Cugine Joseph M. 4

What Happened

• Director Joseph M. Cugine made a purchase on 2026-03-06 of convertible notes for $200,000 and, as part of that purchase, acquired derivative securities equating to 62,500 underlying common shares. The filing lists these as purchases of derivative securities (code P) rather than an outright common-stock cash purchase.

Key Details

• Transaction date: 2026-03-06; Form 4 filed: 2026-03-11.
• Cash paid: $200,000 for the convertible notes. The derivative interest is reported as 62,500 shares; no per-share price is shown for the derivative.
• Shares owned after the transaction: not specified in the provided filing.
• Footnote: F1 — "Common stock purchase warrants were included with the purchase of the convertible notes."
• Filing timing: Form 4 was filed five days after the trade (filed 3/11 for trades on 3/6), which is later than the usual 2-business-day reporting expectation.

Context

• These were purchases of debt (convertible notes) that included warrants — a derivative right to acquire common stock — so the 62,500 figure represents potential (convertible/warranted) shares, not necessarily currently issued common stock.
• Such purchases can signal insider confidence but are not the same as buying and holding common shares until/if conversion or warrant exercise occurs. The filing does not indicate immediate exercise or sale of underlying shares.