Jaguar Health is converting all outstanding shares of Series O Convertible Preferred Stock into common stock at a ratio of 3.209 common shares per preferred share. The conversion is effective as of 12:00 pm Eastern Time on June 25, 2026. Fractional shares will be settled in cash based on the June 24, 2026, closing price of $2.68 per share. The company amended its manufacturing and supply agreement with Woodward Specialty LLC to clarify inventory management and title transfer protocols through December 31, 2026.