Lehman Joseph 4
4 · Kinetic Seas Inc. · Filed Jun 3, 2024
Insider Transaction Report
Form 4
Lehman Joseph
Director
Transactions
- Other
Series A Preferred Stock
2024-05-31+900→ 900 totalExercise: $0.00→ Common Stock (900,000 underlying) - Other
Common Stock
2024-05-31−900,000→ 100,000 total
Footnotes (2)
- [F1]On May 29, 2024, the reporting person voluntarily exchanged 900,000 shares of common stock issued by Kinetic Seas Incorporated (the "Company") for 900 shares of Series A Preferred Stock (the "Preferred Stock") of the company.
- [F2]Each share of Preferred Stock is convertible 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 declared 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.