Corporate ActionMay 13, 2026, 04:28 PM
Hawkeye Systems Undergoes Change in Control; New Board & Management
AI Summary
Hawkeye Systems, Inc. announced a significant change in control with Hawkeye Holdco LLC acquiring beneficial ownership of approximately 68% of its common stock. This was accompanied by the appointment of four new directors and new President and CFO. The company also restructured a major related-party debt into a convertible note and settled a $442,251 loan with a JV partner. For the nine months ended March 31, 2026, the company reported a net loss of $326,609, a slight improvement from the prior year, but cash on hand significantly decreased.
Key Highlights
- Hawkeye Holdco LLC acquired beneficial ownership of approximately 68% of common stock, leading to a change of control.
- Board expanded from one to five members, with four new directors appointed effective May 4, 2026.
- David Wachsman appointed President and Q. Byron Hamlett as Chief Financial Officer.
- Existing Hall Note of $2,767,756 principal converted into a new non-interest-bearing convertible promissory note.
- Settled $442,251 loan payable to JV partner Eagle for $44,000 cash and 500,000 common shares.
- Net loss for nine months ended March 31, 2026, was $(326,609), compared to $(347,383) in prior year.
- Cash balance at March 31, 2026, was $385, down from $24,994 at March 31, 2025.
- Accumulated deficit increased to $(13,537,140) as of March 31, 2026.