OneMedNet Corp (NASDAQ: ONMD) insider discloses stock, notes and warrants
Rhea-AI Filing Summary
OneMedNet Corp’s chief medical officer and director has filed a Form 3 reporting significant ownership of the company’s common stock. The insider directly holds 2,455,124 shares of common stock and has an additional 1,311,970 shares reported as indirectly owned through a trust for children, where an independent trustee holds investment control and beneficial ownership is disclaimed.
The filing also shows a senior secured convertible note issued under a June 28, 2023 securities purchase agreement, which is convertible into common stock at the lower of $10.00 per share or 92.5% of the lowest volume-weighted average trading price for the ten trading days before conversion, subject to a floor price, with maturity on November 7, 2024. In addition, the insider holds warrants for 31,916 shares of common stock at an exercise price of $10.00 per share, which are immediately exercisable and expire on November 7, 2028.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Senior Secured Convertible Note | -- | -- | -- |
| holding | Warrants (Right to Buy) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- The shares are held by trust with an independent trustee, in which the reporting person has no investment control. The reporting person disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the shares for purposes of Section 16 or for any other purpose. On June 28, 2023, Data Knights Acquisition Corp. ("Data Knights") (the predecessor of the issuer) and certain investors, including the reporting person (collectively, the "Purchasers"), entered into a securities purchase agreement pursuant to which Data Knights issued and sold to the Purchasers senior secured convertible notes (the "PIPE Notes"), which are convertible into shares of common stock at each Purchasers' election, at a conversion price equal to the lower of (i) $10.00 per share, or (ii) 92.5% of the lowest volume weighted average trading price for the ten (10) trading days immediately preceding the conversion date, subject to a floor price. The PIPE Notes matured on the first anniversary of the issuance date (November 7, 2024), subject to extension pursuant to the terms of the PIPE Notes. The warrants are immediately exercisable, and the exercise price is subject to anti-dilution adjustment.
FAQ
What insider position does the Form 3 filer hold at OneMedNet Corp (ONMD)?
The reporting person is both a director of OneMedNet Corp and its Chief Medical Officer, indicating a senior leadership and governance role.
What warrants tied to OneMedNet (ONMD) common stock does the insider hold?
The insider holds warrants that are immediately exercisable for 31,916 shares of common stock at an exercise price of $10.00 per share, with an expiration date of November 7, 2028, and the exercise price is subject to anti-dilution adjustment.
Does the insider’s Form 3 for OneMedNet (ONMD) indicate any admission of beneficial ownership for the trust shares?
No. The filing explicitly states that the reporting person disclaims beneficial ownership of the 1,311,970 shares held by the trust and that the report should not be deemed an admission of beneficial ownership for Section 16 or any other purpose.