Safir Sanjeeb 4
4 · Quality Industrial Corp. · Filed Apr 10, 2026
Research Summary
AI-generated summary of this filing
Quality Industrial (QIND) COO Safir Sanjeeb Sells 1,000,000 Shares
What Happened
- Safir Sanjeeb, Chief Operating Officer and Managing Director – Middle East of Quality Industrial Corp. (QIND), was awarded 1,000,000 shares of QIND common stock on September 2, 2024 (grant valued at $0). On November 26, 2024 the reporting person transferred/disposed of the 1,000,000 QIND shares to Fusion Fuel Green PLC pursuant to a Stock Purchase Agreement. In consideration, Fusion Fuel issued Safir 46,314 Series A Convertible Preferred Shares. Based on Fusion Fuel’s last reported Nasdaq price ($4.64 on Nov 25, 2024) and the stated conversion ratio, the transaction effectively values each QIND share at approximately $2.15 on an as‑converted basis — roughly $2.15 million total — subject to conversion conditions.
Key Details
- Transaction dates and types: 2024-09-02 — Award/Grant of 1,000,000 QIND shares at $0.00 (acquired); 2024-11-26 — Transfer/disposition of 1,000,000 QIND shares (sold/transferred).
- Consideration received: 46,314 Series A Convertible Preferred Shares of Fusion Fuel (each convertible into 10 Class A ordinary shares upon satisfaction of conditions).
- Implied valuation: Using Fusion Fuel’s Nov 25, 2024 price ($4.64), the as‑converted value implied ≈ $2.15 per QIND share (~$2.15M for 1,000,000 shares) — this is an illustrative, as‑converted figure and conversion is conditional.
- Conversion conditions: Conversion of the Series A Preferred is contingent on shareholder approvals and Nasdaq listing/clearance for Fusion Fuel; conversion is not automatic until those conditions are met.
- Shares owned after transaction: The filing excerpt does not disclose total QIND shares owned by the reporting person after the transfer; the reporting person now holds the 46,314 Series A Preferred shares of Fusion Fuel.
- Timeliness: The Form 4 covering these 2024 transactions was filed April 10, 2026 — a late filing; late Form 4s can delay public visibility into insider activity.
Context
- This was not a cash open‑market sale: the QIND shares were transferred under a private Stock Purchase Agreement in exchange for convertible preferred shares of another company (Fusion Fuel). The preferred shares carry conditional conversion rights into Fusion Fuel common stock, so the ultimate cash or market value to the insider depends on future conversion and market conditions.
Insider Transaction Report
Form 4
Safir Sanjeeb
COO and Mng Dir Middle East
Transactions
- Award
Common Stock
2024-09-02+1,000,000→ 1,000,000 total - Sale
Common Stock
[F1][F2]2024-11-26−1,000,000→ 1,000,000 total
Footnotes (2)
- [F1]Pursuant to a Stock Purchase Agreement (the "Purchase Agreement"), dated November 18, 2024, by and among Quality Industrial Corp., a Nevada corporation ("QIND"), Fusion Fuel Green PLC, an Irish public limited company (the "Fusion Fuel"), Ilustrato Pictures International Inc., a Nevada corporation and a stockholder of the Company, and certain other stockholders of the Company including the reporting person, the reporting person transferred 1,000,000 shares of common stock of QIND to Fusion Fuel, and in consideration, Fusion Fuel issued to the reporting person 46,314 shares of Series A Convertible Preferred Shares with a nominal value of $0.0001 each of Fusion Fuel ("Series A Preferred Shares"). The conditions to the closing of the transactions contemplated by the Purchase Agreement were satisfied in all material respects as of November 26, 2024 (the "Closing Date").
- [F2]The conversion rights under the Series A Preferred Shares remain subject to the satisfaction of certain conditions, including shareholder approval of certain matters and the clearance of an initial listing application by Fusion Fuel with The Nasdaq Stock Market LLC ("Nasdaq"). Upon satisfaction of such conditions, the Series A Preferred Shares will be automatically converted into ten Class A Ordinary Shares with a nominal value of $0.0035 each of Fusion Fuel, subject to adjustment for share dividends and share splits. On November 25, 2024, the last trading day before the Closing Date, the last reported price of a Class A Ordinary Share by Nasdaq was $4.64, prior to adjustment for any subsequent share splits, which effectively resulted in each share of QIND common stock transferred by the reporting person being valued at $2.15 per share on an as-converted basis, without regard to the conditions to conversion.
Signature
/s/ Sanjeeb Safir|2026-04-10