Director Converts Preferred Stock, Disposes Back to Issuer for $93K
CHGA is trading near its 52-week low of $0.177 (8.8% above the low) on light trading volume (0.2× avg).
Summary
Director Michael Mathews converted preferred stock into 62,280 common shares and sold the preferred back to Change Agents Corporation for $93,420, a notable insider cash-out at a premium to the deeply discounted common stock.
Key Events · Ownership and Investor Activity · CHGA
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Director Converts and Disposes Preferred Stock
Michael Mathews converted 93.42 shares of Series E Non-Voting Convertible Preferred Stock into 62,280 common shares at $1.50 per share, then disposed of the preferred shares back to the issuer for $93,420 ($1,000 per share).
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Insider Cash-Out at Premium
The $93,420 disposition represents 3.6% of the company's market cap and returns cash to the director at the preferred's full stated value, while common stock trades at just $0.19 — a fraction of the $1.50 conversion price.
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Cash Drain Amid Financial Strain
The repurchase comes just days after the company took an $825,000 loan netting only $254,350 after repaying a prior loan and fees, and issued 1.55 million shares to consultants in lieu of cash, suggesting tight liquidity.
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No Open-Market Signal
The transaction codes (C and D) are not open-market purchases or sales, so they do not reflect direct bullish or bearish conviction on the common stock, but the cash outflow to an insider is a negative governance signal.
Analysis · CHGA · Technology
Director Michael Mathews converted 93.42 shares of Series E Non-Voting Convertible Preferred Stock into 62,280 common shares at $1.50 per share, then immediately disposed of the preferred shares back to the company for $93,420. The transaction represents a significant return of capital to the insider at $1,000 per preferred share, while the common stock currently trades at just $0.19. The conversion price of $1.50 is nearly 8x the current market price, suggesting the preferred shares were deeply out-of-the-money, yet the issuer still repurchased them at full stated value. This raises questions about the company's cash priorities, especially given its recent high-cost loan and consultant share issuances.
How filings like this one have moved
In the 30 days to Oct 30, 2026, 30.5% of the 1545 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CHGA was trading at $0.19 on NASDAQ in the Technology sector, with a market capitalization of approximately $2.9M. The 52-week trading range was $0.18 to $2.90. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.