Crystal John Adler III 4

What Happened
John Adler III, Chief Executive Officer of Corvex, had Series C Non‑Voting Convertible Preferred Stock automatically convert into common stock on July 7, 2026. The filing shows two conversion events that resulted in the acquisition of 3,345,523 and 708,154 common shares (total ≈ 4,053,677 shares) at $0.00 per share (value recorded $0). The filing also shows corresponding derivative security disposals reflecting the preferred shares that converted into common stock.

Key Details

• Transaction date: July 7, 2026; Form 4 filed July 8, 2026 (appears timely).
• Conversion ratio: 1 share of Series C Preferred → 1,000 shares of common (fractional shares adjusted for cash, per footnotes).
• Shares reported acquired: 3,345,523 and 708,154 common shares (total ≈ 4,053,677). Price: $0.00 (automatic conversion, not a cash purchase).
• “Disposed” derivative entries correspond to the Series C preferred shares that converted (i.e., the preferred were removed upon conversion).
• Ownership after transaction: not specified numerically in the filing; the filing notes that ownership totals include unvested restricted stock units (F2).
• Roth IRA note: the 708.1544 preferred shares were held by the reporting person's Roth IRA; Adler disclaims beneficial ownership except for pecuniary interest (F3).
• Other notes: Series C Preferred is perpetual (no expiration) and automatically converted on July 7, 2026 (F4, F5).

Context

• This was not a cash purchase or open‑market trade; it was an automatic conversion of preferred shares into common shares. Such conversions increase the insider’s common‑share count without indicating a buy/sell decision based on market sentiment.
• The filing records zero cash value because the shares were issued via conversion; it does not by itself signal a bullish or bearish view by the insider.