secwatch.observer — SEC 8-K summary
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Issuer:     Verastem, Inc. (VSTM)
CIK:        0001526119
Form:       8-K
Filed at:   2022-11-07T23:59:59+00:00
Accession:  0001104659-22-115103
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Verastem exchanges 10M common shares for 1M Series A convertible preferred shares with BVF
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- Exchange of 10M common shares for 1M Series A convertible preferred (convertible 10:1, $3.90 stated value).
- Preferred has no voting rights; conversion blocker initially at 9.99%, can increase to 19.99%.
- Transaction exempt under Section 3(a)(9); expected to close November 9, 2022.
- Post-exchange: 200,090,850 common shares outstanding; preferred convertible into 10M common shares.
- Holders included Biotechnology Value Fund entities (542,300; 382,900; 53,500; 21,300 preferred shares respectively).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1526119/000110465922115103/0001104659-22-115103-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1526119/000110465922115103/tm2229823d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-115103

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