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 22,651 shares of Series D‑1 Convertible Preferred Stock on May 15, 2026. The filing reports this as a derivative conversion (transaction code M); no cash purchase or open‑market sale was reported.

Key Details

• Transaction date: May 15, 2026. Transaction code: M (exercise/conversion of derivative).
• Shares acquired: 22,651 shares of Series D‑1 Convertible Preferred Stock at $0.00 reported (derivative conversion). No cash proceeds reported.
• Implied conversion price: Per footnote, the 2025 Note converted at $2.862 per Series D‑1 share, implying a notional value of about $64,827 for the converted amount.
• Common share equivalence: Each Series D‑1 preferred is convertible into 10 common shares (Footnote F1), so these 22,651 preferreds would represent up to 226,510 common shares if converted.
• Automatic conversion/terms: Series D‑1 will automatically convert into common stock on Dec 31, 2028 unless converted earlier (Footnote F2). Footnotes F3–F4 confirm the 2025 Note conversion mechanics and that the note converted on May 15, 2026.
• Shares owned after transaction: Not specified in the Form 4. Filing timeliness: Reported same day (no late filing indicated).

Context

• This was a conversion of debt into preferred equity — not an open‑market purchase or sale. For investors, conversions reduce the issuer’s debt and increase convertible preferred on the cap table; the preferreds carry a 10:1 conversion into common, which can dilute common shareholders if converted. The Form 4 shows no immediate sale of the resulting common shares.