MOVE Co‑CEO converts Series C into common stock
Corvex, Inc. director and Co‑CEO Crystal John Adler III reported automatic conversions of Series C preferred stock into common stock of MOVE.
Rhea-AI Filing Summary
Corvex, Inc. director and Co‑CEO Crystal John Adler III reported automatic conversions of Series C preferred stock into common stock of MOVE. On July 7, 2026, 3,345.5239 shares of Series C Non‑Voting Convertible Preferred Stock converted into 3,345,523 shares of common stock, and 708.1544 Series C shares held through the John Adler Crystal III Roth IRA converted into 708,154 common shares, all at a 1‑to‑1,000 conversion ratio. Following these conversions, Adler holds 6,414,723 common shares directly and 711,321 common shares indirectly through the Roth IRA, and no Series C Preferred Stock remains outstanding in these positions.
Positive
- None.
Negative
- None.
Insider Trade Summary
4,053.6783 shares exercised/converted
Exercise
4 txns
Insider
Crystal John Adler III
Role
Co-Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series C Preferred Stock | 3,345.5239 | $0.00 | $0.00 |
| Conversion | Series C Preferred Stock | 708.1544 | $0.00 | $0.00 |
| Conversion | Common Stock | 3,345,523 | $0.00 | $0.00 |
| Conversion | Common Stock | 708,154 | $0.00 | $0.00 |
Holdings After Transaction:
Series C Preferred Stock — 0 contracts (Direct);
Series C Preferred Stock — 0 contracts (Indirect, See footnote (3));
Common Stock — 6,414,723 shares (Direct);
Common Stock — 711,321 shares (Indirect, See footnote (3))
Footnotes (5)
- F1. Based on automatic conversion of 3,345.5239 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).
- F2. Includes unvested restricted stock units.
- F3. Based on automatic conversion of 708.1544 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 John Adler Crystal III Roth IRA ("Roth IRA") for the benefit of the Reporting Person. The Reporting Person has sole voting and dispositive power over the common stock held by the Roth IRA. The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.
- F4. 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.
- F5. The preferred stock is perpetual and therefore has no expiration date
Key Figures
Preferred converted (direct): 3,345.5239 shares Series C
Common received (direct): 3,345,523 shares common stock
Preferred converted (Roth IRA): 708.1544 shares Series C
+5 more
8 metrics
Preferred converted (direct)
3,345.5239 shares Series C
Automatically converted to common on July 7, 2026
Common received (direct)
3,345,523 shares common stock
From Series C conversion at 1:1,000 ratio
Preferred converted (Roth IRA)
708.1544 shares Series C
Held by John Adler Crystal III Roth IRA
Common received (Roth IRA)
708,154 shares common stock
From Series C conversion at 1:1,000 ratio
Direct common holdings after
6,414,723 shares
Common stock directly owned following conversion
Indirect common holdings after
711,321 shares
Common stock held through Roth IRA after conversion
Remaining Series C holdings
0.0000 shares
Series C Preferred Stock in these positions post‑conversion
Total derivatives exercised
4,053.6783 shares
Total Series C shares converted per transaction summary
Key Terms
Series C Non-Voting Convertible Preferred Stock, conversion ratio, restricted stock units, Roth IRA, +2 more
6 terms
Series C Non-Voting Convertible Preferred Stock financial
"Based on automatic conversion of 3,345.5239 shares of Series C Non-Voting Convertible Preferred Stock, par value $0.0001 per share"
conversion ratio financial
"into shares of common stock at a conversion ratio of 1 to 1,000 shares of common stock"
The conversion ratio is the number of common shares an investor receives when a convertible security (like a bond or preferred share) or an exchangeable instrument is turned into ordinary stock. It matters because it tells investors how much ownership or dilution will occur — similar to knowing how many slices you get when you trade in a coupon — and directly affects the value you get from the convertible and the company’s future share count.
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.
Roth IRA financial
"The securities are held by John Adler Crystal III Roth IRA ("Roth IRA") for the benefit of the Reporting Person."
A Roth IRA is a retirement savings account you fund with money that’s already been taxed, and withdrawals taken in retirement under the account rules are tax-free. It matters to investors because it shifts the tax bill to today instead of retirement, potentially increasing after-tax income later—think of it like paying for a lifetime subscription now so you can use it without extra charges in the future—helpful for long-term tax planning and flexibility.
beneficial ownership financial
"The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did MOVE executive Crystal John Adler III report?
Crystal John Adler III reported automatic conversions of Series C preferred stock into MOVE common shares. These were derivative conversions, not open‑market purchases or sales, and reflect preferred stock turning into additional common stock holdings under preset terms.
What are Adler’s MOVE common stock holdings after these transactions?
After the conversions, Adler holds 6,414,723 MOVE common shares directly and 711,321 common shares indirectly. The indirect shares are held through the John Adler Crystal III Roth IRA, over which he has sole voting and dispositive power, subject to his pecuniary interest.
How are the Roth IRA holdings described in the MOVE Form 4 filing?
The filing states the securities are held by the John Adler Crystal III Roth IRA for Adler’s benefit. He has sole voting and dispositive power, but disclaims beneficial ownership of these securities except to the extent of his pecuniary interest in the account.
What conversion terms applied to MOVE’s Series C Preferred Stock?
The Series C Preferred Stock automatically converted into MOVE common stock at a 1‑to‑1,000 ratio. The filing notes fractional shares were paid in cash, and the preferred stock is perpetual with no expiration date, even though it fully converted in these positions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
