secwatch.observer — SEC 8-K summary
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Issuer:     BIOCEPT INC (—)
CIK:        0001044378
Form:       8-K
Filed at:   2023-04-10T23:59:59+00:00
Accession:  0001193125-23-096519
Event type: other_material
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 5.03, 3.02, 3.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Biocept issues Series B Preferred to Board Chair to secure reverse stock split approval
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- Issued one share of Series B Preferred to Chair Samuel Riccitelli for $100; carries 300M votes solely on reverse split proposals.
- Series B votes must mirror common stock votes cast (excluding abstentions/broker non-votes), effectively reducing impact of non-votes.
- Reverse split approval now requires majority of combined common + Series B voting power, altering prior majority-of-outstanding-common standard.
- Series B is non-convertible, has $100 liquidation preference senior to common, and is redeemed automatically after reverse split approval.
- Transfer restricted until reverse split vote; issuance exempt under Section 4(a)(2) as sale to accredited investor (Board Chair).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1044378/000119312523096519/0001193125-23-096519-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1044378/000119312523096519/d470097d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-096519

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