Demsey Seth 4
4 · Corvex, Inc. · Filed Apr 1, 2026
Research Summary
AI-generated summary of this filing
Corvex (MOVE) Director Seth Demsey Acquires Shares via Preferred Conversion
What Happened
Seth Demsey, a director of Corvex, Inc. (MOVE), acquired common stock through the automatic conversion of Series B Convertible Preferred Stock on March 31, 2026. The Form 4 reports acquisitions of 24,532 shares and 139 shares (reported total: 24,671 common shares) at $0.00 per share (conversion, not a purchase). Corresponding derivative securities (the preferred shares) were reported disposed in the conversion.
Key Details
- Transaction date: 2026-03-31; Form filed: 2026-04-01 (appears timely).
- Transaction type/code: Conversion of derivative security (C). Price: $0.00; reported cash value $0.
- Reported acquired common shares: 24,532 and 139 (combined reported total 24,671 common shares).
- Reported disposed derivative amounts: 24.533 and 0.14 (preferred-share amounts reported as disposed).
- Notable footnotes:
- F1/F4: Series B preferred automatically converts on 3/31/2026 at a 1:1,000 ratio (fractions adjusted/paid in cash).
- F3: The 0.1399 preferred share was held by Ainsworth Holdings, LLC; Demsey is the managing member and disclaims beneficial ownership except for pecuniary interest.
- F2: Share counts include unvested restricted stock units (as noted).
- Shares owned after the transaction are not provided in the excerpt supplied.
Context
This was an automatic conversion of preferred stock into common stock (a structural/capitalization event), not an open‑market buy or sale. No cash was paid for the converted common shares; fractional-share adjustments were handled in cash per the footnotes. Such conversion filings reflect corporate capital changes rather than a personal trading decision and should be interpreted accordingly.
Insider Transaction Report
- Conversion
Common Stock
[F1][F2]2026-03-31+24,532→ 3,078,767 total - Conversion
Common Stock
[F3]2026-03-31+139→ 139 total(indirect: See footnote (3)) - Conversion
Series B Preferred Stock
[F4][F1][F5]2026-03-31−24.533→ 0 totalExercise: $0.00From: 2026-03-31→ Common Stock (24,532 underlying) - Conversion
Series B Preferred Stock
[F4][F3][F5]2026-03-31−0.14→ 0 total(indirect: See footnote (3))Exercise: $0.00From: 2026-03-31→ Common Stock (139 underlying)
Footnotes (5)
- [F1]Based on automatic conversion of 24.5327 shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the "Series B Preferred Stock") into shares of common stock at a conversion ratio of 1 to 1,000 shares of common stock (as adjusted for fractional shares paid in cash).
- [F2]Includes unvested restricted stock units.
- [F3]Based on automatic conversion of 0.1399 shares of Series B Preferred Stock into shares of common stock at a conversion ratio of 1 to 1,000 shares of common stock (as adjusted for fractional shares paid in cash). The securities are held by Ainsworth Holdings, LLC ("Ainsworth"). The Reporting Person is the managing member of Ainsworth and has sole voting and dispositive power over the common stock held by Ainsworth. The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.
- [F4]The Series B Preferred Stock automatically converts into shares of common stock on March 31, 2026 at a conversion ratio of 1 to 1000 shares of common stock.
- [F5]The preferred stock is perpetual and therefore has no expiration date