Norris Industries CEO surrenders preferred shares
Norris Industries, Inc. director and Chairman/CEO/CFO Patrick L. Norris reported an internal restructuring of his holdings.
Rhea-AI Filing Summary
Norris Industries, Inc. director and Chairman/CEO/CFO Patrick L. Norris reported an internal restructuring of his holdings. He disposed of 1,000,000 shares of preferred stock, returning them to the company as a contribution to capital on February 26, 2026, in a board-approved transaction exempt under Section 16. These preferred shares were originally issued upon conversion of $750,000 of outstanding debt in February 2019 and were tied to 66,666,667 underlying common shares. The filing also shows 78,122,675 shares of common stock held indirectly through JBB Partners, Inc. after the reported transactions.
Positive
- None.
Negative
- None.
Insider Trade Summary
Disposition: 1,000,000 shares
Disposition
2 txns
Insider
Norris Patrick L.
Role
Chairman, CEO, CFO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Preferred Stock | 1,000,000 | $0.08 | $80K |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Preferred Stock — 0 contracts (Direct);
Common Stock — 78,122,675 shares (Indirect, Held through JBB Partners, Inc)
Footnotes (1)
- F1. The shares of preferred stock were issued upon conversion of $750,000 in outstanding debt in February 2019 and surrendered to the Company as a contribution to capital on February 26,2026, pursuant to an exemption under Section 16, as a transaction approved by the board of directors of the company.
Key Figures
Preferred shares disposed: 1,000,000 shares
Preferred share price: $0.0800 per share
Underlying common shares: 66,666,667 shares
+2 more
5 metrics
Preferred shares disposed
1,000,000 shares
Disposition to issuer on February 26, 2026
Preferred share price
$0.0800 per share
Listed transaction and conversion/exercise price
Underlying common shares
66,666,667 shares
Common stock underlying the preferred stock disposed
Debt converted in 2019
$750,000
Debt converted into preferred stock in February 2019
Indirect common holdings
78,122,675 shares
Common stock held indirectly through JBB Partners, Inc. after transactions
Key Terms
contribution to capital, Section 16, disposition to issuer, Preferred Stock, +1 more
5 terms
contribution to capital financial
"surrendered to the Company as a contribution to capital on February 26,2026"
Section 16 regulatory
"pursuant to an exemption under Section 16, as a transaction approved"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
disposition to issuer financial
"transaction_action": "issuer disposition","transaction_code_description": "Disposition to issuer""
Preferred Stock financial
""security_title": "Preferred Stock","transaction_date""
Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Norris Industries (NRIS) report in this Form 4?
Norris Industries reported that Chairman and CEO Patrick L. Norris disposed of 1,000,000 shares of preferred stock by surrendering them to the company as a contribution to capital on February 26, 2026, in a board-approved, Section 16-exempt transaction.
What was the stated price for the Norris Industries (NRIS) preferred stock in this transaction?
The Form 4 lists the preferred stock with a price and conversion or exercise price of $0.0800 per share. That price relates to the preferred security’s terms rather than an open-market trading price, since the shares were returned to the issuer.
AI-generated analysis. How Rhea-AI works. Not financial advice.
