Form 4: SKYX Platforms Corp. President Steven Mark Schmidt Reports Beneficial Ownership Changes
SEC Form 4 Filing
Steven Mark Schmidt, President of SKYX Platforms Corp., reports changes in beneficial ownership, including the acquisition of Series A-1 Preferred Stock and holdings of common stock and stock options.
Summary
- Steven Mark Schmidt, the President of SKYX Platforms Corp., filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
- The report indicates the acquisition of 20,000 shares of Series A-1 Preferred Stock on October 4, 2024.
- These preferred shares have an original issue price of $25.00 per share and are convertible into common stock at an initial conversion price of $2.00 per share, subject to adjustments.
- Schmidt directly owns 172,957 shares of common stock.
- He also holds options to purchase 100,000 shares of common stock, granted on June 1, 2021, vesting in equal annual installments.
- The preferred stock is subject to mandatory conversion by the issuer upon certain specified events until October 4, 2026.
- The issuer may redeem the Preferred Stock for cash upon the occurrence of certain events or at any time beginning October 4, 2027.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing, so the sentiment is neutral. The acquisition of preferred stock by the President could be seen as a slightly positive signal.
Positives
- The acquisition of preferred stock by a key executive could signal confidence in the company's future prospects.
Future Outlook
The document does not contain explicit forward-looking statements, but the terms of the preferred stock (conversion, redemption) suggest potential future actions by the company.
Industry Context
Form 4 filings are standard disclosures required by the SEC to provide transparency regarding the trading activities of company insiders. This filing indicates changes in the holdings of a key executive at SKYX Platforms Corp.
Stakeholder Impact
- The changes in beneficial ownership may be of interest to shareholders as it reflects the investment decisions of a key executive.
Key Dates
| Date | Description |
|---|---|
| 06/01/2021 | Date stock options were granted. |
| 10/04/2024 | Date of the transaction involving Series A-1 Preferred Stock. |
| 10/04/2026 | Date until which the Preferred Stock is subject to mandatory conversion. |
| 10/04/2027 | Date from which the issuer may redeem the Preferred Stock for cash. |
| 10/07/2024 | Date of the signature on the Form 4 filing. |
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