Cycurion, Inc.
For the period ended Jun 30, 2025. Filed Aug 13, 2025.
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Jun 30, 2025 · Filed Aug 13, 2025
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14. Series A Convertible Preferred Stock
- SERIES A CONVERTIBLE PREFERRED STOCK
As of December 31, 2024, the Company had designated 500,000 shares of Series A Convertible Preferred Stock with a par value of $0.001 per share. The Series A had voting rights on an as-if-converted to common stock basis. The holders were entitled to a 10% dividend and convert at any time into shares of common stock at a ratio of 1 to 25.6938 shares of common stock, subject to adjustment.
As a part of the Business Combination with Western, the Company issued 106,816 shares of Series A Convertible Preferred Stock, par value $0.0001 per share (“Class A Convertible Preferred Stock”), in connection with the conversion and settlement of previously outstanding securities mentioned above. Refer to Note to 15 for the characteristic of newly issued Series A Convertible Preferred stock.
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