Form 4: My City Builders Director Shifts Stock Ownership

My City Builders Director Frank Gillen reclassified over 5.2 million common shares and 33,000 preferred shares from direct to indirect ownership via RAC Merger LLC.

Summary

• Frank Gillen, a Director and 10% Owner of My City Builders, Inc. (MYCB), reported a change in the form of his beneficial ownership.
• 5,252,714 shares of Common Stock were reclassified from direct ownership to indirect ownership through RAC Merger LLC.
• 33,334 shares of Series A Preferred Stock were reclassified from direct ownership to indirect ownership through RAC Merger LLC.
• The transaction price for both reclassifications was $0.15 per share.
• Gillen's indirect beneficial ownership now includes a 32.75% contribution interest in RAC Merger LLC.
• RAC Merger LLC currently holds 16,033,253 shares of My City Builders Common Stock and 100,000 shares of Series A Preferred Stock.
• This filing updates information previously reported on a Form 3 filed on January 19, 2024.

Sentiment

Score: 5

Explanation: Neutral. The filing reports a change in the form of beneficial ownership for an insider, which is a routine compliance matter and does not inherently indicate positive or negative sentiment regarding the company's performance or prospects.

Positives

• Clarifies the beneficial ownership structure of a significant shareholder, moving shares to an indirect holding entity.

Negatives

• No direct negative financial implications as the transaction represents a change in the form of ownership rather than a sale or disposition of beneficial interest.

Future Outlook

NA

Industry Context

This filing is a routine insider transaction report and does not provide broader industry context. It reflects a change in the structure of a significant insider's holdings within My City Builders, Inc.

Comparison to Industry Standards

• This Form 4 filing details a change in the form of beneficial ownership for an insider, which is a standard disclosure requirement. It does not contain financial or operational results that would allow for a comparison to industry benchmarks or specific comparable companies or projects.

Related Party Transactions

• The reclassification of shares to RAC Merger LLC, in which Frank Gillen holds a 32.75% interest, constitutes a related party transaction as it involves an entity controlled by a director and 10% owner.

Stakeholder Impact

• Shareholders: Provides clarity on the beneficial ownership structure of a significant insider's holdings, but does not alter the total number of shares beneficially owned by the insider.

Key Dates

Recommendation

This Form 4 filing reports a reclassification of shares from direct to indirect ownership by a director and 10% owner. It does not indicate a change in the underlying beneficial interest or provide new information about the company's financial performance or strategic direction. Therefore, it does not warrant a change in investment posture based solely on this disclosure.

Keywords

My City Builders, MYCB, Frank Gillen, SEC Form 4, Beneficial Ownership, Director Holdings, Share Reclassification, RAC Merger LLC, Common Stock, Preferred Stock