John Michael Krohn, an insider of SPOTLIGHT INNOVATION, INC., has just filed an initial statement of beneficial ownership where 3,739,895 shares of SPOTLIGHT INNOVATION, INC. were declared. This form is usually filed as a prelude to receiving options or buying company shares, so there may be more to come from Krohn. Krohn operates out of Urbandale, IA. Some additional info was provided as follows:
Based on 50% of total held by K-4 Enterprises, LLC ("K4"), which represents the 50% equity ownership interest held by the Reporting Person. The Reporting Person is the Managing Member of K-4 and in such capacity holds voting and dispositive power over the securities held by such entity.
25,000 of such options, or 1/3, vested upon issuance on February 24, 2016, and the rema
ining 50,000, or 2/3, shall vest equally in one-third increments over the following two years on each of February 24, 2017 and February 24, 2018
This number is rounded to the nearest whole number. Represents 50% of the total number of shares (3,333,333) issuable upon conversion of an 8% convertible promissory note, in the principal amount of $2,500,000, owned by K-4 (the "Note"). The Note, originally issued on December 31, 2015, was subsequently amended and restated pursuant to that certain Forbearance and Refinancing Agreement dated October 18, 2016 (the "Refinanced Noted"). The Refinanced Note is convertible only in those circumstances described in the Refinanced Note. The Maturity Date as defined in the Refinanced Note is December 31, 2021. The number of shares reported as securities underlying the Refinanced Note does not include shares issuable upon conversion of accrued interest.
The Reporting Person is the Managing Member of K-4 and in such capacity holds voting and dispositive power over the securities held by such entity.
Based on 50% of total held by K-4, which represents the 50% equity ownership interest held by the Reporting Person.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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Other recent filings from the company include the following:
On June - June 20, 2018