Galera Therapeutics (OTCQB: GRTX) ends Series B preferred via full conversion
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Galera Therapeutics, Inc. converted all remaining shares of its Series B Non-Voting Convertible Preferred Stock into common stock on May 15, 2026. The company exchanged 42,839.11 Series B preferred shares for 42,839,103 shares of common stock under the existing Certificate of Designation.
No fractional common shares were issued; instead, holders will receive cash equal to the trading value of any fractional share amounts as of the close of business on the conversion date. After this mandatory conversion, no Series B preferred shares remain issued or outstanding, simplifying Galera’s capital structure to common stock only.
Positive
- None.
Negative
- None.
8-K Event Classification
Item 8.01 — Other Events
1 item
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Key Figures
Series B preferred converted: 42,839.11 shares
Common shares issued: 42,839,103 shares
Series B preferred remaining: 0 shares
+1 more
4 metrics
Series B preferred converted
42,839.11 shares
Remaining Series B Non-Voting Convertible Preferred Stock converted on May 15, 2026
Common shares issued
42,839,103 shares
Common stock issued upon conversion of Series B preferred
Series B preferred remaining
0 shares
Series B Non-Voting Convertible Preferred Stock outstanding after conversion
Par value per share
$0.001
Par value for both Series B preferred and common stock
Key Terms
Series B Non-Voting Convertible Preferred Stock, Certificate of Designation, mandatory conversion, trading value
4 terms
Series B Non-Voting Convertible Preferred Stock financial
"converted the remaining 42,839.11 shares of the Company’s Series B Non-Voting Convertible Preferred Stock"
A Series B non-voting convertible preferred stock is a class of company shares that gives holders financial priority—such as fixed dividends and first claim on assets if the company is sold—while not granting voting rights. It can be converted into regular common shares under set conditions, which matters to investors because conversion can increase upside participation but also dilute existing owners; the preference reduces downside risk like a safety buffer.
Certificate of Designation regulatory
"pursuant to and in accordance with the Certificate of Designation of Preferences, Rights and Limitations"
A certificate of designation is a formal document that spells out the specific rights and rules attached to a particular class or series of stock, usually preferred shares. Think of it as a rulebook or menu that lists dividend terms, liquidation priority, conversion or redemption rights and any special voting protections; investors use it to judge how much income, control or downside protection those shares will provide compared with other securities.
mandatory conversion financial
"No fractional shares of Common Stock were issued in connection with the mandatory conversion"
Mandatory conversion is a rule that forces certain convertible securities—like bonds or preferred shares—to be turned into common stock when specific conditions are met (for example, a date arrives or a price target is hit). For investors this matters because it increases the number of shares outstanding and can dilute existing ownership, shifting value from fixed-income holders into equity holders and changing a company’s risk and return profile, much like an automatic trade that swaps a guaranteed payment for an ownership stake.
trading value financial
"amount in cash equal to the trading value of such fractional shares as of the close of business"
FAQ
What capital structure change did Galera Therapeutics (GRTX) disclose?
Galera Therapeutics converted all remaining Series B Non-Voting Convertible Preferred Stock into common stock. This mandatory conversion simplifies the company’s capital structure so only common stock remains outstanding, aligning preferred holders fully with common shareholders.
Does Galera Therapeutics (GRTX) still have any Series B preferred stock outstanding?
No Series B preferred stock remains outstanding at Galera Therapeutics. Following the May 15, 2026 mandatory conversion of 42,839.11 Series B preferred shares, all such shares have been fully exchanged into common stock.