Edward Pershing - Jul 24, 2023 Form 4 Insider Report for PROVECTUS BIOPHARMACEUTICALS, INC. (PVCT)

Role
Director
Signature
/s/ Edward Pershing
Stock symbol
PVCT
Transactions as of
Jul 24, 2023
Transactions value $
-$162,100
Form type
4
Date filed
7/26/2023, 07:54 PM
Previous filing
Jul 24, 2023
Next filing
Jul 28, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PVCT 8% Unsecured Convertible Promissory Note Options Exercise -$162K $75K Jul 24, 2023 Series D-1 Convertible Preferred Stock 56.6K $2.86 Direct F1, F2
transaction PVCT Series D-1 Convertible Preferred Stock Options Exercise $0 +56.6K +11.83% $0.00 536K Jul 24, 2023 Common Stock 566K Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The Reporting Person could have elected to convert the outstanding principal and interest of the 8% unsecured convertible promissory note due 2023 (the "Note") as follows: (i) the Note is convertible into shares of Series D-1 Convertible Preferred Stock, par value $0.001 per share ("Series D-1 Preferred Stock") at a price per share equal to $2.862; (ii) in the event the Issuer conducts a qualified equity financing in the aggregate amount of $20 million, the Note is convertible into the shares of capital stock being issued by the Issuer in such qualified equity financing at the price per share being paid by the investors in such qualified equity financing; and (iii) in the event the Issuer conducts a qualified debt financing with more favorable terms than the Note in the aggregate amount of $20 million, the Note may be exchanged for the debt instrument being issued by the Issuer in such qualified debt financing.
F2 On July 24, 2023, the Note was converted into 56,639 shares of Series D-1 Preferred Stock.
F3 Each share of Series D-1 Preferred Stock is convertible into 10 shares of the Issuer's common stock, par value $0.001 per share ("Common Stock").
F4 The Series D-1 Convertible Preferred Stock will automatically convert into Common Stock on June 20, 2026, unless earlier converted into Common Stock in accordance with the terms of the Certificate of Designation for the Series D-1 Convertible Preferred Stock.