other material
confidence high
sentiment neutral
materiality 0.50
RenX swaps $1.45M Burnham note for Series D preferred plus warrant; up to 960,666 shares on full conversion
RenX Enterprises Corp.
- Exchanged $1,446,774.32 outstanding ($1,255,000 principal + $191,774.32 accrued interest) on an 11.5% note dated June 2, 2025 for 1,441 Series D preferred shares.
- Series D converts at $2.895 per share into 497,754 common shares; accompanying warrant covers 124,438 shares at $2.895 with a five-year term.
- Full conversion at the $1.50 floor price would issue up to 960,666 common shares, subject to a Nasdaq exchange cap and stockholder approval.
- Preferred pays an 8% dividend compounding quarterly (rising to 9% if not paid in cash), has $1,000 stated value and a 150% liquidation preference.
- Debtholder James D. Burnham is RenX's Director of Growth & M&A and a former board director; a 30-day delisting lets him swap the preferred for a 10% note maturing in 24 months.