PVCT (PVCT) CEO Pershing converts 8% note into 339,770 common shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
PROVECTUS BIOPHARMACEUTICALS, INC. CEO Edward Pershing reported two non-market, derivative exercises. An 8% unsecured convertible promissory note, issued under the company’s 2025 financing, was converted into 33,977 shares of Series D-1 Convertible Preferred Stock at $2.862 per share. Each Series D-1 share is convertible into 10 common shares, and on the same date these preferred shares were converted into 339,770 shares of common stock. Following the conversion, Pershing directly owned 2,744,031 shares of common stock. The Series D-1 preferred would otherwise automatically convert into common stock on December 31, 2028, unless converted earlier under its terms.
Positive
- None.
Negative
- None.
Insider Trade Summary
33,977 shares exercised/converted
Mixed
2 txns
Insider
Pershing Edward
Role
CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | 8% Unsecured Convertible Promissory Note | 0 | $0.00 | -- |
| Exercise | Series D-1 Convertible Preferred Stock | 33,977 | $0.00 | -- |
Holdings After Transaction:
8% Unsecured Convertible Promissory Note — 0 shares (Direct);
Series D-1 Convertible Preferred Stock — 2,744,031 shares (Direct)
Footnotes (1)
- Each share of Series D-1 Preferred Stock is convertible into 10 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock"). The Series D-1 Convertible Preferred Stock will automatically convert into Common Stock on December 31, 2028, unless earlier converted into Common Stock in accordance with the terms of the Certificate of Designation for the Series D-1 Convertible Preferred Stock. The Reporting Person could have voluntarily elected to convert the outstanding principal and interest of the 8% unsecured convertible promissory note (the "2025 Note") at any time while the 2025 Note was outstanding into shares of Series D-1 Convertible Preferred Stock at a price per share equal to $2.862. The outstanding principal and interest of the 2025 Note automatically converted into shares of Series D-1 Preferred Stock at a price per share equal to $2.862 on the date which is twelve months after the issue date of the 2025 Note. The 2025 Note was issued pursuant to the Issuer's 2025 Financing. On April 04, 2026, the 2025 Note was converted into 33,977 shares of Series D-1 Preferred Stock.
Key Figures
Note conversion price: $2.862 per share
Series D-1 shares received: 33,977 shares
Common shares from preferred: 339,770 shares
+3 more
6 metrics
Note conversion price
$2.862 per share
Conversion of 8% unsecured convertible promissory note into Series D-1 preferred
Series D-1 shares received
33,977 shares
Shares of Series D-1 Convertible Preferred Stock from note conversion
Common shares from preferred
339,770 shares
Common stock received from converting 33,977 Series D-1 preferred shares
Post-transaction common holdings
2,744,031 shares
Edward Pershing’s direct PVCT common stock after conversions
Series D-1 conversion ratio
10 common per preferred share
Each Series D-1 Convertible Preferred share converts into 10 common shares
Automatic preferred conversion date
December 31, 2028
Automatic conversion date for Series D-1 preferred if not earlier converted
Key Terms
8% unsecured convertible promissory note, Series D-1 Convertible Preferred Stock, automatic conversion, Certificate of Designation, +1 more
5 terms
8% unsecured convertible promissory note financial
"The Reporting Person could have voluntarily elected to convert the outstanding principal and interest of the 8% unsecured convertible promissory note"
Series D-1 Convertible Preferred Stock financial
"Each share of Series D-1 Preferred Stock is convertible into 10 shares of the Issuer's common stock"
automatic conversion financial
"The Series D-1 Convertible Preferred Stock will automatically convert into Common Stock on December 31, 2028"
Certificate of Designation regulatory
"in accordance with the terms of the Certificate of Designation for the Series D-1 Convertible Preferred Stock"
A certificate of designation is a formal document that spells out the specific rights and rules attached to a particular class or series of stock, usually preferred shares. Think of it as a rulebook or menu that lists dividend terms, liquidation priority, conversion or redemption rights and any special voting protections; investors use it to judge how much income, control or downside protection those shares will provide compared with other securities.
2025 Financing financial
"The 2025 Note was issued pursuant to the Issuer's 2025 Financing"
FAQ
What insider transaction did PVCT CEO Edward Pershing report on this Form 4?
Edward Pershing reported exercising derivative securities, not buying on the open market. An 8% unsecured convertible promissory note converted into 33,977 Series D-1 preferred shares, which then converted into 339,770 common shares, increasing his direct common stock holdings.
What was the conversion price on the PVCT 8% unsecured convertible promissory note?
The 8% unsecured convertible promissory note converted into Series D-1 Convertible Preferred Stock at $2.862 per share. This automatic conversion occurred 12 months after the note’s issue date, as described, and produced 33,977 Series D-1 preferred shares for Edward Pershing.
What is the conversion ratio of PVCT’s Series D-1 Convertible Preferred Stock?
Each share of Series D-1 Convertible Preferred Stock converts into 10 shares of common stock. In this filing, 33,977 Series D-1 shares converted into 339,770 common shares, consistent with that 10-to-1 conversion ratio disclosed in the transaction footnotes.
When would PVCT’s Series D-1 preferred automatically convert if not converted earlier?
The Series D-1 Convertible Preferred Stock automatically converts into common stock on December 31, 2028, unless converted earlier under its terms. In this case, Edward Pershing’s Series D-1 shares were converted earlier, on April 4, 2026, into common shares.