Novel Inspiration gains IRIDEX (IRIX) shares as quarterly note interest
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
IRIDEX CORP disclosed a non-cash equity transaction with a major shareholder. Novel Inspiration International Co., Ltd., a 10% owner, received 111,997 shares of common stock as a quarterly interest payment on a Convertible Promissory Note issued on March 19, 2025. After this issuance, Novel Inspiration directly beneficially owns 551,429 shares, which are also indirectly beneficially owned by Shih-Yao David Lin as the sole officer, director and stockholder of Novel Inspiration.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
Novel Inspiration International Co., Ltd., Lin Shih-Yao David
Role
null | null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock | 111,997 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 551,429 shares (Direct, null)
Footnotes (1)
- This Form 4 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. The shares were issued as a quarterly interest payment on the Convertible Promissory Note issued March 19, 2025 by the Issuer to Novel Inspiration. The shares are beneficially owned directly by Novel Inspiration and indirectly by Mr. Lin.
Key Figures
Shares issued as interest: 111,997 shares
Shares held after transaction: 551,429 shares
Transaction price per share: $0.0000 per share
+3 more
6 metrics
Shares issued as interest
111,997 shares
Quarterly interest payment on Convertible Promissory Note
Shares held after transaction
551,429 shares
Novel Inspiration direct beneficial ownership following issuance
Transaction price per share
$0.0000 per share
Reported Form 4 transaction price for issued shares
Transaction date
July 7, 2026
Date of other acquisition or disposition (code J)
Convertible Note date
March 19, 2025
Date of Convertible Promissory Note referenced for interest
Restructuring shares
111,997 shares
Classified as restructuring under transaction summary
Key Terms
Convertible Promissory Note, quarterly interest payment, beneficially owned, ten percent owner, +1 more
5 terms
Convertible Promissory Note financial
"The shares were issued as a quarterly interest payment on the Convertible Promissory Note issued March 19, 2025"
A convertible promissory note is a loan a company takes now that can later be turned into shares instead of being repaid in cash. Think of it as lending money with the option to accept ownership in the business down the road; that matters to investors because it affects who gets paid first, how much ownership existing shareholders keep, and the company’s future valuation and cash needs. Terms such as conversion price, interest and maturity determine the financial impact.
quarterly interest payment financial
"The shares were issued as a quarterly interest payment on the Convertible Promissory Note"
beneficially owned financial
"The shares are beneficially owned directly by Novel Inspiration and indirectly by Mr. Lin"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
ten percent owner financial
"Novel Inspiration International Co., Ltd. is listed as a ten percent owner"
Other acquisition or disposition financial
"transaction_code_description: Other acquisition or disposition"
FAQ
What insider transaction did IRIDEX (IRIX) report in this Form 4?
IRIDEX reported that Novel Inspiration International Co., Ltd. received 111,997 shares of common stock. These shares were issued as a quarterly interest payment on a Convertible Promissory Note, making the transaction a non-cash equity issuance rather than an open-market trade.
Who is Novel Inspiration International Co., Ltd. in relation to IRIDEX (IRIX)?
Novel Inspiration International Co., Ltd. is a ten percent owner of IRIDEX common stock. It directly holds the reported shares, while Shih-Yao David Lin, its sole officer, director and stockholder, is considered an indirect beneficial owner of those same IRIDEX shares.
How is Shih-Yao David Lin connected to this IRIDEX (IRIX) Form 4 transaction?
Shih-Yao David Lin is the sole officer, director and stockholder of Novel Inspiration International Co., Ltd. The filing states the IRIDEX shares are beneficially owned directly by Novel Inspiration and indirectly by Mr. Lin through his control of that entity.
What does the Form 4 say about the nature of this IRIDEX (IRIX) transaction?
The transaction is coded as “J,” described as an other acquisition or disposition. The Form 4 clarifies that the new IRIDEX shares were issued as a quarterly interest payment on a Convertible Promissory Note, rather than being bought or sold on the market.