Juniper Capital IV GP, L.P. 4

What Happened

• Juniper Capital IV GP, L.P. (reported as a 10% owner) reported that on Feb 27, 2026 the issuer's Convertible Series A Preferred Stock automatically converted into common stock at a 10-for-1 ratio. As a result, the filing shows an acquisition of 33,727,280 common shares via conversion (derivative conversion, code C).
• The filing also reports an "other acquisition" of 48,675 common shares at $0.00 (code J) and a reported disposition of 3,372,728 shares tied to a derivative conversion (code C, $0.00). All items show no cash changing hands (price $0.00).
• Net from the reported entries on this filing: +33,775,955 shares acquired and 3,372,728 shares disposed, for a net increase of 30,403,227 shares attributable to these transactions. The Form 4 was filed on March 3, 2026 (reflecting the Feb 27, 2026 automatic conversion).

Key Details

• Transaction date: Feb 27, 2026; Filing date: Mar 3, 2026 (timely within the usual two-business-day Form 4 window).
• Reported transactions and prices: 33,727,280 shares acquired (conversion) @ $0.00; 48,675 shares acquired (other) @ $0.00; 3,372,728 shares disposed (conversion) @ $0.00.
• Net change from this filing: +30,403,227 shares. The Form 4 does not state the total shares Juniper owned after these transactions.
• Notable footnotes: conversion was automatic on the "Automatic Conversion Date" (Feb 27, 2026) at a 10-for-1 ratio (F1, F5); prior preferred shares were held of record by affiliates (NPOG and COG) and the resulting common was issued to affiliates including J PED (F2); some shares recorded relate to a board service stock grant to Edward Geiser that was partly transferred to J PED (F3); certain common shares issued are restricted and subject to time-based vesting (F4).
• Insider type: Juniper Capital is a 10% institutional owner (via its general partner interest) and disclaims beneficial ownership except to extent of pecuniary interest — this is an institutional/affiliate conversion event, not an open-market purchase by a company executive.

Context

• This filing reflects mechanical, non-cash conversions and grants (preferred → common and restricted-share issuance), not a cash purchase or open-market sale. Such conversions are routine corporate actions and do not by themselves signal an insider buying on market conviction.
• Restricted shares reported here are subject to vesting and forfeiture conditions; the converted shares arose from the preferred-to-common conversion required by the security terms.