Gray Jonathan H. 4

What Happened

• Jonathan H. Gray, a director of Prairie Operating Co. (PROP), acquired a total of 537,398 common shares on April 20, 2026 via conversion of Series D convertible preferred stock (396,901 shares + 140,497 shares) at $1.81 per share, totaling $972,691. The filing also shows disposals of 720 shares and 254.87 shares on April 20 (reported as derivative-related) and a June 4, 2026 disposition of 15,544 shares (used to satisfy tax withholding) at $0.87 per share ($13,523).

Key Details

• Primary acquisition date: 2026-04-20 — 396,901 @ $1.81 ($718,391) and 140,497 @ $1.81 ($254,300); combined = 537,398 shares, $972,691.
• Tax withholding: 2026-06-04 — 15,544 shares disposed @ $0.87 = $13,523 (reported as payment of tax liability, code F).
• Small derivative disposals on 2026-04-20: 720 shares and 254.87 shares (no per-share price reported).
• Footnotes: F1 — these acquisitions resulted from conversion agreements for Series D convertible preferred stock; F2 — withheld shares were used to satisfy tax withholding on vesting; F3 — Series D preferred has no expiration.
• Shares owned after these transactions: not specified in the provided filing data.
• Filing timeliness: Form 4 was filed on 2026-06-09 for transactions dated 2026-04-20 and 2026-06-04 — this is later than the typical 2-business-day reporting window (a reporting delay).

Context

• These were not open-market purchases but conversions of preferred stock into common shares (per F1), which is a non-market acquisition and not necessarily a fresh cash buy signal. The June 4 disposition reflects shares withheld to cover tax obligations on vesting (a common administrative action). The small derivative disposals likely reflect fractional-share or derivative adjustments from the conversion.