Aterian (ATER) CEO David E. Lazar Sells Preferred Shares

What Happened

• David E. Lazar, CEO of Aterian, reported conversions of derivative securities and sales of preferred shares. The filing lists conversions on Sep 24, 2026 (including a 1,300,530-share conversion reported at $0) and a conversion of 168,900 Series AA preferred shares for no additional consideration (footnote). On Sep 25, 2026, Lazar sold 1,750,000 Series AAA preferred shares (reported at $6.70/share) and 706,100 Series AA preferred shares (reported at $0.38/share) to multiple purchasers for an aggregate purchase price of $12,000,000 under a Securities Purchase Agreement.

Key Details

• Transaction dates and prices:
  • Sep 24, 2026: Conversion of derivative securities — 1,300,530 shares acquired @ $0.00 (reported).
  • Sep 24–25, 2026: Conversion (Series AA) — 168,900 shares converted for no additional consideration (footnote F1).
  • Sep 25, 2026: Sales — 1,750,000 Series AAA @ $6.70 = $11,730,250 and 706,100 Series AA @ $0.38 = $269,730; aggregate proceeds $12,000,000 (footnote F3).
• Shares owned after the transactions: Not specified in the provided filing excerpt.
• Notable footnotes:
  • F1: 168,900 Series AA preferred shares converted for no additional consideration.
  • F2: The Series AA and Series AAA preferred shares are perpetual (no expiration).
  • F3: The $12M aggregate purchase price was not allocated in the SPA; per-share prices reported reflect a pro rata allocation based on the number of underlying common shares.
• Filing date: Form 4 filed Sep 29, 2026 (appears to report the Sep 24–25 activity within the normal Form 4 window).

Context

• These transactions involved preferred (convertible) securities rather than a straightforward open-market sale of common stock. The filing shows conversions of derivative/preferred securities at no additional cash cost followed by a negotiated sale of preferred shares under a purchase agreement. Such sales are often part of financing or liquidity arrangements and are factual disclosures of insider activity; they do not, by themselves, indicate the insider’s future view of the company.