Rainmaker CEO and VP convert $935K debt into 26.9M restricted shares; director resigns

Rainmaker Worldwide Inc.

Michael Skinner resigned from board effective Dec 31, 2024 for personal reasons; board reduced to 2 directors.
CEO Michael O'Connor and VP Kelly White converted $935,333 in principal and interest into 26,935,424 restricted shares at $0.0347 per share.
Conversion eliminates $935,333 of debt from the balance sheet, reducing liabilities and enhancing financial flexibility.
Restricted shares are subject to a 6-month holding period and Rule 144 volume and manner-of-sale restrictions.
Skinner's departure had no disagreement with the company; conversion aligns management incentives with shareholders.

item 5.02

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Departed

Michael Skinner

Director

RAKR · Rainmaker Worldwide Inc.

Effective: 2024-12-31
Filed: January 2, 2025, 6:59 PM ET

On December 31, 2024, Mr. Michael Skinner, a member of the Board of Directors of Rainmaker Worldwide Inc. (the “Company”), notified the Company of his intention to retire from the Company’s Board of Directors for personal reasons, effective December 31, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Skinner resigned as Director at Rainmaker Worldwide Inc..

Action: resigned
Role: Director

Exact text from the filing

On December 31, 2024, Mr. Michael Skinner, a member of the Board of Directors of Rainmaker Worldwide Inc. (the “Company”), notified the Company of his intention to retire from the Company’s Board of Directors for personal reasons, effective December 31, 2024.

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Rainmaker Worldwide Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-000084

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