Flyte Aviation, Inc.: sells 2,050 Series C-4 preferred for $2,050,000

What happened

• Flyte Aviation, Inc. reported that on Oct 9, 2026 certain existing investors agreed to purchase an aggregate of 2,050 shares of the Company’s Series C-4 Convertible Preferred Stock, stated value $1,000 per share, for aggregate gross proceeds of $2,050,000 pursuant to the Additional Investment Right under the Securities Purchase Agreement dated Mar 9, 2026. The closing is expected to occur on or about Oct 13, 2026.
• The company also reported that on Oct 9, 2026, with the consent of the requisite holders, it reduced the conversion price of all outstanding shares of its Series C-1, Series C-2, Series C-3 and Series C-4 Convertible Preferred Stock and its Series D Convertible Preferred Stock from $2.30 per share to $1.00 per share and waived the applicable floor price. The reduced conversion price applies to Series C-4 shares issued after that date, including the shares described above.

Key details

• Each share of Series C-4 is convertible, at the option of the holder, into Common Stock at a conversion price of $1.00 per share; the 2,050 shares are convertible into up to 2,050,000 shares of Common Stock at that price.
• The Series C-4 conversion is subject to adjustment under the Series C-4 Certificate of Designation and a beneficial ownership limitation of 4.99%, which a holder may increase to up to 9.99% upon 61 days’ notice.
• Dawson James Securities, Inc. acted as placement agent and will receive customary placement agent fees as previously disclosed.
• The shares were offered and sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D and are restricted securities not registered under the Securities Act.

Why it may matter

• Item 3.02 (unregistered sales of equity securities) was reported and covers the sale of 2,050 shares of Series C-4 Convertible Preferred Stock and the related terms of the offering.
• Item 8.01 (other events) was reported and covers the reduction of the conversion price for the Company’s Series C-1, C-2, C-3, C-4 and Series D convertible preferred stock to $1.00 per share. A filing does not show why the insider traded or why the company acted.