07/10/2025 | Press release | Distributed by Public on 07/10/2025 15:01
FORM 4
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) |
4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Stock Options (Right to Buy) | $1.9 | 07/09/2025 | M | 750,000 | (4) | 01/01/2026 | Common Stock | 750,000 | (5) | 0 | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Allen Charles W 9466 GEORGIA AVENUE #124 SILVER SPRING, MD 20910 |
X | X | CEO |
/s/ Charles Allen | 07/10/2025 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | On July 9, 2025, the reporting person exercised options to purchase 750,000 shares of the issuer's common stock at an exercise price of $1.90 per share. The reporting person paid the exercise price on a cashless basis, resulting in the issuer withholding 241,116 of the option shares to pay the exercise price and issuing to the reporting person the remaining shares. |
(2) | Represents shares of common stock acquired upon exercise of 750,000 stock options with an exercise price of $1.90 per share. The number of shares issued was calculated by multiplying the number of options exercised by the preceding day's closing stock price of $5.91 to determine the total stock value, then subtracting the aggregate exercise price, and dividing the result by the same closing price. |
(3) | Includes shares of restricted common stock subject to forfeiture if certain vesting conditions are not met. |
(4) | The stock options vested as follows: 300,000 options vested on January 1, 2022, and the remaining options vested based upon certain performance milestones involving the issuer's stock price. |
(5) | Not applicable. |