Unusual Machines caps convertible share issuance at 19.9%; amends bylaws and equity plan

Unusual Machines, Inc.

Entered letter agreements with Eleven Ventures and Titan Multi-Strategy capping aggregate issuance under convertible securities at 1,236,378 shares (19.9% of outstanding) without stockholder approval.
Issuance limit applies until stockholder approval obtained; thereafter cap no longer applies.
Board amended 2022 Equity Incentive Plan to remove incentive stock options and add clawback for erroneously awarded compensation under Rule 10D-1.
Amended bylaws reduce stockholder meeting quorum to 1/3 of voting power and set deadlines for stockholder proposals.

Key facts

Extracted from this filing and checked against the source text.

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

Unusual Machines, Inc.: Amended and restated bylaws to change stockholder meeting quorum to one third of voting power and add timelines for stockholder proposals (effective 2024-10-03).

Change: bylaw amendment
Effective: 2024-10-03

Exact text from the filing

On October 3, 2024, the Board of the Company approved and adopted amended and restated bylaws (the “Amended and Restated Bylaws”) which became effective on October 3, 2024.

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Unusual Machines, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-24-007007

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