Summary by Futu AI
Douglas Gintz, the Chief Technology Officer of RiskOn International, filed an Initial Statement of Beneficial Ownership of Securities with the SEC on February 6, 2024. The filing, required under Section 16(a) of the Securities Exchange Act of 1934, indicates that Gintz acquired 87.50 shares of RiskOn International's Series C Convertible Preferred Stock. This acquisition was part of a Share Exchange Agreement involving Ault Alliance, Inc., BitNile.com, Inc., and certain minority shareholders, including Gintz. The Series C shares, which are convertible into common stock at a rate determined by a set conversion price, are subject to beneficial ownership limitations and are not convertible until one day after a record date for shareholder approval. The conversion rights are also contingent on the Nasdaq Stock Market's 19.9% beneficial ownership rule without shareholder approval. The filing also notes that the Series C Convertible Preferred Stock has no expiration date and that the conversion price may be adjusted under certain conditions, such as a qualified financing event for RiskOn International.