AquaBounty Technologies filed a Certificate of Correction on April 16, 2026, to fix a scrivener's error in the initial conversion price of its Series A Convertible Preferred Stock, correcting it from $18.2580 to $0.9129 per share.
Key takeaways
The initial conversion price for Series A Preferred Stock was corrected from $18.2580 to $0.9129 per share due to a scrivener's error, potentially increasing conversion attractiveness.
Series A Preferred Stock holders receive 18.0% annual dividends on the $18.2580 liquidation value, payable bi-annually in cash unless deferred by the board.
Upon liquidation or change of control, holders are entitled to the liquidation value plus unpaid dividends, with payment in cash or non-cash consideration at their election.
Holders can convert shares to common stock at the $0.9129 conversion price and may require redemption after a $20+ million financing, subject to available funds.
The Series A Preferred Stock ranks senior to common stock and has protective provisions requiring two-thirds holder approval for certain corporate actions.