.
Key Figures
Shares from note conversion: 940,799 shares
Conversion price: $2.40 per share
Indirect holdings after conversion: 3,357,467 shares
+4 more
7 metrics
Shares from note conversion
940,799 shares
CitroTech common stock issued upon conversion of note at $2.40
Conversion price
$2.40 per share
Conversion price of 10% Senior Secured Convertible Promissory Note into common stock
Indirect holdings after conversion
3,357,467 shares
CitroTech common stock indirectly held by BoltRock after the transaction
Warrant size
46,250 shares
CitroTech common shares underlying warrant issued to BoltRock
Warrant exercise price
$3.00 per share
Exercise price for warrant to purchase CitroTech common stock
Note interest rate
10% per annum
Interest rate on CitroTech Senior Secured Convertible Promissory Note, payable in kind
Note maturity date
April 28, 2026
Extended maturity date of the 10% Senior Secured Convertible Promissory Note
Key Terms
10% Senior Secured Convertible Promissory Note, conversion price, payable in kind, maturity date, +1 more
5 terms
10% Senior Secured Convertible Promissory Note financial
"The 10% Senior Secured Convertible Promissory Note (the "Note") was convertible, in whole but not in part, into shares"
conversion price financial
"into shares of Common Stock at a conversion price of $2.40 per share"
The conversion price is the fixed price at which a convertible security, like a bond or preferred stock, can be exchanged for shares of common stock. It acts like a set rate that determines how many shares an investor can receive if they choose to convert their investment. This helps investors understand the value and potential benefits of converting their securities into company shares.
payable in kind financial
"includes shares of Common Stock issuable upon the conversion of interest accruing at a rate of 10% per annum, payable in kind"
Payable in kind (PIK) is a payment option where a borrower or issuer fulfills interest or dividend obligations by issuing additional debt or shares instead of paying cash. For investors this matters because it preserves the issuer’s cash flow in the short term but increases the amount owed or dilutes ownership, so it can raise credit risk, change yield expectations and reduce liquidity compared with cash payments.
maturity date financial
"The maturity date of the Note was extended to April 28, 2026"
The maturity date is the specific day when a loan, bond, or investment reaches its full term and the borrower must repay the borrowed amount in full. It is important for investors because it indicates when they will receive their initial money back and can plan their future financial steps accordingly. Think of it as the due date for a loan or the day a gift card or coupon expires.
warrant financial
"the Issuer issued the Reporting Person a warrant to purchase 46,250 shares of Common Stock at an exercise price of $3.00 per share"
A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did BoltRock report in CitroTech (CITR) on this Form 4?
BoltRock reported converting a CitroTech 10% Senior Secured Convertible Promissory Note into 940,799 common shares and receiving a new warrant. The warrant covers 46,250 CitroTech common shares at a $3.00 exercise price, with a five-year term from its issuance date.
What are the key terms of BoltRock’s CitroTech (CITR) warrant?
BoltRock holds a warrant to purchase 46,250 CitroTech common shares at a $3.00 per-share exercise price. The warrant has a five-year term starting on its issuance date, and relates to the extension of the maturity date of BoltRock’s existing 10% Senior Secured Convertible Promissory Note.
How is Craig Huff connected to BoltRock’s CitroTech (CITR) holdings?
Craig Huff is the managing member of BoltRock Holdings LLC, which directly holds the CitroTech securities. The filing states Huff disclaims beneficial ownership of these CitroTech securities, except to the extent of his pecuniary interest in BoltRock, clarifying his indirect economic exposure to the position.
What interest rate applies to CitroTech’s convertible note held by BoltRock?
The CitroTech Senior Secured Convertible Promissory Note held by BoltRock accrued interest at a 10% per annum rate. That interest was payable in kind, meaning additional CitroTech common shares were issuable upon conversion based on accrued and unpaid interest at the $2.40 conversion price.
When does the extended CitroTech (CITR) convertible note mature after the amendment?
The maturity date of BoltRock’s CitroTech 10% Senior Secured Convertible Promissory Note was extended to April 28, 2026. This extension was agreed on February 27, 2026, and in connection with that extension, CitroTech issued BoltRock the warrant to purchase 46,250 common shares at $3.00.
AI-generated analysis. How Rhea-AI works. Not financial advice.
