Nuwellis exchanges CEO's Series F preferred for new Series F-1 with 19.99% conversion cap

Nuwellis, Inc.

CEO John L. Erb exchanged 100 shares of Series F Preferred for 100 shares of newly designated Series F-1 Convertible Preferred on June 9, 2025.
Series F-1 includes a beneficial ownership limitation of 19.99% upon conversion, unlike the original Series F.
CEO agreed to convert all Series F-1 shares to common by a deadline tied to the underwriting agreement for S-1 public offering (333-287663).
CEO also agreed to vote in favor of shareholder approval for warrants in that offering as required by Nasdaq rules.

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