Honour Edward S 4
4 · Kinetic Seas Inc. · Filed May 31, 2024
Insider Transaction Report
Form 4
Honour Edward S
DirectorChairman and CEO
Transactions
- Other
Common Stock
2024-05-31−2,450,000→ 0 total - Other
Series A Preferred
2024-05-31+2,450→ 2,450 totalExercise: $0.00→ Common Stock (2,450,000 underlying)
Footnotes (2)
- [F1]On May 29, 2024, the reporting person voluntarily exchanged 2,450,000 shares of common stock issued by Kinetic Seas Incorporated (the "Company") for 2,450 shares of Series A Preferred Stock (the "Preferred Stock") of the company.
- [F2]Each share of Preferred Stock is convertable at any time at the discretion of the holder to 1,000 shares of Common Stock of the Company. The Preferred Stock is perpetual, is entitled to vote on any matters put to a vote of the common stockholders on an as-converted basis and is entitled to receive any dividends delcared by the Company on the common stock on an as-converted basis. The Preferred Stock is entitled to a liquidation preference of $0.01 per share prior to any distribution to common stockholders in a liquidation of the Company. The Company is entitled to effect a mandatory conversion of the Preferred Stock into common stock at any time there are less than 200,000 shares of Preferred Stock outstanding.