Form 4: C-Bond Systems CEO Returns Series B Preferred Stock Following SEC Order

Scott R. Silverman, CEO of C-Bond Systems, returned 197 shares of Series B Preferred Stock to the company on May 20, 2024, in compliance with an SEC order issued on May 8, 2024.

Summary

• On May 20, 2024, Scott R. Silverman, the CEO of C-Bond Systems, returned 197 shares of Series B Preferred Stock to the company.
• The return was made in accordance with the terms of a Securities and Exchange Commission (SEC) order issued to the company on May 8, 2024.
• The Series B Preferred Stock had been granted to Mr. Silverman in January 2022.
• The conversion price of the Series B Preferred Stock on the date of grant was $0.027 per share.
• These shares were never converted into shares of the company's common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reflects a required action following an SEC order. It's neither particularly positive nor negative for the company's overall prospects.

Industry Context

This event is specific to C-Bond Systems and its compliance with SEC regulations. It doesn't directly reflect broader industry trends but highlights the importance of regulatory compliance for publicly traded companies.

Legal Proceedings

• The return of shares is a result of a Securities and Exchange Commissions' Order issued to the Company on May 8, 2024.

Stakeholder Impact

• The return of shares could have a minor impact on shareholders, as it reduces the potential dilution from the convertible preferred stock.

Key Dates

Keywords

SEC Form 4, C-Bond Systems, CBNT, Scott R. Silverman, Series B Preferred Stock, SEC Order, Beneficial Ownership