secwatch.observer — SEC 8-K summary
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Issuer:     Presurance Holdings, Inc. (PRHI)
CIK:        0001502292
Form:       8-K
Filed at:   2023-12-22T23:59:59+00:00
Accession:  0000950170-23-072611
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 3.02, 3.03, 5.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Conifer issues $6M Series A Preferred to board-affiliated entity; signs executive with $425K salary
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- Sold $6M of Series A Preferred Stock (1,000 shares at $6,000 each) to Clarkston 91 West LLC, entity affiliated with board members Hakala.
- Dividend rate is prime + 200bps with 8% floor; redemption premium ensures 20% annualized return to holder.
- Automatic conversion into common at maturity (June 30, 2026) at $1.50/share (4,000 common per preferred share).
- Executive Nicholas J. Petcoff gets $425K salary, two-year term, severance up to 2.99x salary upon change of control.
- Proceeds to be used for working capital and general corporate purposes.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1502292/000095017023072611/0000950170-23-072611-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1502292/000095017023072611/cnfr-20231220.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-072611

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer