Provectus Pharmaceuticals Converts Directors’ Fees to Preferred Stock

Provectus Pharmaceuticals (PVCT) has issued an announcement.

Provectus Biopharmaceuticals, Inc. has taken an innovative step to address its outstanding directors’ fees by converting them into Series D-1 Preferred Stock. The conversion, set at $2.862 per share, allows the company to clear accrued fees of $2,131,838.75 without immediate cash outlay, effectively issuing 744,878 shares of Preferred Stock. This move not only settles debts owed to current and former board members through September 30, 2024, but also sidesteps the need for a separate award under the company’s Equity Compensation Plan.

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