Borg Bjarne Erik Siwert 4

What Happened

• Borg Bjarne Erik Siwert, a RenX director (and manager of Index Equity US LLC), received 7,169 shares of Series C Convertible Preferred Stock and a warrant to buy up to 619,084 common shares. The securities were issued on June 11, 2026 in exchange for $7,169,072.79 of principal and accrued interest owed under a promissory note held by Index Equity. The board approved the exchange. The Form 4 reports these as acquisitions (transaction code A) of derivative securities (no per-share trade price for the preferred or warrant).

Key Details

• Transaction date: June 11, 2026; Form 4 filed June 15, 2026 (filed within the standard 2-business-day window).
• Consideration: $7,169,072.79 of debt (principal + interest) exchanged for the Series C preferred shares and the warrant.
• Securities received: 7,169 shares of Series C Convertible Preferred Stock; warrant exercisable for up to 619,084 common shares.
• Conversion/exercise mechanics: Series C preferred initially convertible into an aggregate of 2,476,338.51 common shares at $2.895/share (conversion price adjustable, but not below $1.50/share); warrants exercisable at holder’s election. Neither conversion nor exercise will be effective if Nasdaq stockholder approval is required and not yet obtained.
• Series C preferred does not expire.
• Ownership disclosure: Siwert is manager of Index Equity; he disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.
• Shares owned after transaction: Not specified in the filing.

Context

• This was a debt-for-equity exchange (Index Equity’s note converted into preferred stock + warrants) — a financing/recapitalization move rather than an open-market buy or sale by the individual. Because these are derivative securities, actual common shares will only be issued if/when conversion of the preferred or exercise of the warrants occurs (and may require shareholder approval under Nasdaq rules).