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Safety Shot, Inc. (NASDAQ:SHOT) announced Monday that it has amended the conversion terms of its Series C Convertible Preferred Stock. According to a press release statement and a recent SEC filing, the company’s Board of Directors and the sole holder of the Series C Preferred approved an Amended and Restated Certificate of Designation, which was filed with the Secretary of State of Delaware on August 15.
The amendment changes the conversion price of the Series C Preferred from $0.5582 to $1.081 per share. This new price is based on the average official Nasdaq closing price for the five trading days preceding August 9. No other terms of the Series C Preferred were altered.
As a result of this change, the number of shares of Safety Shot common stock issuable upon conversion of Series C Preferred has been reduced. Under a previously disclosed Securities Purchase Agreement with an institutional investor, 35,000 shares of Series C Preferred were issued. The amendment reduces the number of common shares these can be converted into from 62,701,541 to 32,377,428.
Similarly, under a Revenue Sharing Agreement with LetsBonk.fun involving 100,000 shares of Series C Preferred, the potential conversion into common shares decreases from 179,147,260 to 92,506,938.
Safety Shot’s common stock and warrants (NASDAQ:SHOTW) are listed on The Nasdaq Stock Market LLC. The company is incorporated in Delaware and is classified under perfumes, cosmetics, and other toilet preparations.
This information is based on a press release statement and details provided in the company’s Form 8-K filed with the Securities and Exchange Commission.
In other recent news, Safety Shot, Inc. has acquired a 10% revenue sharing interest in BONK.fun, a decentralized platform on the Solana blockchain. This acquisition includes an initial $25 million in BONK tokens and marks a strategic shift as Safety Shot reserves the ticker symbol "BNKK" with Nasdaq. The company has also formed a strategic alliance with BONK founders, receiving approximately $25 million worth of BONK tokens in exchange for preferred shares valued at $35 million. Additionally, Safety Shot has finalized a settlement agreement with its former CFO, Danielle De Rosa, issuing 425,000 shares of common stock and paying her $300,000. The company has appointed Markita L. Russell as the new Chief Financial Officer, who has been with the company since August 2021 and has over 30 years of financial experience. These developments come alongside a recent $16.3 million share offering, involving a registered direct offering of 22,993,492 shares and warrants for up to 45,986,984 additional shares.
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