{"schema_version":"secwatch.filing_event.v1","accession":"0001079973-24-000506","form_type":"8-K","ticker":"BNET","cik":"0000875729","company_name":"BION ENVIRONMENTAL TECHNOLOGIES INC","filed_at":"2024-04-03T23:59:59+00:00","discovered_at":"2026-05-14T18:03:22.247803+00:00","generated_at":"2026-06-04T03:10:25.316632+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"other_material","sentiment":"positive","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Bion's largest shareholders to return up to 30% of holdings for cancellation","bullets":["Bassani family will surrender ~20% of holdings by June 30, 2024, with another 10% upon meeting funding milestones.","President Mark Smith will return ~30% of his holdings, canceling 2.425M options and waiving $56,250 in deferred comp.","Return process involves cancellation of convertible notes, warrants, options, and deferred comp; total equivalent to nearly 10M shares.","After surrender, fully diluted shares expected to drop from ~100M to ~90M; current outstanding ~57M.","Surrender aims to offset dilution from employee incentives and equity financings as Bion transitions to commercialization."],"urls":{"canonical":"https://secwatch.observer/filing/0001079973-24-000506","json":"https://secwatch.observer/filing/0001079973-24-000506.json","markdown":"https://secwatch.observer/filing/0001079973-24-000506.md","text":"https://secwatch.observer/filing/0001079973-24-000506.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/875729/000107997324000506/0001079973-24-000506-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/875729/000107997324000506/bion_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-04T03:10:25.316632+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"3d536f923b9436d2bc699abd69785fa497282858","claim":"BION ENVIRONMENTAL TECHNOLOGIES INC entered into MAS Agreement with Mark A. Smith valued at surrender of approximately 30% of his Company holdings (as of December 2023); cancellation of all Co (effective 2024-04-01).","evidence_excerpt":"Item 1.01 Entry Into a Material Definitive Agreement. Effective April 1, 2024 the Company entered into two material definitive agreements regarding voluntary surrender for cancellation of securities of the Company (and related matters) by: a) members of the family of Dominic Bassani, recently deceased former Chief Executive Officer and (with his family) the Company’s largest shareholder (collectively “Bassani Family”)(see Exhibit 10.1)(“Bassani Family Agreement”), and b) Mark A. Smith, President of the Company and a director (“MAS”)(see Exhibit 10.2)(“MAS Agreement”). The Bassani Family and MAS entered into these agreements with the intention of mitigating dilution to shareholders as new, successor management is added to the Company’s management team. The Bassani Family has agreed to surrender not less than approximately 20% of its Company holdings (as of December 2023) which surrender will increase to approximately 30% based on certain financing performances set forth in Exhibit 10.1.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/875729/000107997324000506/0001079973-24-000506-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"notes offering"},{"label":"Counterparty","value":"Mark A. Smith"},{"label":"Value","value":"surrender of approximately 30% of his Company holdings (as of December 2023); cancellation of all Co"},{"label":"Effective","value":"2024-04-01"}],"fact_type":"material_agreement"},{"claim_id":"7ea20a40f302612127fd054436d35480a003a424","claim":"BION ENVIRONMENTAL TECHNOLOGIES INC entered into Bassani Family Agreement with Bassani Family valued at surrender of not less than approximately 20% of its Company holdings (as of December 2023) which sur (effective 2024-04-01).","evidence_excerpt":"Item 1.01 Entry Into a Material Definitive Agreement. Effective April 1, 2024 the Company entered into two material definitive agreements regarding voluntary surrender for cancellation of securities of the Company (and related matters) by: a) members of the family of Dominic Bassani, recently deceased former Chief Executive Officer and (with his family) the Company’s largest shareholder (collectively “Bassani Family”)(see Exhibit 10.1)(“Bassani Family Agreement”), and b) Mark A. Smith, President of the Company and a director (“MAS”)(see Exhibit 10.2)(“MAS Agreement”). The Bassani Family and MAS entered into these agreements with the intention of mitigating dilution to shareholders as new, successor management is added to the Company’s management team. The Bassani Family has agreed to surrender not less than approximately 20% of its Company holdings (as of December 2023) which surrender will increase to approximately 30% based on certain financing performances set forth in Exhibit 10.1.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/875729/000107997324000506/0001079973-24-000506-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Bassani Family"},{"label":"Value","value":"surrender of not less than approximately 20% of its Company holdings (as of December 2023) which sur"},{"label":"Effective","value":"2024-04-01"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}