4/A: Kingsway Financial Services: Director Hannon Adjusts Beneficial Ownership of Class B Preferred Stock

Gregory Paul Hannon, a director of Kingsway Financial Services, filed an amended Form 4 to adjust the conversion basis of Class B Preferred Stock due to a software glitch.

Summary

• Gregory Paul Hannon, a director of Kingsway Financial Services Inc. (KFS), filed an amendment to a previous Form 4.
• The amendment adjusts the conversion basis of Class B Preferred Stock from four to five decimal places due to a software glitch.
• The earliest transaction date reported is September 24, 2024.
• Hannon indirectly owns 80,000 shares of Class B Preferred Stock through Oakmont Capital Inc.
• Each share of Class B Preferred Stock has a stated value of $25 and is convertible into 2.63158 shares of Common Stock.
• The Class B Preferred Stock will be redeemed by the company on September 24, 2031.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing related to a correction, indicating a neutral to slightly positive sentiment as it reflects attention to detail and compliance.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, ensuring transparency and compliance with SEC regulations.

Stakeholder Impact

• The adjustment to the conversion basis of the Class B Preferred Stock, while minor, ensures accurate reporting and transparency for shareholders.

Key Dates