Form 4: cbdMD Director Jeffrey Porter Reports Conversion of Preferred Stock to Common Stock

Director Jeffrey Porter reports the automatic conversion of 8% Series A Cumulative Convertible Preferred Stock into common stock on May 6, 2025, following a reverse stock split.

Summary

• Jeffrey H. Porter, a director of cbdMD, Inc., filed a Form 4 detailing changes in beneficial ownership.
• On May 6, 2025, Porter's 8% Series A Cumulative Convertible Preferred Stock automatically converted into common stock.
• The conversion rate was 13 shares of common stock for each share of preferred stock.
• This conversion occurred at 4:01 p.m. Eastern Time.
• The price reflects a one-for-eight reverse stock split that took effect on May 6, 2025, at 4:02 p.m. Eastern Time.
• Porter's holdings are both direct and indirect, including shares held by Porter Partners L.P., Ben Joseph Partners, Jeff Porter IRA-Beneficiary, and as a beneficiary of a trust.
• The report indicates the conversion of 286,741 shares held by Porter Partners L.P. into 465,955 common shares, 38,000 shares held by Ben Joseph Partners into 61,750 common shares, 25,400 shares held by Jeff Porter IRA-Beneficiary into 41,275 common shares, and 2,000 shares held by Beneficiary of Trust into 4,550 common shares.

Sentiment

Score: 5

Explanation: This is a routine filing related to a pre-planned conversion of securities and a reverse stock split. It doesn't inherently indicate positive or negative sentiment, but rather reflects a procedural event.

Industry Context

Form 4 filings are standard practice and provide transparency regarding insider transactions, allowing investors to track ownership changes by company executives and directors.

Stakeholder Impact

• The conversion of preferred stock to common stock may dilute existing shareholders' equity.
• The reverse stock split will reduce the number of outstanding shares and increase the price per share.

Key Dates

Keywords

Form 4, Beneficial Ownership, Preferred Stock, Common Stock, Conversion, cbdMD, Jeffrey Porter, Reverse Stock Split