Pershing Edward 4

What Happened

• Edward Pershing, CEO and director of Provectus Biopharmaceuticals (PVCT), converted an outstanding 8% unsecured convertible promissory note (the "2025 Note") into 47,180 shares of Series D‑1 Convertible Preferred Stock on Feb 20, 2026. The conversion price for the 2025 Note was $2.862 per preferred share, implying an aggregate conversion value of about $135,029. The Form 4 reports the derivative acquisition as an "M" transaction (exercise/conversion) with $0 cash paid on the Form because the shares were issued in satisfaction of debt rather than a cash purchase.

Key Details

• Transaction date: 2026-02-20; Form 4 filed: 2026-02-23 (filed timely).
• Instrument acquired: 47,180 shares of Series D‑1 Convertible Preferred Stock (derivative; transaction code M).
• Implied conversion price: $2.862 per preferred share; implied aggregate value ≈ $135,029.
• Preferred-to-common conversion: each Series D‑1 preferred is convertible into 10 shares of common stock → 47,180 preferred = 471,800 common-share equivalent.
• Auto-conversion: Series D‑1 automatically converts to common on Dec 31, 2028, unless earlier converted per the Certificate of Designation.
• Shares owned after transaction: not disclosed in the provided excerpt.
• Footnotes summarized: (F3/F4) the 2025 Note converted into the stated preferred shares on Feb 20, 2026; (F1/F2) preferred converts 10:1 and auto-converts 12/31/2028.

Context

• This was a conversion of debt into preferred equity (derivative exercise), not an open-market purchase or sale; no cash payment was reported because the shares were issued to satisfy the promissory note. The preferred shares are convertible into common stock and will automatically convert at the stated date unless earlier converted. The filing appears timely under Section 16 reporting rules.