Cineverse to Exchange $311,800 Preferred Stock for Common Stock

Key Highlights

• Cineverse Corp. entered an exchange agreement with OCI-Cinedigm, LLC.
• 3.118 shares of Series A Preferred Stock, valued at $311,800, will be exchanged for Class A common stock.
• The exchange will occur in five equal tranches, commencing May 1, 2026.
• Each tranche involves exchanging 0.6236 preferred shares.
• The number of common shares issued will be calculated based on the 5-day volume weighted average price (VWAP).
• Cineverse is authorized to issue up to 1,500,000 common shares under the agreement.
• Accrued but unpaid dividends on the preferred shares will also be paid in common stock.
• Upon exchange, the preferred shares will be immediately retired.