4/A: Spectral Capital Corp: Insider Corrects Filing on Share and Option Transactions
SEC Form 4/A (Amendment to Statement of Changes in Beneficial Ownership)
Sean Michael Brehm, a director and 10% owner of Spectral Capital Corp, amended a previous SEC filing to correct the price per share of common stock and the exercise price of stock options.
Summary
- Sean Michael Brehm, a director and 10% owner of Spectral Capital Corp, filed an amendment to a previous Form 4 filing with the SEC.
- The amendment corrects the price per share of common stock acquired on August 15, 2024, from $0.020 to $0.20.
- It also corrects the exercise price of stock options granted on June 12, 2024, from $0.043 to $0.43.
- Brehm acquired 5,050,000 shares of common stock on August 15, 2024.
- He also holds options to acquire 3,000,000 shares of common stock, vesting monthly over 24 months from June 12, 2024, exercisable at $0.43 per share.
- Brehm has a contractual right to acquire 40,000,000 shares of common stock related to the sale of Node Nexus Network Co LLC, contingent on closing by August 31, 2024.
Sentiment
Score: 6
Explanation: The document is a routine correction of a previous filing. It doesn't contain any particularly positive or negative news, but accuracy in reporting is generally viewed favorably.
Risks
- The acquisition of 40,000,000 shares related to the Node Nexus Network Co LLC sale is contingent on the deal closing by August 31, 2024; failure to close by this date would terminate the agreement.
Future Outlook
The acquisition of 40,000,000 shares is contingent on the closing of the Node Nexus Network Co LLC transaction by August 31, 2024.
Industry Context
This filing is a routine disclosure related to insider transactions and corrections, providing transparency to investors regarding the holdings and activities of company insiders.
Related Party Transactions
- The agreement with Sean Michael Brehm to sell 100% of the securities of Node Nexus Network Co LLC in exchange for 40,000,000 shares of Spectral Capital Corp's common stock is a related party transaction.
Stakeholder Impact
- Accurate reporting of insider transactions provides transparency to shareholders.
Key Dates
| Date | Description |
|---|---|
| 06/07/2024 | Reporting Person entered into an agreement with the Company to sell 100% of the securities of Node Nexus Network Co LLC in exchange for 40,000,000 shares of the Company's Common Stock. |
| 06/12/2024 | Company granted the Reporting Person the ability to acquire 3,000,000 options over 24 months. |
| 06/17/2024 | The terms of the Options are set forth in the Option Agreement dated June 12, 2024, which is attached as an Exhibit to the Company's Form 8-K filed with the SEC. |
| 08/15/2024 | Reporting person acquired 5,050,000 shares of common stock. |
| 08/16/2024 | Date of the original filing that this document amends. |
| 08/31/2024 | Agreement to sell 100% of the securities of Node Nexus Network Co LLC will terminate if the closing of the transactions contemplated by the agreement has not been completed by this date. |
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