PROVECTUS BIOPHARMACEUTICALS, INC. 8-K

What Happened

• Provectus Biopharmaceuticals, Inc. (PVCT) filed an 8-K (Item 5.02) disclosing that on May 14, 2026 the Board approved converting accrued but unpaid directors’ fees through June 30, 2026 into Series D‑1 Preferred Stock.
• The total Accrued Fees equal $542,500.00 and will convert into 189,554 shares of Series D‑1 Preferred Stock at a price of $2.862 per preferred share; those preferred shares are convertible into 1,895,540 shares of Common Stock.

Key Details

• Approval date: May 14, 2026; Accrued Fees measured through June 30, 2026.
• Total cash-equivalent amount converted: $542,500.00.
• Conversion math: $542,500 / $2.862 = 189,554 Series D‑1 Preferred shares → convertible into 1,895,540 Common shares (10:1 conversion ratio).
• The Preferred Stock issuance is to satisfy outstanding cash fees owed to current directors and is not a separate award under the company’s 2024 Equity Compensation Plan. The Board had authorized accrual of director fees on April 12, 2017.

Why It Matters

• This is a non‑cash payment of director compensation: instead of paying cash, the company issues convertible preferred stock, preserving cash but creating potential future equity dilution when the preferred converts to common stock.
• Investors should note the concrete dilution potential (up to 1,895,540 common shares) and that the transaction affects current directors’ compensation rather than a change in Board membership or corporate operations.