CitroTech (CITR) 10% Owner Stephen Conboy Gifts 150,000 Shares

What Happened

• Stephen Conboy, a 10% owner of CitroTech Inc. (CITR), converted Series C convertible preferred stock into common stock on April 16, 2026, receiving 2,224 shares of common stock (conversion; no cash price). On July 24, 2026 he disposed of 150,000 shares of common as a gift (price $0.00, proceeds $0). The Form 4 reporting these transactions was filed July 29, 2026.
• The conversion involved converting 667 shares of Series C convertible preferred (a derivative security) into 2,224 common shares (see footnote). The gift was a non‑market disposal and produced no cash proceeds.

Key Details

• Dates and prices:
  • 2026-04-16: Conversion of derivative security — acquired 2,224 common shares; conversion price N/A.
  • 2026-04-16: Conversion of derivative security — disposed 667 shares of Series C preferred (derivative).
  • 2026-07-24: Gift — disposed 150,000 common shares at $0.00 (proceeds $0).
• Shares owned after transaction: Not specified in the filing.
• Footnote: Each share of Series C Convertible Preferred Stock is convertible at any time into 3.334 shares of common stock; the Series C has no expiration date. The 667 preferred shares converted on April 16 yielded the 2,224 common shares received (conversion math per footnote).
• Timeliness: The Form 4 was filed on July 29, 2026 while the transactions occurred on April 16 and July 24 — this is outside the usual two-business-day reporting window and therefore appears to have been reported late.

Context

• Conversion explanation: The April 16 entries reflect a conversion of preferred (a derivative security) into common shares — no cash changed hands for the conversion itself. The separate derivative line shows the preferred shares surrendered.
• Gift context: Gifts are transfers for non‑market reasons and do not necessarily indicate the holder’s view of the company’s prospects.
• Insider type: As a 10% owner (large shareholder), Conboy’s transactions are reporting of significant-holder activity rather than routine officer open-market trading.