secwatch.observer — SEC 8-K summary
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Issuer:     Stablecoin Development Corp (SDEV)
CIK:        0001389545
Form:       8-K
Filed at:   2025-10-09T23:59:59+00:00
Accession:  0001829126-25-007992
Event type: leadership
Sentiment:  negative
Materiality: 0.85
Item codes: 5.02, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

CEO David Lazar resigns; R01 and Framework to buy preferred shares, gaining ~90% ownership
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- CEO David Lazar resigned effective upon release of escrow funds from a securities purchase agreement.
- Lazar agreed to sell 441,325 Series D Preferred shares and rights to 268,750 Series E shares to R01 Fund LP and Framework Ventures IV L.P.
- Purchasers expected to own ~90% of outstanding common stock after stockholder approval of proposals at the Oct 16 annual meeting.
- Transaction is contingent on stockholder approval of proposals 5 and 9 at the October 16, 2025 annual meeting.
- Company agreed to perform its obligations under the August 2025 Securities Purchase Agreement for the benefit of the purchasers.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1389545/000182912625007992/0001829126-25-007992-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1389545/000182912625007992/novabay_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-25-007992

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