Sky Century Investment: issues 4,100,000 shares to CEO for salary

What happened Sky Century Investment filed an 8-K reporting that on Oct 15, 2026 the board approved the conversion of $205,000 of accrued and unpaid salary owed to Nataliia Petranetska, the company’s President, Chief Executive Officer and a member of the board, into 4,100,000 shares of the company’s common stock at a conversion price of $0.05 per share. The conversion was completed on Oct 16, 2026 and the shares were issued to Ms. Petranetska in full satisfaction of the corresponding salary obligation.

Key details

• $205,000 of accrued and unpaid salary was converted into 4,100,000 shares at $0.05 per share.
• Board approval occurred on Oct 15, 2026; conversion completed and shares issued on Oct 16, 2026.
• The company stated the shares were not registered under the Securities Act and were issued in reliance on an available exemption from registration.
• As of the date of the report, the company would have 14,229,357 shares of common stock issued and outstanding following the issuance.

Why it may matter

• Item 3.02 (Unregistered sales of equity securities) was reported for the issuance of common stock in satisfaction of accrued salary.
• Item 5.02 (Compensatory arrangements of certain officers) was reported for the amendment granting the CEO the right, subject to board approval, to convert accrued salary into shares. The filing does not show why the insider traded or why the company acted.