Pershing Edward 4

What Happened

• Pershing Edward (reported as a 10% owner) is listed as receiving 45,860 derivative shares on 2026-06-30. The filing shows a grant/award (code A) at $0.00 per share, reported as Series D‑1 Convertible Preferred Stock. On paper this represents the right to convert into up to 458,600 common shares (conversion ratio 1 preferred → 10 common).
• The filing value is $0 and the reported instrument is a convertible preferred security rather than an immediate cash purchase or sale. A footnote also states the Series D‑1 will automatically convert into common stock on December 31, 2028, unless converted earlier.

Key Details

• Transaction date: 2026-06-30; Form 4 filed: 2026-07-02.
• Reported amount: 45,860 derivative shares at $0.00 (Series D‑1 Convertible Preferred).
• Conversion: each Series D‑1 preferred is convertible into 10 common shares (so 45,860 preferred → 458,600 common if converted).
• Automatic conversion date: December 31, 2028 (unless earlier conversion per terms).
• Footnote correction: the filing includes an adjustment to correct a prior Form 4 typographical error — the filer says this adjustment does not reflect a new transaction by the reporting person.
• Shares owned after transaction: not specified in this filing.
• Timeliness: no late‑filing indicator shown in the filing.

Context

• This is a derivative award (convertible preferred), not an open‑market purchase or sale; such awards often arise from financing, settlement, or compensation arrangements and do not necessarily signal immediate buying/selling intent.
• As a 10% owner (institutional/major holder), this filing reflects ownership and convertible rights rather than routine executive trading. The footnote correction suggests the report may be an administrative fix rather than a new economic transfer.