Phio Pharmaceuticals issues Series D Preferred Stock to interim Chairman Robert Bitterman for $1,750

Phio Pharmaceuticals Corp.

On November 16, 2022, Phio entered a Subscription Agreement with interim Executive Chairman Robert J. Bitterman to sell one share of Series D Preferred Stock for $1,750 in cash.
The Series D Preferred Stock carries 17,500,000 votes per share, voting only on proposals to amend the charter for a reverse stock split.
The Preferred Stock is non-convertible, pays no dividends, has no liquidation rights, and is redeemable for $1,750 upon board approval or stockholder approval of a reverse split.
The sale was an unregistered offering under Rule 506 of Regulation D, relying on the purchaser's accredited investor status.
A Certificate of Designation for the Series D Preferred Stock was filed with the Delaware Secretary of State on November 16, 2022.

item 1.01 item 5.03 item 3.02 item 3.03 item 9.01

Key facts

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Phio Pharmaceuticals Corp.: Filed Certificate of Designation designating rights, preferences, privileges and restrictions of Preferred Stock, effective November 16, 2022 (effective 2022-11-16).

Change: charter amendment
Effective: 2022-11-16

Exact text from the filing

On November 16, 2022, the Company filed a certificate of designation (the “Certificate of Designation”) with the Secretary of State of the State of Delaware, effective as of the time of filing, designating the rights, preferences, privileges and restrictions of the Preferred Stock.

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Source: SEC EDGAR

accession 0001683168-22-007821

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