Crystal John Adler III 4

What Happened
John Adler, CEO of Corvex, had Series B convertible preferred shares automatically convert into common stock on March 31, 2026. The filing shows conversions that resulted in the acquisition of about 14,965 and 3,167 common shares (total ~18,133 shares) at $0.00 per share (no cash paid). Corresponding preferred holdings were recorded as disposed (the derivatives converted). The conversion was automatic under the preferred stock terms rather than a market purchase or sale.

Key Details

• Transaction date: March 31, 2026; Form 4 filed April 1, 2026 (timely filing).
• Price: $0.00 per share (conversion of preferred into common).
• Shares received: ~18,133 common shares (14,965.2 + 3,167.7 underlying common shares per footnotes; fractional-share adjustments paid in cash).
• Dispositions: The related Series B preferred shares were converted (treated as dispositions of the derivative securities).
• Ownership notes: One converted block was held in the Reporting Person’s Roth IRA; the filer disclaims beneficial ownership of those IRA-held securities except for pecuniary interest. The filing also notes inclusion of unvested restricted stock units in reported ownership.
• Other: Series B preferred converts automatically on 3/31/2026 at a 1:1,000 ratio and is perpetual (no expiration).

Context

• This was an automatic conversion of preferred stock into common stock, not a market buy or sale; it does not represent a cash investment or a sale signal.
• Automatic conversions change capital structure and outstanding common shares but do not by themselves indicate insider sentiment.