Michael Kemery, an insider of SPOTLIGHT INNOVATION, INC., has just filed an initial statement of beneficial ownership where 3,017,676 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 Kemery. Kemery 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 Manager of K-4 and in such capacity holds voting and dispositive power over the securities held by such entity.
This number is rounded to the nearest whole number. Represents 50% of total number of shares (3,33
3,333) 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 Manager 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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