Galera director IRA converts 5.34M shares to common
Galera Therapeutics director-associated IRA converted preferred stock into common shares through a company-initiated action.
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Form Type
4
Rhea-AI Filing Summary
Galera Therapeutics director-associated IRA converted preferred stock into common shares through a company-initiated action. On April 7, 2026, 5,336.87 shares of Series B Non-Voting Convertible Preferred Stock indirectly held for Michael Friedman were mandatorily converted into 5,336,870 shares of Common Stock based on a 1,000:1 Conversion Ratio. The securities are held by Equity Trust Company, Custodian FBO Michael Friedman Roth IRA, which now holds 5,336,870 common shares indirectly following the conversion.
Insider Trade Summary
5,336.87 shares exercised/converted
Exercise
2 txns
Insider
FRIEDMAN MICHAEL R.
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series B Preferred Stock | 5,336.87 | $0.00 | $0.00 |
| Conversion | Common Stock | 5,336,870 | $0.00 | $0.00 |
Holdings After Transaction:
Series B Preferred Stock — 2,989.399 contracts (Indirect, See Footnote);
Common Stock — 5,336,870 shares (Indirect, See Footnote)
Footnotes (2)
- F1. On February 12, 2026, the Issuer filed a Certificate of Amendment (the "Amendment") to the Certificate of Designation of Preferences, Rights, and Limitations of Series B Non-Voting Convertible Preferred Stock. The Amendment provided that, in the sole discretion of the Issuer's board of directors, the Issuer may elect to convert, in whole or in part, outstanding shares of Series B Non-Voting Convertible Preferred Stock ("Series B Preferred Stock") into a number of shares of Common Stock calculated based on the Conversion Ratio (defined as 1,000 shares of Common Stock issuable upon the conversion of each share of Series B Preferred Stock) (a "Mandatory Conversion"). On April 7, 2026, the Issuer effected a partial Mandatory Conversion of Series B Preferred Stock, including shares of Series B Preferred Stock held by the Reporting Person. The shares of Series B Preferred Stock have no expiration date.
- F2. These securities are held by Equity Trust Company, Custodian FBO Michael Friedman Roth IRA.
Key Figures
Preferred shares converted: 5,336.87 shares
Common shares received: 5,336,870 shares
Conversion Ratio: 1,000 common per preferred share
+1 more
4 metrics
Preferred shares converted
5,336.87 shares
Series B Non-Voting Convertible Preferred Stock converted on April 7, 2026
Common shares received
5,336,870 shares
Common Stock received upon conversion on April 7, 2026
Conversion Ratio
1,000 common per preferred share
Defined in Certificate of Amendment dated February 12, 2026
Common shares held after transaction
5,336,870 shares
Indirectly held by Equity Trust Company, Custodian FBO Michael Friedman Roth IRA
Key Terms
Series B Non-Voting Convertible Preferred Stock, Mandatory Conversion, Conversion Ratio, Certificate of Amendment, +1 more
5 terms
Series B Non-Voting Convertible Preferred Stock financial
"Certificate of Designation of Preferences, Rights, and Limitations of 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.
Mandatory Conversion financial
"the Issuer may elect to convert ... in a "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.
Conversion Ratio financial
"calculated based on the Conversion Ratio (defined as 1,000 shares of Common Stock issuable..."
The conversion ratio is the number of common shares an investor receives when a convertible security (like a bond or preferred share) or an exchangeable instrument is turned into ordinary stock. It matters because it tells investors how much ownership or dilution will occur — similar to knowing how many slices you get when you trade in a coupon — and directly affects the value you get from the convertible and the company’s future share count.
Certificate of Amendment regulatory
"the Issuer filed a Certificate of Amendment (the "Amendment") to the Certificate of Designation..."
A certificate of amendment is an official filing that updates a company’s founding documents—its legal “rulebook” that sets share structure, voting rules, name and basic purpose. Think of it like changing the blueprint of a building: small changes are paperwork, big ones can alter who owns how much and who controls decisions. Investors watch these filings because they can affect share counts, voting power, dilution and company value.
Custodian FBO financial
"These securities are held by Equity Trust Company, Custodian FBO Michael Friedman Roth IRA."
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Galera Therapeutics (GRTX) report for Michael Friedman?
Galera Therapeutics reported that an IRA associated with director Michael Friedman converted Series B Preferred Stock into Common Stock. On April 7, 2026, 5,336.87 preferred shares were converted into 5,336,870 common shares through a company-initiated Mandatory Conversion based on a 1,000:1 ratio.
Who legally holds the Galera Therapeutics (GRTX) securities involved in this Form 4?
The securities are held by Equity Trust Company, Custodian FBO Michael Friedman Roth IRA. The filing notes that the interests are indirect, with ownership described in a footnote, indicating the IRA custodian as the record holder for the converted Galera Therapeutics common shares.
What is the Conversion Ratio for Galera Therapeutics (GRTX) Series B Preferred Stock?
Each share of Series B Non-Voting Convertible Preferred Stock is convertible into 1,000 common shares. The filing states a Conversion Ratio defined as 1,000 shares of Common Stock issuable upon the conversion of each Series B Preferred share, used in the Mandatory Conversion on April 7, 2026.
What corporate action enabled the Galera Therapeutics (GRTX) Mandatory Conversion?
A Certificate of Amendment dated February 12, 2026 allowed Galera’s board to elect a Mandatory Conversion of Series B Preferred Stock. Under this Amendment, the board could convert outstanding Series B shares into Common Stock based on the 1,000:1 Conversion Ratio, which it partially exercised on April 7, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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