secwatch.observer — SEC 8-K summary
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Issuer:     MINERALRITE Corp (RITE)
CIK:        0001096296
Form:       8-K
Filed at:   2026-10-02T20:15:24+00:00
Accession:  0001539497-26-002634
Event type: other_material
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 5.07, 7.01, 8.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

MineralRite repurchases 3.9M Series NMC preferred, caps $269M sinking fund; avoids ~2B common share dilution
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- Repurchased 3,919,388 Series NMC $25 convertible preferred from Abstract Concepts 1618 LLC for $106,724,942, paid via a non-interest-bearing promissory note.
- Note was fully satisfied and cancelled at closing Sept 30, 2026 through royalty repurchases of $1,641,254 and $246,188 plus warrant exercises; no cash changed hands.
- Abstract and Commodity exercised 6,900,000 Series NMC and 53,500 Series D warrants; after the deal 9,880,612 Series NMC shares are outstanding, all held by Abstract at 500 common per share.
- Sinking-fund obligation permanently capped at $269,049,058.76 (~$27.23/share), down from ~$375.8M potential and eliminating 5%/yr accretion worth about $13.5M annually.
- Series C holders approved charter amendments 8,735-0 (81.8% of 10,679 outstanding) on Sept 28, 2026; Restated Certificate to set Series D at 60,000 and Series NMC at 10,000,000 authorized shares.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1096296/000153949726002634/0001539497-26-002634-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1096296/000153949726002634/n4863_x28-8k.htm
  HTML page:      https://secwatch.observer/filing/0001539497-26-002634

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