Summary by Futu AI
Robert O. Smith, a director and 10% owner of RiskOn International, filed an Initial Statement of Beneficial Ownership of Securities with the SEC on February 2, 2024. The filing, required under Section 16(a) of the Securities Exchange Act of 1934, details Smith's acquisition of 5 shares of RiskOn International's Series C Convertible Preferred Stock. This transaction is part of a Share Exchange Agreement involving Ault Alliance, Inc., BitNile.com, Inc., and certain minority shareholders, including Smith. The Series C stock, acquired in exchange for 5,000 shares of BitNile.com, Inc., is convertible into common stock at a rate determined by a stated value of $10,000 divided by a conversion price of $7.50, subject to certain ownership limitations. The conversion rights are contingent upon shareholder approval and...Show More