Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Ownership | Footnotes |
---|---|---|---|---|---|---|---|---|---|---|---|
transaction | IVCRQ | Series B Redeemable Preferred Stock (non-convertible) | Purchase | +714K | 714K | Oct 29, 2024 | See footnote | F1, F2 |
Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
transaction | IVCRQ | 9.00% Series A Convertible Participating Preferred Stock | Sale | -714K | -100% | 0 | Oct 29, 2024 | Common Stock | 11.7M | See footnote | F1, F2, F3 |
Id | Content |
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F1 | Effective as of October 29, 2024, the Reporting Person exchanged each share of 9.00% Series A Convertible Participating Preferred Stock of the Issuer (the "Series A Preferred Stock") then held by the Reporting Person for (i) one share of nonconvertible Series B Redeemable Preferred Stock of the Issuer and (ii) an increase by approximately $26.41 of the principal amount due to the Reporting Person and/or certain of its affiliates under the Issuer's Loan and Security Agreement, as amended. |
F2 | Shares reported herein are held by Tenor Opportunity Master Fund, Ltd. (the "Master Fund"). Tenor Capital Management Company, L.P. ("Tenor Capital") serves as the investment manager to the Master Fund. Robin Shah serves as the managing member of Tenor Management GP, LLC, the general partner of Tenor Capital. Each disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that the Reporting Person is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or for any other purpose. |
F3 | The Series A Preferred Stock has no expiration date. Holders of shares of Series A Preferred Stock have the option to convert all or a portion of their shares of Series A Preferred Stock into common stock of the Issuer at a rate equal to the then liquidation preference of the Series A Preferred Stock (initially $25 per share) divided by $1.72076211. The Series A Preferred Stock contains automatic adjustment features to the liquidation preference including, among other things, an accruing payment-in-kind dividend feature. |