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IRIDEX (IRIX) holder discloses Series B preferred and note stake details

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

IRIDEX Corp reported that Novel Inspiration International Co., Ltd. and Shih‑Yao David Lin are 10% owners via preferred stock and a convertible note. As of March 19, 2025, Novel Inspiration held 600,000 shares of Series B Preferred Stock and a convertible promissory note convertible into 400,000 additional Series B Preferred shares, all owned directly by Novel Inspiration.

Each Series B Preferred share is convertible, at Novel Inspiration’s option, into five shares of common stock with no expiration date, representing 3,000,000 common shares from the existing preferred and a further 2,000,000 common shares from the note. Before required stockholder approval, Novel Inspiration could convert only into 3,356,126 common shares, equal to 19.99% of IRIDEX’s outstanding common stock as of March 19, 2025, and that approval was obtained on June 11, 2025.

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Insights

Form 3 shows a large, structured preferred stake with a prior 19.99% cap.

IRIDEX Corp discloses that Novel Inspiration International Co., Ltd. owns 600,000 shares of Series B Preferred Stock and a convertible promissory note for 400,000 additional Series B Preferred shares. Each preferred share is convertible into five common shares with no expiration date, mapping to 3,000,000 common shares from the current preferred and 2,000,000 from the note if fully converted. The securities are owned directly by Novel Inspiration, while Shih‑Yao David Lin is its sole officer, director, and stockholder.

A key governance feature is the conversion cap tied to stockholder approval. As of March 19, 2025, Novel Inspiration could convert only into 3,356,126 common shares, described as 19.99% of IRIDEX’s outstanding common stock on that date, pending the “Requisite Stockholder Approval.” That approval was obtained on June 11, 2025 at the 2025 annual meeting, after which the full conversion mechanics described in the footnotes apply. Future company disclosures may further detail how and when Novel Inspiration chooses to exercise these conversion rights.

Insider Novel Inspiration International Co., Ltd., Lin Shih-Yao David
Role 10% Owner | 10% Owner
Type Security Shares Price Value
holding Series B Preferred Stock -- -- --
holding Convertible Promissory Note -- -- --
Holdings After Transaction: Series B Preferred Stock — 3,000,000 shares (Direct); Convertible Promissory Note — 400,000 shares (Direct)
Footnotes (1)
  1. This Form 3 is filed jointly by Novel Inspiration International Co., Ltd. ("Novel Inspiration") and Shih-Yao David Lin. Mr. Lin is the sole officer, director and stockholder of Novel Inspiration. Prior to the Issuer receiving certain required approval by the Issuer's stockholders (the "Requisite Stockholder Approval"), as of March 19, 2025, Novel Inspiration may only covert into 3,356,126 shares of Common Stock, which is the number of shares equal to 19.99% of the Issuer's total outstanding Common Stock on March 19, 2025. The Requisite Stockholder Approval was obtained on June 11, 2025 at the Issuer's 2025 annual meeting of stockholders. Novel Inspiration holds 600,000 shares of Series B Preferred Stock and a convertible promissory note that is convertible, at the option of Novel Inspiration, into 400,000 shares of Series B Preferred Stock. Each share of Series B Preferred Stock is convertible, at the option of Novel Inspiration, into five shares of Common Stock and has no expiration date. The securities are owned directly by Novel Inspiration.
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SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response: 0.5
1. Name and Address of Reporting Person*
Novel Inspiration International Co., Ltd.
(Last) (First) (Middle)
VISTRA CORPORATE SERVICES CENTER
WICKHAMS CAY II
(Street)
ROAD TOWN, TORTOLA D8 VG1110
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
03/19/2025 		3. Issuer Name and Ticker or Trading Symbol
IRIDEX CORP [ IRIX ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Series B Preferred Stock(1) 03/19/2025(2) (3) Common Stock 3,000,000(3) (3) D(4)
Convertible Promissory Note 03/19/2025(2) 03/19/2028 Series B Preferred Stock 400,000(3) $10(3) D(4)
1. Name and Address of Reporting Person*
Novel Inspiration International Co., Ltd.
(Last) (First) (Middle)
VISTRA CORPORATE SERVICES CENTER
WICKHAMS CAY II
(Street)
ROAD TOWN, TORTOLA D8 VG1110
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Lin Shih-Yao David
(Last) (First) (Middle)
VISTRA CORPORATE SERVICES CENTER
WICKHAMS CAY II
(Street)
ROAD TOWN, TORTOLA D8 VG1110
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. This Form 3 is filed jointly by Novel Inspiration International Co., Ltd. ("Novel Inspiration") and Shih-Yao David Lin. Mr. Lin is the sole officer, director and stockholder of Novel Inspiration.
2. Prior to the Issuer receiving certain required approval by the Issuer's stockholders (the "Requisite Stockholder Approval"), as of March 19, 2025, Novel Inspiration may only covert into 3,356,126 shares of Common Stock, which is the number of shares equal to 19.99% of the Issuer's total outstanding Common Stock on March 19, 2025. The Requisite Stockholder Approval was obtained on June 11, 2025 at the Issuer's 2025 annual meeting of stockholders.
3. Novel Inspiration holds 600,000 shares of Series B Preferred Stock and a convertible promissory note that is convertible, at the option of Novel Inspiration, into 400,000 shares of Series B Preferred Stock. Each share of Series B Preferred Stock is convertible, at the option of Novel Inspiration, into five shares of Common Stock and has no expiration date.
4. The securities are owned directly by Novel Inspiration.
Novel Inspiration International Co., Ltd, By: /s/ Shih-Yao David Lin, Chief Executive Officer 01/08/2026
/s/ Shih-Yao David Lin 01/08/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What does the IRIDEX (IRIX) Form 3 filing by Novel Inspiration disclose?

The Form 3 shows that Novel Inspiration International Co., Ltd., together with Shih‑Yao David Lin, is a 10% owner of IRIDEX Corp through holdings of Series B Preferred Stock and a related convertible promissory note, all reported as directly owned by Novel Inspiration.

How many Series B Preferred shares linked to IRIDEX (IRIX) does Novel Inspiration hold?

Novel Inspiration holds 600,000 shares of Series B Preferred Stock and a convertible promissory note that is convertible, at Novel Inspiration’s option, into an additional 400,000 shares of Series B Preferred Stock.

What is the conversion ratio from IRIDEX (IRIX) Series B Preferred Stock to common stock?

Each share of Series B Preferred Stock is convertible, at the option of Novel Inspiration, into five shares of IRIDEX common stock and has no expiration date, as stated in the filing’s footnotes.

What was the 19.99% conversion cap mentioned in the IRIDEX (IRIX) Form 3?

As of March 19, 2025, before stockholder approval, Novel Inspiration could convert only into 3,356,126 shares of common stock, which the filing describes as 19.99% of IRIDEX’s total outstanding common stock on that date, pending the “Requisite Stockholder Approval.”

Who actually owns the IRIDEX (IRIX) securities reported in this Form 3?

The footnotes state that the securities are owned directly by Novel Inspiration. Shih‑Yao David Lin is identified as the sole officer, director and stockholder of Novel Inspiration, and the Form 3 is filed jointly by both reporting persons.