Demsey Seth 4

What Happened
Seth Demsey, CEO of Corvex, acquired a total of 5,515,658 shares of Corvex common stock on July 7, 2026 through the automatic conversion of Series C Non‑Voting Convertible Preferred Stock into common shares. The conversion was at no cash cost to the reporting person (conversion price $0.00). The transaction reflects conversion of 5,484.3883 shares of Series C preferred into 5,484,388 common shares and 31.2700 shares of Series C preferred into 31,270 common shares (conversion ratio 1 preferred : 1,000 common, with fractional adjustments).

Key Details

• Transaction date: July 7, 2026; Form 4 filed July 8, 2026 (timely filing).
• Shares acquired: 5,484,388 + 31,270 = 5,515,658 common shares. Price per share: $0.00 (conversion). Total cash paid: $0.
• Disposition entries on the Form 4 reflect the surrender/automatic conversion of the underlying Series C preferred (the derivative securities) into common stock.
• Shares owned after the transaction: not specified in the filing. The filing notes that reported holdings include unvested restricted stock units.
• Relevant footnotes:
  • Series C preferred automatically converted to common at a 1:1,000 ratio (footnotes F1, F3, F4).
  • Some converted securities were held by Ainsworth Holdings, LLC; Demsey is the managing member and disclaims beneficial ownership except for his pecuniary interest (F3).
  • Series C preferred is perpetual (no expiration) (F5).
• No sale or open‑market purchase occurred — this was a conversion of preferred into common stock, not a market trade.

Context

• For retail investors: conversions like this are routine corporate capital-structure events and do not by themselves indicate a buy or sell decision by the insider. Because no cash changed hands, this is not a purchase financed by the insider nor an open‑market sale.
• The filing does not show any immediate sale of the converted common shares; if the insider later sells, separate filings would disclose those transactions.