secwatch.observer — SEC 8-K summary
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Issuer:     Zerify, Inc. (—)
CIK:        0001285543
Form:       8-K
Filed at:   2024-03-11T23:59:59+00:00
Accession:  0001477932-24-001117
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Zerify exchanges 13.1B warrants and $1M note for Series C/D convertible preferred stock
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- Issued 5,496 Series C shares (conversion price $0.0004) to retire 11.2B warrants and $1M note.
- Issued 460 Series D shares (conversion price $0.00025) to retire 1.84B warrants.
- Full conversion could add ~15.6B common shares, massively diluting existing ~4B shares outstanding.
- Company agrees to pursue reverse stock split and refrain from future issuances below $0.00025.
- Exchange qualifies for Section 3(a)(9), making converted shares free-trading without restriction.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1285543/000147793224001117/0001477932-24-001117-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1285543/000147793224001117/zrfy_8k.htm
  HTML page:      https://secwatch.observer/filing/0001477932-24-001117

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer