PROVECTUS (PVCT) 10% Owner Pershing Edward Converts Note to Preferred

What Happened
Pershing Edward, listed as a 10% owner of PROVECTUS BIOPHARMACEUTICALS, Inc. (PVCT), had its 8% unsecured 2025 convertible promissory note convert into 11,328 shares of Series D‑1 Convertible Preferred Stock on August 26, 2026. The Form 4 records the derivative acquisition as 11,328 preferred shares at $0.00 (no cash payment reported); the conversion price used under the note terms was $2.862 per preferred share (implied value ≈ $32,421). Each Series D‑1 preferred share is convertible into 10 shares of common stock, so these preferred shares are convertible into 113,280 common shares in total.

Key Details

• Transaction date: August 26, 2026. Report filed the same day (timely).
• Reported transaction: Acquisition of 11,328 Series D‑1 Convertible Preferred Stock (derivative) at $0.00 per Form 4.
• Implied conversion price (per note terms): $2.862/share → implied value ≈ $32,420.74 for the 11,328 preferred shares.
• Underlying common equivalence: 11,328 preferred × 10 = 113,280 potential common shares.
• Notable footnotes: Series D‑1 is automatically convertible into common stock on Dec 31, 2028, unless earlier converted; the conversion arose from the issuer’s 2025 financing and the automatic/contractual conversion of the 2025 Note.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Insider type: 10% owner (institutional/major holder), not an executive officer.

Context

• This was a debt-to-equity conversion (promissory note converting into preferred stock), not an open‑market buy or sale of common stock. The Form 4 shows $0 cash consideration because outstanding debt converted into equity.
• The preferred shares carry conversion rights into common stock (10:1), and automatic conversion terms may convert these into common shares by Dec 31, 2028 (or earlier under the certificate).
• As a 10% owner, this is institutional capital-structure activity rather than a routine executive stock trade; it adjusts ownership stake and the company’s capitalization.