Corvex director converts preferred into common shares
Corvex, Inc. director Seth Demsey reported automatic conversions of Series B Preferred Stock into Common Stock on March 31, 2026.
Rhea-AI Filing Summary
Corvex, Inc. director Seth Demsey reported automatic conversions of Series B Preferred Stock into Common Stock on March 31, 2026. The filing shows 24.5327 shares of Series B Preferred Stock converting into 24,532 shares of Common Stock held directly, and 0.1399 preferred shares converting into 139 common shares held indirectly.
After the transactions, Demsey directly holds 3,078,767 shares of Common Stock. The indirect Common Stock is held through Ainsworth Holdings, LLC, where Demsey is the managing member and has sole voting and dispositive power but disclaims beneficial ownership except for his pecuniary interest. The Series B Preferred Stock converts at a 1-to-1,000 ratio and is perpetual with no expiration date.
Positive
- None.
Negative
- None.
Insider Trade Summary
24.6726 shares exercised/converted
Exercise
4 txns
Insider
Demsey Seth
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series B Preferred Stock | 24.5327 | $0.00 | $0.00 |
| Conversion | Series B Preferred Stock | 0.1399 | $0.00 | $0.00 |
| Conversion | Common Stock | 24,532 | $0.00 | $0.00 |
| Conversion | Common Stock | 139 | $0.00 | $0.00 |
Holdings After Transaction:
Series B Preferred Stock — 0 contracts (Direct);
Series B Preferred Stock — 0 contracts (Indirect, See footnote (3));
Common Stock — 3,078,767 shares (Direct);
Common Stock — 139 shares (Indirect, See footnote (3))
Footnotes (5)
- F1. Based on automatic conversion of 24.5327 shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the "Series B 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).
- F2. Includes unvested restricted stock units.
- F3. Based on automatic conversion of 0.1399 shares of Series B 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.
- F4. The Series B Preferred Stock automatically converts into shares of common stock on March 31, 2026 at a conversion ratio of 1 to 1000 shares of common stock.
- F5. The preferred stock is perpetual and therefore has no expiration date
Key Figures
Series B Preferred converted (direct): 24.5327 shares
Common shares from conversion (direct): 24,532 shares
Series B Preferred converted (indirect): 0.1399 shares
+3 more
6 metrics
Series B Preferred converted (direct)
24.5327 shares
Converted into Common Stock on March 31, 2026
Common shares from conversion (direct)
24,532 shares
Underlying Common Stock received from direct preferred conversion
Series B Preferred converted (indirect)
0.1399 shares
Converted into Common Stock on March 31, 2026 via Ainsworth
Common shares from conversion (indirect)
139 shares
Underlying Common Stock held indirectly through Ainsworth Holdings, LLC
Direct common holdings after transaction
3,078,767 shares
Total Common Stock directly owned following conversion
Conversion ratio
1:1,000
Series B Preferred Stock to Common Stock automatic conversion ratio
Key Terms
Series B Preferred Stock, automatic conversion, restricted stock units, pecuniary interest, +2 more
6 terms
Series B Preferred Stock financial
"Based on automatic conversion of 24.5327 shares of Series B Convertible Preferred Stock..."
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.
automatic conversion financial
"Based on automatic conversion of 24.5327 shares of Series B Convertible Preferred Stock..."
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.
dispositive power financial
"has sole voting and dispositive power over the common stock held by Ainsworth."
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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Corvex, Inc. (MOVE) director Seth Demsey report?
Seth Demsey reported automatic conversions of Series B Preferred Stock into Common Stock. On March 31, 2026, his preferred shares converted into 24,532 directly held common shares and 139 indirectly held common shares, reflecting a derivative conversion rather than an open-market purchase or sale.
What was converted in the Corvex, Inc. (MOVE) Form 4 filing for Seth Demsey?
The filing shows Series B Preferred Stock converting into Common Stock. Specifically, 24.5327 preferred shares converted into 24,532 common shares directly, and 0.1399 preferred shares converted into 139 common shares indirectly, all on March 31, 2026, at a 1-to-1,000 conversion ratio.
Is the Corvex, Inc. (MOVE) insider transaction a market buy or sell?
The reported transactions are automatic conversions of Series B Preferred Stock into Common Stock, not open-market buys or sells. The transaction code "C" indicates a conversion of a derivative security, with a reported price per share of $0.0000, reflecting a non-cash structural change in holdings.
AI-generated analysis. How Rhea-AI works. Not financial advice.
