Form 4: Sokolow Reports Tax Withholding Share Disposal in SKYX Platforms Corp.
SEC Form 4
Leonard J. Sokolow, Co-CEO of SKYX Platforms Corp., reports disposing of shares to cover tax obligations related to vesting restricted stock units.
Summary
- On March 12, 2024, Leonard J. Sokolow, Co-Chief Executive Officer of SKYX Platforms Corp., disposed of 22,325 shares of common stock to satisfy tax withholding obligations.
- The shares were sold at a price of $1.28 per share.
- Following the transaction, Sokolow directly owns 759,220 shares of SKYX Platforms Corp.
- Sokolow also holds various stock options and warrants to purchase SKYX common stock, as well as a convertible promissory note.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing an insider transaction. It doesn't inherently convey positive or negative sentiment, but rather provides factual information.
Industry Context
This filing is a routine disclosure related to insider transactions and is required by the SEC to ensure transparency in the market. It provides information about the holdings and transactions of company executives, allowing investors to make informed decisions.
Stakeholder Impact
- The transaction has a minor dilutive effect on existing shareholders due to the shares being released to cover tax obligations.
- The disclosure provides transparency to shareholders regarding insider transactions.
Key Dates
| Date | Description |
|---|---|
| 11/15/2015 | Date of stock option grant with an exercise price of $0.60 and expiration on 11/15/2025. |
| 06/30/2017 | Date of stock option grant with an exercise price of $3.00 and expiration on 04/19/2027. |
| 12/31/2017 | Date of stock option grant with an exercise price of $4.00 and expiration on 04/19/2027. |
| 01/01/2020 | Date of stock option grant with an exercise price of $12.00 and expiration on 01/01/2025. |
| 12/31/2020 | Date of stock option grant with an exercise price of $12.00 and expiration on 12/31/2025. |
| 12/31/2021 | Date of stock option grant with an exercise price of $12.00 and expiration on 12/31/2026. |
| 11/09/2022 | Date of corporate advisory agreement between SKYX and Newbridge Securities Corporation. |
| 03/31/2022 | Date of stock option grant with an exercise price of $12.34 and expiration on 03/11/2027. |
| 04/30/2023 | Date of stock option grant with an exercise price of $3.28 and expiration on 04/05/2028. |
| 09/12/2023 | Date of stock option grant with an exercise price of $1.58 and expiration on 09/12/2028; 120,000 options vested on this date. |
| 09/22/2023 | Date of 6.0% Subordinated Convertible Promissory Note. |
| 03/12/2024 | Date of transaction: Disposal of 22,325 shares at $1.28 per share for tax withholding. |
| 03/14/2024 | Date of signature on the Form 4 filing. |
| 10/26/2024 | Warrant (right to buy) $9.8 (1) Common Stock, no par value 1,088 |
| 11/29/2024 | Warrant (right to buy) $9.8 (1) Common Stock, no par value 3,375 |
| 12/22/2024 | Warrant (right to buy) $9.8 (1) Common Stock, no par value 19,827 |
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