John P. Campi - Mar 29, 2024 Form 4 Insider Report for SKYX Platforms Corp. (SKYX)

Signature
/s/ John P. Campi
Stock symbol
SKYX
Transactions as of
Mar 29, 2024
Transactions value $
$0
Form type
4
Date filed
4/1/2024, 05:53 PM
Previous filing
Dec 15, 2023
Next filing
Oct 7, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding SKYX Common Stock, no par value 798K Mar 29, 2024 Direct

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 SKYX 6.0% Subordinated Convertible Promissory Note Disposed to Issuer -$100K $0 Mar 29, 2024 Common Stock, no par value $100K $15.00 Direct F1, F2, F3
transaction SKYX Subordinated Convertible Promissory Note Award $100K $100K Mar 29, 2024 Common Stock, no par value $100K $3.00 Direct F1, F2, F3
holding SKYX Stock Option (right to buy) 120K Mar 29, 2024 Common Stock, no par value 120K $6.00 Direct
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On March 29, 2024, the issuer and the reporting person entered into an amendment to the 6.0% subordinated convertible promissory note (the "Amendment") in order to, among other things, extend the maturity date of the note to May 16, 2025, increase the interest rate from 6.0% per annum to 10.0% per annum, effective as of January 1, 2024, and change the common stock conversion price from $15.00 per share to $3.00 per share. The Amendment is effective as of the original maturity date of the note and resulted in the cancellation of the "old" convertible note and the acquisition of a "new" convertible note. The issuer's Board of Directors approved the Amendment.
F2 Prior to the Amendment, the principal amount, plus any accrued and unpaid interest, was convertible into shares of common stock at any time on or prior to the maturity date at the holder's discretion at the conversion price of $15.00 per share. Following the Amendment, the principal amount, plus any accrued and unpaid interest, is convertible into shares of common stock at any time on or prior to the maturity date at the holder's discretion at the conversion price of $3.00 per share.
F3 Represents the principal amount of the convertible note and excludes interest that may accrue. Beginning January 1, 2024, the note accrues interest at a rate of 10.0% per annum, which is payable annually, in cash or common stock, at the holder's discretion. Prior to such date, the note accrued interest at a rate of 6.0% per annum.