Form 4: Outset Medical Director Patrick Hackett Reports Conversion of Preferred Stock to Common Stock

Director Patrick Hackett reports the conversion of Series A Non-Voting Convertible Preferred Stock into Common Stock following stockholder approval on March 5, 2025.

Summary

• Patrick Hackett, a director of Outset Medical, Inc., reported transactions related to the conversion of Series A Non-Voting Convertible Preferred Stock into Common Stock.
• The conversion was approved by stockholders at a meeting held on March 5, 2025.
• Each share of Preferred Stock automatically converted into 250 shares of Common Stock on March 10, 2025.
• Hackett directly acquired 1,250,000 shares of Common Stock through the conversion.
• Hackett indirectly acquired 1,250,000 shares of Common Stock through a GST Trust and 625,000 shares through the Hackett Family Fund.
• Following the reported transactions, Hackett directly owns 1,292,849 shares of Common Stock.
• Hackett indirectly owns 1,250,000 shares through the GST Trust and 625,000 shares through the Hackett Family Fund.

Sentiment

Score: 7

Explanation: The document reflects a standard corporate action (stock conversion) that has been approved by shareholders. It's a neutral to slightly positive event as it simplifies the company's capital structure.

Positives

• The conversion of preferred stock to common stock simplifies the capital structure of Outset Medical.
• The conversion was approved by stockholders, indicating support for the company's direction.

Industry Context

This type of conversion is a fairly standard corporate action, often done to simplify a company's capital structure or to prepare for a potential liquidity event.

Stakeholder Impact

• Shareholders may see a slight dilution of ownership due to the increase in the number of common shares outstanding.
• The simplified capital structure could make the company more attractive to potential investors.

Key Dates