RenX Enterprises exchanges $1.4 million debt for Series D preferred and warrants
On September 30, 2026, RenX Enterprises agreed to cancel $1,446,774.32 of debt owed to James D. Burnham, a current Director of Growth & M&A and former director, in exchange for 1,441 shares of Series D Convertible Preferred Stock and a warrant. The Series D Preferred carries a 150% liquidation preference and can convert into up to 960,666 common shares at the floor price, so the deal removes debt but adds potential dilution and a senior claim for shareholders.
Key points
- Debt of $1,446,774.32 under a June 2, 2025 promissory note was cancelled in exchange for 1,441 preferred shares and a warrant.
- Preferred converts at an initial $2.895 per share into 497,754 common shares; the warrant covers 124,438 common shares at $2.895 with a five-year term.
- Full conversion at the $1.50 floor price could issue up to 960,666 common shares, subject to stockholder approval where Nasdaq rules require it.
- Preferred dividends accrue at 8% per year, rising to 9% if not paid in cash; the Certificate of Designation was filed October 2, 2026.
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 05, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.