Iridex Corp (Nasdaq: IRIX) investor group reports 29.92% ownership stake
Filing Impact
Filing Sentiment
Form Type
SCHEDULE 13D/A
Rhea-AI Filing Summary
Novel Inspiration International Co., Ltd., Xinpo Venture Capital Co., Ltd. and Shih‑Yao David Lin report a large investment position in Iridex Corp. common stock. As of July 10, 2026, Mr. Lin beneficially owns 6,738,238 shares, representing 29.92% of the common stock, including holdings through Novel Inspiration and Xinpo. Percentages are based on 17,406,518 shares outstanding as of May 11, 2026 plus 111,997 shares issued on July 7, 2026.
Novel Inspiration holds 600,000 shares of Series B Preferred Stock convertible into 3,000,000 common shares and a Convertible Promissory Note exchangeable into 400,000 additional Series B shares, convertible into 2,000,000 common shares, plus common shares issued as interest on the note. The note bears 12% annual interest, paid quarterly in stock under a pricing formula with a $0.21 per‑share floor; Iridex issued 87,949 shares on April 1, 2026 and 111,997 shares on July 7, 2026 as interest. Xinpo beneficially owns 1,186,809 common shares, about 6.77% of the class, acquired in open‑market purchases on the Nasdaq Capital Market for an aggregate $1,310,308.
The investor group states that it holds the securities for investment and plans to engage with Iridex’s board and management on business strategy, board composition and potential representation, operational initiatives, capital structure, and possible transactions, including mergers and acquisitions, balance sheet changes, dividends, share repurchases, or a going‑private transaction.
Positive
- None.
Negative
- None.
Key Figures
Combined beneficial ownership: 6,738,238 shares (29.92%)
Xinpo common stock holdings: 1,186,809 shares (6.77%)
Series B Preferred held by Novel Inspiration: 600,000 shares
+5 more
8 metrics
Combined beneficial ownership
6,738,238 shares (29.92%)
Common stock beneficially owned by Shih‑Yao David Lin, including Novel Inspiration and Xinpo, as of July 10, 2026
Xinpo common stock holdings
1,186,809 shares (6.77%)
Iridex common stock beneficially owned by Xinpo Venture Capital
Series B Preferred held by Novel Inspiration
600,000 shares
Series B Preferred Stock currently convertible into 3,000,000 Iridex common shares at Novel Inspiration’s option
Convertible note conversion capacity
400,000 Series B shares
Convertible Promissory Note convertible into 400,000 Series B Preferred shares, themselves convertible into 2,000,000 common shares
Open‑market purchase cost
$1,310,308
Aggregate cost, net of commissions, of 1,186,809 Iridex shares purchased by Xinpo between March 25, 2025 and March 30, 2026
Note interest rate
12% per annum
Interest rate on the Convertible Promissory Note held by Novel Inspiration, payable quarterly in stock
Shares issued as interest
87,949 and 111,997 shares
Iridex common shares issued to Novel Inspiration on April 1, 2026 and July 7, 2026 as quarterly interest payments
Shares outstanding baseline
17,406,518 shares
Total Iridex common shares outstanding as of May 11, 2026, used to calculate ownership percentages
Key Terms
beneficially own, Series B Preferred Stock, Convertible Promissory Note, Nasdaq Capital Market, +2 more
6 terms
beneficially own financial
"Novel Inspiration and Mr. Lin may be deemed to collectively beneficially own..."
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Series B Preferred Stock financial
"600,000 shares of Series B Preferred Stock, which is currently convertible..."
Series B preferred stock is a type of ownership share issued by a company that offers certain advantages over common stock, such as priority in receiving dividends or assets if the company is sold or liquidated. It is typically issued after an initial round of funding, making it a way for investors to support a company's growth while gaining some protections and benefits. This stock matters to investors because it often provides a more secure investment position with potential for future growth.
Convertible Promissory Note financial
"a Convertible Promissory Note convertible into 400,000 shares of Series B Preferred Stock"
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.
Nasdaq Capital Market market
"purchased a total of 1,186,809 shares of Common Stock in open market transactions on the Nasdaq Capital Market"
The Nasdaq Capital Market is a platform where smaller, emerging companies can list their shares for trading by investors. It provides these companies with access to funding and visibility, helping them grow, much like a local marketplace where new vendors can introduce their products to potential customers. For investors, it offers opportunities to discover early-stage companies with growth potential.
going private transaction financial
"including but not limited to... dividend and share repurchase policy, or a going private transaction"
dispositive power financial
"Sole Dispositive Power 5,551,429.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
FAQ
What ownership stake in IRIDEX (IRIX) does Shih‑Yao David Lin report?
Shih‑Yao David Lin reports beneficial ownership of 6,738,238 Iridex common shares, representing 29.92% of the outstanding class as of July 10, 2026. This total includes securities held through Novel Inspiration International and Xinpo Venture Capital, based on Iridex’s reported shares outstanding plus shares issued July 7, 2026.
What convertible securities tied to IRIDEX (IRIX) does Novel Inspiration hold?
Novel Inspiration holds 600,000 Series B Preferred shares convertible into 3,000,000 common shares and a Convertible Promissory Note convertible into 400,000 Series B shares, themselves convertible into 2,000,000 common shares. It also holds common shares issued as stock‑settled interest on the note.
How is interest on the IRIDEX (IRIX) Convertible Promissory Note paid?
Interest on the Convertible Promissory Note is paid in Iridex common stock at 12% per annum. Beginning July 1, 2025, interest is payable quarterly in shares equal to accrued interest divided by the greater of the prior‑quarter average closing price or $0.21 per share.
What strategic intentions does the Novel Inspiration group disclose for its IRIDEX (IRIX) investment?
The investor group describes its Iridex stake as held for investment purposes and plans to engage with the board and management on strategy, board composition, operational improvements, and capital allocation, potentially including mergers and acquisitions, balance sheet optimization, dividend policy, share repurchases, or a going‑private transaction.