de Bittencourt Marinho Gisomar Francisco 4

What Happened
Director de Bittencourt Marinho Gisomar Francisco received 1 common share on July 1, 2026. The Form 4 shows an acquisition (A) of 1 share at $0.00 and a corresponding conversion (C) of a derivative security (1 share) at $0.00 — net effect: one PNC (class "C" preferred) share converted into one common share. No cash was paid or received in this transaction.

Key Details

• Transaction date: 2026-07-01; Form 4 filed: 2026-07-02 (timely).
• Reported entries: Grant/acquisition (A) — 1 common share @ $0.00 (value $0); Conversion of derivative (C) — 1 share @ $0.00 (disposed, derivative).
• Shares owned after transaction: not specified in the provided filing.
• Footnote F1: Conversion follows a mandatory redemption of 0.0951% of outstanding PNC Shares announced June 14, 2026 and executed July 1, 2026.
• Footnote F2: Under the company’s bylaws (Article 11), PNC Shares automatically convert 1:1 into common shares over scheduled annual conversions (4% of original PNC volume each year 2026–2030, remainder in 2031).
• No 10b5-1 plan, tax withholding, or late filing indicated in the provided filing.

Context
This was a bookkeeping/structural conversion of preferred shares into common shares per AXIA’s bylaws and a mandatory redemption mechanism — the $0.00 prices reflect a non-cash conversion, not a market purchase or sale. Such conversions are routine corporate actions and do not, by themselves, indicate an open-market buy or sell decision by the insider.