Provectus (PVCT) CEO Edward Pershing Converts Note into Preferred

What Happened
Edward (Ed) Pershing, CEO and director of Provectus Biopharmaceuticals (PVCT), converted an outstanding 8% unsecured convertible promissory note (the "2025 Note") into 18,876 shares of Series D‑1 Convertible Preferred Stock on May 7, 2026. The Form 4 lists the acquisition at $0.00 per share because this was a debt-to-equity conversion rather than a cash purchase. At the stated conversion price of $2.862 per Series D‑1 share, the conversion implies roughly $54,000 of principal/interest was converted into preferred stock.

Key Details

• Transaction date: 2026-05-07 (reported on Form 4 filed 2026-05-07 — timely).
• Reported transaction code(s): M (exercise/conversion of a derivative); filing shows one disposal line (N/A) and one acquisition of 18,876 Series D‑1 shares at $0.00.
• Conversion mechanics: The 2025 Note converted into 18,876 shares of Series D‑1 Preferred (per filing footnote F4). The conversion price used for the note was $2.862 per Series D‑1 share (footnote F3).
• Common-equivalent: Each Series D‑1 Preferred is convertible into 10 shares of common stock (footnote F1), so these 18,876 preferred shares equate to 188,760 common shares if converted.
• Automatic conversion: Series D‑1 will automatically convert to common stock on Dec 31, 2028 unless earlier converted under the Certificate of Designation (footnote F2).
• Shares owned after transaction: Not specified in the provided Form 4 data.

Context
This was a conversion of debt to preferred equity (a financing/structural transaction) rather than an open-market buy or sale. The Form 4 shows the acquisition price as $0.00 because the exchange was made in satisfaction of the promissory note rather than by paying cash. For investors, note the preferred shares carry a 10:1 conversion to common and will automatically convert at a future date (or possibly earlier under the certificate terms), so the economic impact depends on future conversion and company actions rather than an immediate change in common‑share float.