Corvex (MOVE) Co-CEO Demsey converts Series C preferred into over 5.5M common shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Corvex, Inc. director and Co-CEO Seth Demsey reported automatic conversions of Series C preferred stock into common stock. On July 7, 2026, 5,484.3883 shares of Series C Non-Voting Convertible Preferred Stock converted into 5,484,388 shares of common stock at a 1-to-1,000 ratio, increasing his direct common stock holdings to 8,563,155 shares. A further 31.2700 preferred shares held through Ainsworth Holdings, LLC converted into 31,270 common shares, bringing Ainsworth’s indirectly held common stock to 31,409 shares. After these conversions, no Series C preferred stock remains outstanding for Demsey in this filing.
Positive
- None.
Negative
- None.
Insights
Demsey’s filing shows a large, automatic conversion of preferred into common stock, not an open-market trade.
The transactions reflect the automatic conversion of Series C Non-Voting Convertible Preferred Stock into common stock at a fixed 1-to-1,000 ratio on July 7, 2026. This is a structural change in the type of security held, rather than a discretionary purchase or sale.
Following conversion, Seth Demsey directly holds 8,563,155 common shares and Ainsworth Holdings, LLC indirectly holds 31,409 common shares, with no remaining Series C preferred stock in this filing. The economic impact depends on the company’s overall share count and prior capital structure, which are not detailed here.
Insider Trade Summary
5,515.658 shares exercised/converted
Mixed
4 txns
Insider
Demsey Seth
Role
Co-Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series C Preferred Stock | 5,484.388 | $0.00 | -- |
| Conversion | Series C Preferred Stock | 31.27 | $0.00 | -- |
| Conversion | Common Stock | 5,484,388 | $0.00 | -- |
| Conversion | Common Stock | 31,270 | $0.00 | -- |
Holdings After Transaction:
Series C Preferred Stock — 0 shares (Direct, null);
Series C Preferred Stock — 0 shares (Indirect, See footnote (3));
Common Stock — 8,563,155 shares (Direct, null);
Common Stock — 31,409 shares (Indirect, See footnote (3))
Footnotes (1)
- Based on automatic conversion of 5,484.3883 shares of Series C Non-Voting Convertible Preferred Stock, par value $0.0001 per share (the "Series C Preferred Stock") into shares of common stock at a conversion ratio of 1 to 1,000 shares of common stock (as adjusted for fractional shares paid in cash). Includes unvested restricted stock units. Based on automatic conversion of 31.2700 shares of Series C Preferred Stock into shares of common stock at a conversion ratio of 1 to 1,000 shares of common stock (as adjusted for fractional shares paid in cash). The securities are held by Ainsworth Holdings, LLC ("Ainsworth"). The Reporting Person is the managing member of Ainsworth and has sole voting and dispositive power over the common stock held by Ainsworth. The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein. The Series C Preferred Stock automatically converted into shares of common stock on July 7, 2026 at a conversion ratio of 1 to 1000 shares of common stock. The preferred stock is perpetual and therefore has no expiration date
Key Figures
Direct common shares acquired via conversion: 5,484,388 shares
Indirect common shares acquired via conversion: 31,270 shares
Direct common shares after transactions: 8,563,155 shares
+3 more
6 metrics
Direct common shares acquired via conversion
5,484,388 shares
Automatic conversion of 5,484.3883 Series C preferred shares at 1:1,000 ratio on July 7, 2026
Indirect common shares acquired via conversion
31,270 shares
Automatic conversion of 31.2700 Series C preferred shares held by Ainsworth Holdings, LLC at 1:1,000 ratio
Direct common shares after transactions
8,563,155 shares
Total direct Corvex common stock held by Demsey following July 7, 2026 conversions
Indirect common shares after transactions
31,409 shares
Total common stock indirectly held through Ainsworth Holdings, LLC after conversion
Series C preferred converted (total)
5,515.6583 shares
Sum of 5,484.3883 direct and 31.2700 indirect Series C preferred shares converted into common stock
Conversion price per share
$0.0000 per share
Reported transaction price per share for conversions of both common and preferred entries
Key Terms
Series C Non-Voting Convertible Preferred Stock, automatic conversion, restricted stock units, pecuniary interest, +1 more
5 terms
Series C Non-Voting Convertible Preferred Stock financial
"Based on automatic conversion of 5,484.3883 shares of Series C Non-Voting Convertible Preferred Stock, par value $0.0001 per share"
automatic conversion financial
"The Series C Preferred Stock automatically converted into shares of common stock on July 7, 2026"
restricted stock units financial
"Includes unvested restricted stock units."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
pecuniary interest financial
"The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein."
perpetual financial
"The preferred stock is perpetual and therefore has no expiration date"
Perpetual describes a financial instrument or obligation that has no fixed end date and can continue indefinitely unless the issuer chooses to end it. For investors, that means there is no scheduled return of principal, so value depends on ongoing payments, issuer stability and market interest rates—similar to receiving rent from a property with no set sale date. Perpetual instruments often pay higher yields to compensate for that open-ended risk.
FAQ
What did Corvex (MOVE) Co-CEO Seth Demsey report in this Form 4?
Seth Demsey reported automatic conversion of Series C preferred stock into common stock. 5,484.3883 preferred shares became 5,484,388 common shares directly, and 31.2700 preferred shares became 31,270 common shares indirectly through Ainsworth Holdings, LLC.
What is the conversion ratio for Corvex (MOVE) Series C Preferred Stock?
The Series C Non-Voting Convertible Preferred Stock converts automatically into common stock at a fixed 1-to-1,000 ratio. Each preferred share becomes 1,000 common shares, with fractional shares settled in cash according to the filing’s footnotes.
What happened to Seth Demsey’s Corvex (MOVE) Series C Preferred Stock position?
All reported Series C preferred shares converted into common stock on July 7, 2026. After these automatic conversions, the filing shows zero remaining Series C preferred shares for both Demsey’s direct holdings and the Ainsworth Holdings, LLC indirect position.