[144] Synopsys Inc SEC Filing
Form 4 snapshot: Jaguar Health, Inc. (JAGX) director John Micek reported a series of related transactions dated 06/24/2025 that modify his derivative exposure to company equity.
Key transactions
- Exchange of 6% Convertible Note: Micek disposed of the original 6% note maturing 06/30/2025 that was convertible into 9,000 common shares. In its place he acquired a new 6% promissory note maturing 01/30/2026, convertible at the holder鈥檚 option into 9,462 common shares at a conversion price of $5.555 per share.
- Inducement warrant: As consideration for the exchange, he received a warrant to purchase up to 18,262 common shares at an exercise price of $2.70. The warrant becomes exercisable once shareholder approval is obtained and will lapse on the earliest of (i) 18 months after issuance, (ii) the completion of a fundamental transaction, or (iii) a liquidation event.
Post-transaction holdings (derivatives only)
- Convertible Note (new): 9,462 underlying shares
- Warrant: 9,000 derivative securities beneficially owned (table value) with an aggregate right to purchase 18,262 shares
Implications for investors
- The new note extends the debt maturity by seven months, modestly improving Jaguar鈥檚 near-term cash-flow pressure.
- The combined instruments create potential dilution of up to 27,724 additional shares (9,462 from conversion + 18,262 from warrant) once fully exercised/converted.
- The warrant strike price ($2.70) is significantly below the note conversion price ($5.555), suggesting a higher likelihood of exercise if market price exceeds $2.70 post-approval.
Riepilogo del modulo 4: Il direttore di Jaguar Health, Inc. (JAGX), John Micek, ha segnalato una serie di transazioni correlate datate 24/06/2025 che modificano la sua esposizione derivata sull'equity della societ脿.
Transazioni principali
- Scambio di una nota convertibile al 6%: Micek ha ceduto la nota originale al 6% con scadenza 30/06/2025, convertibile in 9.000 azioni ordinarie. In cambio, ha acquisito una nuova nota di credito al 6% con scadenza 30/01/2026, convertibile a scelta del detentore in 9.462 azioni ordinarie a un prezzo di conversione di 5,555$ per azione.
- Warrant di incentivo: In compenso per lo scambio, ha ricevuto un warrant per acquistare fino a 18.262 azioni ordinarie con prezzo di esercizio di 2,70$. Il warrant diventa esercitabile una volta ottenuta l'approvazione degli azionisti e scade al verificarsi del primo evento tra (i) 18 mesi dall'emissione, (ii) completamento di una transazione fondamentale, o (iii) evento di liquidazione.
Posizioni dopo la transazione (solo derivati)
- Nuova nota convertibile: 9.462 azioni sottostanti
- Warrant: 9.000 titoli derivati di propriet脿 beneficiaria (valore tabellare) con diritto aggregato ad acquistare 18.262 azioni
Implicazioni per gli investitori
- La nuova nota estende la scadenza del debito di sette mesi, migliorando moderatamente la pressione sul flusso di cassa a breve termine di Jaguar.
- Gli strumenti combinati possono diluire fino a 27.724 azioni aggiuntive (9.462 da conversione + 18.262 da warrant) una volta completamente esercitati/convertiti.
- Il prezzo di esercizio del warrant (2,70$) 猫 significativamente inferiore al prezzo di conversione della nota (5,555$), suggerendo una maggiore probabilit脿 di esercizio se il prezzo di mercato superer脿 i 2,70$ dopo l'approvazione.
Resumen del Formulario 4: El director de Jaguar Health, Inc. (JAGX), John Micek, report贸 una serie de transacciones relacionadas fechadas el 24/06/2025 que modifican su exposici贸n derivada sobre el capital de la empresa.
Transacciones clave
- Intercambio de nota convertible al 6%: Micek dispuso de la nota original al 6% con vencimiento el 30/06/2025, convertible en 9,000 acciones ordinarias. En su lugar, adquiri贸 una nueva nota promisoria al 6% con vencimiento el 30/01/2026, convertible a opci贸n del tenedor en 9,462 acciones ordinarias a un precio de conversi贸n de $5.555 por acci贸n.
- Warrant de incentivo: Como contraprestaci贸n por el intercambio, recibi贸 un warrant para comprar hasta 18,262 acciones ordinarias con un precio de ejercicio de $2.70. El warrant se vuelve ejercitable una vez que se obtiene la aprobaci贸n de los accionistas y expirar谩 al primero de los siguientes eventos: (i) 18 meses despu茅s de su emisi贸n, (ii) la realizaci贸n de una transacci贸n fundamental, o (iii) un evento de liquidaci贸n.
Posiciones posteriores a la transacci贸n (solo derivados)
- Nota Convertible (nueva): 9,462 acciones subyacentes
- Warrant: 9,000 valores derivados de propiedad beneficiosa (valor en tabla) con derecho agregado a comprar 18,262 acciones
Implicaciones para los inversores
- La nueva nota extiende el vencimiento de la deuda por siete meses, mejorando modestamente la presi贸n sobre el flujo de caja a corto plazo de Jaguar.
- Los instrumentos combinados crean una posible diluci贸n de hasta 27,724 acciones adicionales (9,462 por conversi贸n + 18,262 por warrant) una vez completamente ejercidos/convertidos.
- El precio de ejercicio del warrant ($2.70) es significativamente inferior al precio de conversi贸n de la nota ($5.555), lo que sugiere una mayor probabilidad de ejercicio si el precio de mercado supera los $2.70 despu茅s de la aprobaci贸n.
Form 4 鞖旍暯: Jaguar Health, Inc. (JAGX) 鞚挫偓 John Micek臧� 2025雲� 6鞗� 24鞚检瀽搿� 須岇偓 欤检嫕鞐� 雽�頃� 韺岇儩靸來拡 雲胳稖鞚� 氤�瓴巾晿電� 鞚茧牗鞚� 甏�霠� 瓯半灅毳� 氤搓碃頄堨姷雼堧嫟.
欤检殧 瓯半灅
- 6% 鞝勴櫂靷眲 甑愴櫂: Micek電� 2025雲� 6鞗� 30鞚� 毵岅赴鞚措┌ 9,000 氤错喌欤茧 鞝勴櫂 臧�電ロ暅 旮办〈 6% 靷眲毳� 觳橂秳頄堨姷雼堧嫟. 雽�鞁犾棎 攴鸽姅 2026雲� 1鞗� 30鞚� 毵岅赴鞚� 靸堧鞖� 6% 鞎届啀鞏挫潓鞚� 旆摑頄堨溂氅�, 鞚措姅 氤挫湢鞛愳潣 靹犿儩鞐� 霐半澕 欤茧嫻 $5.555鞚� 鞝勴櫂臧�瓴╈溂搿� 9,462 氤错喌欤�搿� 鞝勴櫂 臧�電ロ暕雼堧嫟.
- 鞚胳劶韹半笇 鞗岆煱韸�: 甑愴櫂 雽�臧�搿� 斓滊寑 18,262欤� 氤错喌欤茧ゼ $2.70 頄夓偓臧�瓴╈棎 甑Г頃� 靾� 鞛堧姅 鞗岆煱韸�毳� 氚涭晿鞀惦媹雼�. 鞗岆煱韸鸽姅 欤检＜ 鞀轨澑 頉� 頄夓偓 臧�電ロ暣歆�氅�, (i) 氚滍枆 頉� 18臧滌洈, (ii) 欷戨寑頃� 瓯半灅 鞕勲, 霕愲姅 (iii) 觳偘 鞚措菠韸� 欷� 臧�鞛� 牍犽ジ 鞁滌爯鞐� 毵岆霅╇媹雼�.
瓯半灅 頉� 氤挫湢 順勴櫓 (韺岇儩靸來拡毵�)
- 鞁犼窚 鞝勴櫂靷眲: 旮办磮 欤检嫕 9,462欤�
- 鞗岆煱韸�: 響� 臧�旃� 旮办鞙茧 9,000 韺岇儩歃濌秾 鞁れ 靻岇湢, 齑� 18,262欤茧ゼ 甑Г頃� 甓岆Μ 氤挫湢
韴瀽鞛愳棎 雽�頃� 鞁滌偓鞝�
- 靸堧鞖� 靷眲電� 攵�毂� 毵岅赴毳� 7臧滌洈 鞐办灔頃橃棳 Jaguar鞚� 雼赴 順勱笀 頋愲 鞎曤皶鞚� 雼れ唽 鞕勴檾頃╇媹雼�.
- 瓴绊暕霅� 旮堨湹靸來拡鞚� 鞕勳爠 頄夓偓/鞝勴櫂 鞁� 斓滊寑 27,724欤�(鞝勴櫂鞐愳劀 9,462欤� + 鞗岆煱韸胳棎靹� 18,262欤�)鞚� 鞛犾灛鞝� 頋劃鞚� 齑堧灅頃╇媹雼�.
- 鞗岆煱韸� 頄夓偓臧�瓴�($2.70)鞚� 靷眲 鞝勴櫂臧�瓴�($5.555)氤措嫟 頉敩 雮晞, 鞀轨澑 頉� 鞁滌灔 臧�瓴╈澊 $2.70毳� 齑堦臣頃橂┐ 頄夓偓 臧�電レ劚鞚� 雴掛晞歆戨媹雼�.
R茅sum茅 du formulaire 4 : John Micek, administrateur de Jaguar Health, Inc. (JAGX), a d茅clar茅 une s茅rie de transactions li茅es dat茅es du 24/06/2025 modifiant son exposition d茅riv茅e sur les capitaux propres de la soci茅t茅.
Transactions cl茅s
- 脡change d'une note convertible 脿 6 % : Micek a c茅d茅 la note initiale 脿 6 % arrivant 脿 茅ch茅ance le 30/06/2025, convertible en 9 000 actions ordinaires. En remplacement, il a acquis une nouvelle reconnaissance de dette 脿 6 % arrivant 脿 茅ch茅ance le 30/01/2026, convertible 脿 l'option du d茅tenteur en 9 462 actions ordinaires 脿 un prix de conversion de 5,555 $ par action.
- Warrant d'incitation : En contrepartie de l'茅change, il a re莽u un warrant lui permettant d'acheter jusqu'脿 18 262 actions ordinaires 脿 un prix d'exercice de 2,70 $. Le warrant devient exer莽able une fois l'approbation des actionnaires obtenue et expirera au premier des 茅v茅nements suivants : (i) 18 mois apr猫s 茅mission, (ii) r茅alisation d'une op茅ration fondamentale, ou (iii) 茅v茅nement de liquidation.
Positions apr猫s transaction (d茅riv茅s uniquement)
- Nouvelle note convertible : 9 462 actions sous-jacentes
- Warrant : 9 000 titres d茅riv茅s d茅tenus b茅n茅ficiairement (valeur tableau) avec un droit global d'achat de 18 262 actions
Implications pour les investisseurs
- La nouvelle note prolonge l'茅ch茅ance de la dette de sept mois, am茅liorant modestement la pression sur la tr茅sorerie 脿 court terme de Jaguar.
- Les instruments combin茅s cr茅ent une dilution potentielle allant jusqu'脿 27 724 actions suppl茅mentaires (9 462 issues de la conversion + 18 262 issues du warrant) une fois enti猫rement exerc茅s/convertis.
- Le prix d'exercice du warrant (2,70 $) est nettement inf茅rieur au prix de conversion de la note (5,555 $), ce qui sugg猫re une probabilit茅 plus 茅lev茅e d'exercice si le cours du march茅 d茅passe 2,70 $ apr猫s approbation.
Formular 4 Zusammenfassung: John Micek, Direktor von Jaguar Health, Inc. (JAGX), meldete eine Reihe zusammenh盲ngender Transaktionen vom 24.06.2025, die seine Derivate-Exponierung gegen眉ber dem Eigenkapital des Unternehmens ver盲ndern.
Wesentliche Transaktionen
- Tausch einer 6% Wandelanleihe: Micek ver盲u脽erte die urspr眉ngliche 6%-Anleihe mit F盲lligkeit am 30.06.2025, wandelbar in 9.000 Stammaktien. Stattdessen erwarb er eine neue 6% Schuldverschreibung mit F盲lligkeit am 30.01.2026, wandelbar nach Wahl des Inhabers in 9.462 Stammaktien zu einem Wandlungspreis von 5,555$ je Aktie.
- Anreiz-Warrant: Als Gegenleistung f眉r den Tausch erhielt er einen Warrant zum Kauf von bis zu 18.262 Stammaktien zu einem Aus眉bungspreis von 2,70$. Der Warrant wird aus眉bbar, sobald die Aktion盲rszustimmung vorliegt, und verf盲llt bei dem zuerst eintretenden Ereignis von (i) 18 Monaten nach Ausgabe, (ii) Abschluss einer grundlegenden Transaktion oder (iii) einem Liquidationsereignis.
Best盲nde nach der Transaktion (nur Derivate)
- Neue Wandelanleihe: 9.462 zugrundeliegende Aktien
- Warrant: 9.000 derivativen Wertpapiere wirtschaftlich im Besitz (Tabellenwert) mit einem aggregierten Recht zum Kauf von 18.262 Aktien
Auswirkungen f眉r Investoren
- Die neue Anleihe verl盲ngert die F盲lligkeit der Schuld um sieben Monate und verbessert damit moderat den kurzfristigen Cashflow-Druck von Jaguar.
- Die kombinierten Instrumente schaffen eine potenzielle Verw盲sserung von bis zu 27.724 zus盲tzlichen Aktien (9.462 aus der Wandlung + 18.262 aus dem Warrant) bei vollst盲ndiger Aus眉bung/Umwandlung.
- Der Aus眉bungspreis des Warrants (2,70$) liegt deutlich unter dem Wandlungspreis der Anleihe (5,555$), was auf eine h枚here Wahrscheinlichkeit der Aus眉bung hindeutet, falls der Marktpreis nach der Zustimmung 眉ber 2,70$ steigt.
- Maturity extension: New convertible note shifts due date from 06/30/2025 to 01/30/2026, easing near-term liquidity pressure.
- Rule 10b5-1 disclosure: Filing references contractual trading plan, reducing insider-trading risk perception.
- Potential dilution: Up to 27,724 additional shares could be issued through conversion and warrant exercise.
- Lower warrant strike: $2.70 exercise price increases probability of share issuance below the note conversion price, potentially pressuring share value.
Insights
TL;DR Debt maturity extended; added warrant increases dilution risk but reduces near-term refinancing pressure.
The exchange of the 6% note pushes the maturity from June 2025 to January 2026, granting Jaguar an additional seven months before principal repayment or forced conversion. This is modestly constructive for short-term liquidity. However, the transaction simultaneously raises the fully-diluted share count. If both the new note and warrant are exercised, up to 27.7k shares could hit the market, representing incremental dilution. The note鈥檚 conversion price ($5.555) is typically above recent trading ranges, making conversion less immediately probable, yet the $2.70 warrant strike is closer to current prices and therefore more likely to become in-the-money once shareholder approval is obtained. Overall, the filing is slightly dilutive but not materially transformative absent a significant share price move.
TL;DR Governance neutral; standard exchange offer with Rule 10b5-1 acknowledgement limits insider-trading concerns.
The Form 4 shows the exchange was executed via an issuer offer, not through open-market trading, and references Rule 10b5-1 safe-harbor language, signaling procedural compliance. No red flags appear regarding preferential terms鈥攖he new note carries the same coupon and only modestly higher share equivalency versus the surrendered note. The inducement warrant, while dilutive, is customary for exchange incentives and subject to shareholder approval, aligning with governance best practices. Impact is therefore governance-neutral with ordinary dilution considerations for investors.
Riepilogo del modulo 4: Il direttore di Jaguar Health, Inc. (JAGX), John Micek, ha segnalato una serie di transazioni correlate datate 24/06/2025 che modificano la sua esposizione derivata sull'equity della societ脿.
Transazioni principali
- Scambio di una nota convertibile al 6%: Micek ha ceduto la nota originale al 6% con scadenza 30/06/2025, convertibile in 9.000 azioni ordinarie. In cambio, ha acquisito una nuova nota di credito al 6% con scadenza 30/01/2026, convertibile a scelta del detentore in 9.462 azioni ordinarie a un prezzo di conversione di 5,555$ per azione.
- Warrant di incentivo: In compenso per lo scambio, ha ricevuto un warrant per acquistare fino a 18.262 azioni ordinarie con prezzo di esercizio di 2,70$. Il warrant diventa esercitabile una volta ottenuta l'approvazione degli azionisti e scade al verificarsi del primo evento tra (i) 18 mesi dall'emissione, (ii) completamento di una transazione fondamentale, o (iii) evento di liquidazione.
Posizioni dopo la transazione (solo derivati)
- Nuova nota convertibile: 9.462 azioni sottostanti
- Warrant: 9.000 titoli derivati di propriet脿 beneficiaria (valore tabellare) con diritto aggregato ad acquistare 18.262 azioni
Implicazioni per gli investitori
- La nuova nota estende la scadenza del debito di sette mesi, migliorando moderatamente la pressione sul flusso di cassa a breve termine di Jaguar.
- Gli strumenti combinati possono diluire fino a 27.724 azioni aggiuntive (9.462 da conversione + 18.262 da warrant) una volta completamente esercitati/convertiti.
- Il prezzo di esercizio del warrant (2,70$) 猫 significativamente inferiore al prezzo di conversione della nota (5,555$), suggerendo una maggiore probabilit脿 di esercizio se il prezzo di mercato superer脿 i 2,70$ dopo l'approvazione.
Resumen del Formulario 4: El director de Jaguar Health, Inc. (JAGX), John Micek, report贸 una serie de transacciones relacionadas fechadas el 24/06/2025 que modifican su exposici贸n derivada sobre el capital de la empresa.
Transacciones clave
- Intercambio de nota convertible al 6%: Micek dispuso de la nota original al 6% con vencimiento el 30/06/2025, convertible en 9,000 acciones ordinarias. En su lugar, adquiri贸 una nueva nota promisoria al 6% con vencimiento el 30/01/2026, convertible a opci贸n del tenedor en 9,462 acciones ordinarias a un precio de conversi贸n de $5.555 por acci贸n.
- Warrant de incentivo: Como contraprestaci贸n por el intercambio, recibi贸 un warrant para comprar hasta 18,262 acciones ordinarias con un precio de ejercicio de $2.70. El warrant se vuelve ejercitable una vez que se obtiene la aprobaci贸n de los accionistas y expirar谩 al primero de los siguientes eventos: (i) 18 meses despu茅s de su emisi贸n, (ii) la realizaci贸n de una transacci贸n fundamental, o (iii) un evento de liquidaci贸n.
Posiciones posteriores a la transacci贸n (solo derivados)
- Nota Convertible (nueva): 9,462 acciones subyacentes
- Warrant: 9,000 valores derivados de propiedad beneficiosa (valor en tabla) con derecho agregado a comprar 18,262 acciones
Implicaciones para los inversores
- La nueva nota extiende el vencimiento de la deuda por siete meses, mejorando modestamente la presi贸n sobre el flujo de caja a corto plazo de Jaguar.
- Los instrumentos combinados crean una posible diluci贸n de hasta 27,724 acciones adicionales (9,462 por conversi贸n + 18,262 por warrant) una vez completamente ejercidos/convertidos.
- El precio de ejercicio del warrant ($2.70) es significativamente inferior al precio de conversi贸n de la nota ($5.555), lo que sugiere una mayor probabilidad de ejercicio si el precio de mercado supera los $2.70 despu茅s de la aprobaci贸n.
Form 4 鞖旍暯: Jaguar Health, Inc. (JAGX) 鞚挫偓 John Micek臧� 2025雲� 6鞗� 24鞚检瀽搿� 須岇偓 欤检嫕鞐� 雽�頃� 韺岇儩靸來拡 雲胳稖鞚� 氤�瓴巾晿電� 鞚茧牗鞚� 甏�霠� 瓯半灅毳� 氤搓碃頄堨姷雼堧嫟.
欤检殧 瓯半灅
- 6% 鞝勴櫂靷眲 甑愴櫂: Micek電� 2025雲� 6鞗� 30鞚� 毵岅赴鞚措┌ 9,000 氤错喌欤茧 鞝勴櫂 臧�電ロ暅 旮办〈 6% 靷眲毳� 觳橂秳頄堨姷雼堧嫟. 雽�鞁犾棎 攴鸽姅 2026雲� 1鞗� 30鞚� 毵岅赴鞚� 靸堧鞖� 6% 鞎届啀鞏挫潓鞚� 旆摑頄堨溂氅�, 鞚措姅 氤挫湢鞛愳潣 靹犿儩鞐� 霐半澕 欤茧嫻 $5.555鞚� 鞝勴櫂臧�瓴╈溂搿� 9,462 氤错喌欤�搿� 鞝勴櫂 臧�電ロ暕雼堧嫟.
- 鞚胳劶韹半笇 鞗岆煱韸�: 甑愴櫂 雽�臧�搿� 斓滊寑 18,262欤� 氤错喌欤茧ゼ $2.70 頄夓偓臧�瓴╈棎 甑Г頃� 靾� 鞛堧姅 鞗岆煱韸�毳� 氚涭晿鞀惦媹雼�. 鞗岆煱韸鸽姅 欤检＜ 鞀轨澑 頉� 頄夓偓 臧�電ロ暣歆�氅�, (i) 氚滍枆 頉� 18臧滌洈, (ii) 欷戨寑頃� 瓯半灅 鞕勲, 霕愲姅 (iii) 觳偘 鞚措菠韸� 欷� 臧�鞛� 牍犽ジ 鞁滌爯鞐� 毵岆霅╇媹雼�.
瓯半灅 頉� 氤挫湢 順勴櫓 (韺岇儩靸來拡毵�)
- 鞁犼窚 鞝勴櫂靷眲: 旮办磮 欤检嫕 9,462欤�
- 鞗岆煱韸�: 響� 臧�旃� 旮办鞙茧 9,000 韺岇儩歃濌秾 鞁れ 靻岇湢, 齑� 18,262欤茧ゼ 甑Г頃� 甓岆Μ 氤挫湢
韴瀽鞛愳棎 雽�頃� 鞁滌偓鞝�
- 靸堧鞖� 靷眲電� 攵�毂� 毵岅赴毳� 7臧滌洈 鞐办灔頃橃棳 Jaguar鞚� 雼赴 順勱笀 頋愲 鞎曤皶鞚� 雼れ唽 鞕勴檾頃╇媹雼�.
- 瓴绊暕霅� 旮堨湹靸來拡鞚� 鞕勳爠 頄夓偓/鞝勴櫂 鞁� 斓滊寑 27,724欤�(鞝勴櫂鞐愳劀 9,462欤� + 鞗岆煱韸胳棎靹� 18,262欤�)鞚� 鞛犾灛鞝� 頋劃鞚� 齑堧灅頃╇媹雼�.
- 鞗岆煱韸� 頄夓偓臧�瓴�($2.70)鞚� 靷眲 鞝勴櫂臧�瓴�($5.555)氤措嫟 頉敩 雮晞, 鞀轨澑 頉� 鞁滌灔 臧�瓴╈澊 $2.70毳� 齑堦臣頃橂┐ 頄夓偓 臧�電レ劚鞚� 雴掛晞歆戨媹雼�.
R茅sum茅 du formulaire 4 : John Micek, administrateur de Jaguar Health, Inc. (JAGX), a d茅clar茅 une s茅rie de transactions li茅es dat茅es du 24/06/2025 modifiant son exposition d茅riv茅e sur les capitaux propres de la soci茅t茅.
Transactions cl茅s
- 脡change d'une note convertible 脿 6 % : Micek a c茅d茅 la note initiale 脿 6 % arrivant 脿 茅ch茅ance le 30/06/2025, convertible en 9 000 actions ordinaires. En remplacement, il a acquis une nouvelle reconnaissance de dette 脿 6 % arrivant 脿 茅ch茅ance le 30/01/2026, convertible 脿 l'option du d茅tenteur en 9 462 actions ordinaires 脿 un prix de conversion de 5,555 $ par action.
- Warrant d'incitation : En contrepartie de l'茅change, il a re莽u un warrant lui permettant d'acheter jusqu'脿 18 262 actions ordinaires 脿 un prix d'exercice de 2,70 $. Le warrant devient exer莽able une fois l'approbation des actionnaires obtenue et expirera au premier des 茅v茅nements suivants : (i) 18 mois apr猫s 茅mission, (ii) r茅alisation d'une op茅ration fondamentale, ou (iii) 茅v茅nement de liquidation.
Positions apr猫s transaction (d茅riv茅s uniquement)
- Nouvelle note convertible : 9 462 actions sous-jacentes
- Warrant : 9 000 titres d茅riv茅s d茅tenus b茅n茅ficiairement (valeur tableau) avec un droit global d'achat de 18 262 actions
Implications pour les investisseurs
- La nouvelle note prolonge l'茅ch茅ance de la dette de sept mois, am茅liorant modestement la pression sur la tr茅sorerie 脿 court terme de Jaguar.
- Les instruments combin茅s cr茅ent une dilution potentielle allant jusqu'脿 27 724 actions suppl茅mentaires (9 462 issues de la conversion + 18 262 issues du warrant) une fois enti猫rement exerc茅s/convertis.
- Le prix d'exercice du warrant (2,70 $) est nettement inf茅rieur au prix de conversion de la note (5,555 $), ce qui sugg猫re une probabilit茅 plus 茅lev茅e d'exercice si le cours du march茅 d茅passe 2,70 $ apr猫s approbation.
Formular 4 Zusammenfassung: John Micek, Direktor von Jaguar Health, Inc. (JAGX), meldete eine Reihe zusammenh盲ngender Transaktionen vom 24.06.2025, die seine Derivate-Exponierung gegen眉ber dem Eigenkapital des Unternehmens ver盲ndern.
Wesentliche Transaktionen
- Tausch einer 6% Wandelanleihe: Micek ver盲u脽erte die urspr眉ngliche 6%-Anleihe mit F盲lligkeit am 30.06.2025, wandelbar in 9.000 Stammaktien. Stattdessen erwarb er eine neue 6% Schuldverschreibung mit F盲lligkeit am 30.01.2026, wandelbar nach Wahl des Inhabers in 9.462 Stammaktien zu einem Wandlungspreis von 5,555$ je Aktie.
- Anreiz-Warrant: Als Gegenleistung f眉r den Tausch erhielt er einen Warrant zum Kauf von bis zu 18.262 Stammaktien zu einem Aus眉bungspreis von 2,70$. Der Warrant wird aus眉bbar, sobald die Aktion盲rszustimmung vorliegt, und verf盲llt bei dem zuerst eintretenden Ereignis von (i) 18 Monaten nach Ausgabe, (ii) Abschluss einer grundlegenden Transaktion oder (iii) einem Liquidationsereignis.
Best盲nde nach der Transaktion (nur Derivate)
- Neue Wandelanleihe: 9.462 zugrundeliegende Aktien
- Warrant: 9.000 derivativen Wertpapiere wirtschaftlich im Besitz (Tabellenwert) mit einem aggregierten Recht zum Kauf von 18.262 Aktien
Auswirkungen f眉r Investoren
- Die neue Anleihe verl盲ngert die F盲lligkeit der Schuld um sieben Monate und verbessert damit moderat den kurzfristigen Cashflow-Druck von Jaguar.
- Die kombinierten Instrumente schaffen eine potenzielle Verw盲sserung von bis zu 27.724 zus盲tzlichen Aktien (9.462 aus der Wandlung + 18.262 aus dem Warrant) bei vollst盲ndiger Aus眉bung/Umwandlung.
- Der Aus眉bungspreis des Warrants (2,70$) liegt deutlich unter dem Wandlungspreis der Anleihe (5,555$), was auf eine h枚here Wahrscheinlichkeit der Aus眉bung hindeutet, falls der Marktpreis nach der Zustimmung 眉ber 2,70$ steigt.
FAQ
How many Jaguar Health (JAGX) shares could be issued from John Micek鈥檚 new convertible note?
What is the exercise price and size of the warrant granted to the director?
Did the reporting person increase or decrease total derivative exposure?
When does the new convertible note mature?
What conditions must be met before the warrant becomes exercisable?
