KEPLER GUST 4

What Happened Kepler Gust, reported as a 10% owner of RealAlloys, converted 550,000 shares of Series A Convertible Preferred Stock into 550,000 shares of common stock on April 14, 2026. The conversion was recorded with a $0.00 per-share price (no cash paid or received). The filing lists both an exercise/conversion code (M) and a conversion/disposition code (C), reflecting the derivative conversion into common shares.

Key Details

• Transaction date: 2026-04-14; Form 4 filed: 2026-04-20.
• Shares converted/issued: 550,000 common shares (1-for-1 conversion per footnote).
• Price/value recorded: $0.00 per share; total $0 (non-cash conversion).
• Footnote: Series A Convertible Preferred stock is convertible into common on a 1-for-1 basis, convertible at any time by the holder.
• Shares owned after transaction: Not reported in the provided extract.
• Timeliness: Form filed six days after the transaction date; this appears late relative to the SEC Form 4 requirement to file within two business days of a reportable transaction.

Context

• This was a conversion of a derivative security (preferred → common), not an open-market purchase or sale; no proceeds were received or paid in the conversion.
• Kepler Gust is identified as a 10% owner (institutional/large-holder status), which is different from an executive officer or director trade; such conversions can be routine corporate or portfolio actions and do not by themselves indicate intent to buy or sell common stock.