Form 4: SKYX Platforms Corp. President Steven Mark Schmidt Reports Share Disposal for Tax Obligations
SEC Form 4
Steven Mark Schmidt, President of SKYX Platforms Corp., disposed of 5,928 shares of common stock to cover tax obligations related to vesting restricted stock units.
Summary
- On March 31, 2025, Steven Mark Schmidt, President of SKYX Platforms Corp., filed a Form 4 indicating changes in beneficial ownership.
- Schmidt disposed of 5,928 shares of common stock at a price of $1.16 per share to satisfy tax withholding obligations related to the vesting of restricted stock units (RSUs).
- Following the transaction, Schmidt beneficially owns 496,276 shares of common stock, which includes 250,000 RSUs vesting in installments between June 30, 2025, and January 1, 2026.
- Schmidt also holds options to purchase 450,000 shares of common stock at exercise prices of $0.90, $1.09 and $12.00, vesting at various dates.
- Additionally, Schmidt holds 20,000 shares of Series A-1 Preferred Stock, convertible into common stock at an initial conversion price of $2.00 per share, subject to adjustments.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing an insider transaction. It doesn't inherently convey positive or negative sentiment.
Industry Context
This Form 4 filing is a routine disclosure related to insider transactions and is a standard practice for publicly traded companies. It provides transparency into the trading activities of company executives.
Stakeholder Impact
- The transaction may have a minor impact on shareholders due to the sale of shares by a company executive.
- The impact on employees, customers, suppliers, and creditors is likely negligible.
Key Dates
| Date | Description |
|---|---|
| 06/01/2021 | Date stock options were granted with a $12 exercise price. |
| 12/20/2024 | 10,000 stock options with a $0.90 exercise price vested. |
| 12/31/2024 | Quarterly vesting of 20,000 shares begins for stock options with a $0.90 exercise price. |
| 01/01/2025 | Annual vesting begins for stock options with a $1.09 exercise price; 50,000 RSUs vest on January 1, 2026. |
| 03/31/2025 | Date of transaction: disposal of 5,928 shares of common stock. |
| 06/30/2025 | Quarterly vesting of 20,000 RSUs begins. |
| 10/04/2026 | Date until which the Preferred Stock is subject to mandatory conversion by the issuer upon the occurrence of certain specified events. |
| 10/04/2027 | Date the issuer may redeem the Preferred Stock for cash upon the occurrence of certain events or at any time beginning. |
| 09/15/2029 | Expiration date for stock options with a $0.90 exercise price. |
| 12/15/2029 | Expiration date for stock options with a $1.09 exercise price. |
Keywords
Form 4, insider trading, beneficial ownership, SKYX Platforms Corp., Steven Mark Schmidt, stock options, RSUs, Series A-1 Preferred Stock
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