secwatch.observer — SEC 8-K summary
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Issuer:     SKYX Platforms Corp. (SKYX)
CIK:        0001598981
Form:       8-K
Filed at:   2024-10-07T23:59:59+00:00
Accession:  0001493152-24-039660
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SKYX Platforms raises $11M via convertible preferred stock; insiders participate
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- Sold 440,000 shares of Series A and A-1 preferred at $25 each for $11M gross.
- Preferred pays 8% annual cash dividend; convertible at $2.00 per share.
- Insiders including President Steven Schmidt and Co-CEOs purchased $6M of Series A-1.
- Proceeds from the offering will be used for working capital and general corporate purposes.
- Conversion limited to 19.99% of outstanding common without stockholder approval.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1598981/000149315224039660/0001493152-24-039660-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1598981/000149315224039660/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-039660

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