Corporate ActionMay 1, 2026, 05:31 PM
Biotricity Exchanges 19.57M Securities for New Series C Preferred Stock
AI Summary
Biotricity Inc. entered into exchange agreements with holders, including officers and directors, to exchange approximately 19.57 million common shares, options, and warrants for 1.96 million newly created Series C Preferred Stock shares. The Series C Preferred Stock carries 40 votes per share and will automatically convert into 59.6% of the company's outstanding common stock upon a Qualified Financing of at least $15 million. If no Qualified Financing occurs by March 31, 2028, holders can convert each Series C share into 10 common shares.
Key Highlights
- Biotricity exchanged 19,572,968 existing securities for 1,957,297 newly created Series C Preferred Stock shares.
- The exchange included 14,144,325 common shares, 3,992,427 options, and 1,436,216 warrants.
- Series C Preferred Stock holders will be entitled to 40 votes for each share.
- Series C Preferred Stock automatically converts to 59.6% of common stock upon a Qualified Financing of at least $15 million.
- If no Qualified Financing by March 31, 2028, Series C shares convert to 10 common shares each.
- The exchange holders include officers and directors of the company.
- Biotricity designated 2,100,000 shares as Series C Preferred Stock.