0001493152-24-012548.txt : 20240401 0001493152-24-012548.hdr.sgml : 20240401 20240401175532 ACCESSION NUMBER: 0001493152-24-012548 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20240329 FILED AS OF DATE: 20240401 DATE AS OF CHANGE: 20240401 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: SOKOLOW LEONARD J CENTRAL INDEX KEY: 0000923890 ORGANIZATION NAME: FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-41276 FILM NUMBER: 24811429 MAIL ADDRESS: STREET 1: REGATTA OFFICE PARK, WINDWARD THREE STREET 2: 4TH FLOOR, WEST BAY ROAD, P.O. BOX 1114 CITY: GRAND CAYMAN STATE: E9 ZIP: E9 KY11102 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: SKYX Platforms Corp. CENTRAL INDEX KEY: 0001598981 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC LIGHTING & WIRING EQUIPMENT [3640] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 463645414 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 2855 W. MCNAB ROAD CITY: POMPANO BEACH STATE: FL ZIP: 33069 BUSINESS PHONE: (855) 759-7584 MAIL ADDRESS: STREET 1: 2855 W. MCNAB ROAD CITY: POMPANO BEACH STATE: FL ZIP: 33069 FORMER COMPANY: FORMER CONFORMED NAME: SQL Technologies Corp. DATE OF NAME CHANGE: 20160812 FORMER COMPANY: FORMER CONFORMED NAME: Safety Quick Lighting & Fans Corp. DATE OF NAME CHANGE: 20140203 4 1 ownership.xml X0508 4 2024-03-29 0 0001598981 SKYX Platforms Corp. SKYX 0000923890 SOKOLOW LEONARD J C/O SKYX PLATFORMS CORP. 2855 W. MCNAB ROAD POMPANO BEACH FL 33069 1 1 0 0 Co-Chief Executive Officer 0 Common Stock, no par value 759220 D 6.0% Subordinated Convertible Promissory Note 15 2024-03-29 4 D 0 250000 0 D 2023-09-22 Common Stock, no par value 250000 0 D Subordinated Convertible Promissory Note 3 2024-03-29 4 A 0 250000 0 A 2025-05-16 Common Stock, no par value 250000 250000 D Stock Option (right to buy) 0.6 2015-11-15 2025-11-15 Common Stock, no par value 150000 150000 D Stock Option (right to buy) 3 2017-06-30 2027-04-19 Common Stock, no par value 150000 150000 D Stock Option (right to buy) 4 2017-12-31 2027-04-19 Common Stock, no par value 150000 150000 D Stock Option (right to buy) 12 2020-01-01 2025-01-01 Common Stock, no par value 100000 100000 D Stock Option (right to buy) 12 2020-12-31 2025-12-31 Common Stock, no par value 100000 100000 D Stock Option (right to buy) 12 2021-12-31 2026-12-31 Common Stock, no par value 100000 100000 D Stock Option (right to buy) 12.34 2022-03-31 2027-03-11 Common Stock, no par value 17500 17500 D Stock Option (right to buy) 3.28 2023-04-30 2028-04-05 Common Stock, no par value 17500 17500 D Stock Option (right to buy) 1.58 2023-09-12 2028-09-12 Common Stock, no par value 450000 450000 D Warrant (right to buy) 9.8 2024-10-26 Common Stock, no par value 1088 1088 D Warrant (right to buy) 9.8 2024-11-29 Common Stock, no par value 3375 3375 D Warrant (right to buy) 9.8 2024-12-22 Common Stock, no par value 19827 19827 D Exercisable at any time on or prior to the expiration date at the holder's discretion at the adjusted exercise price of $9.80 per share, subject to adjustment provisions (including certain anti-dilution provisions). On March 29, 2024, the issuer and the reporting person entered into an amendment to the 6.0% subordinated convertible promissory note (the "Amendment") in order to, among other things, extend the maturity date of the note to May 16, 2025, increase the interest rate from 6.0% per annum to 10.0% per annum, effective as of January 1, 2024, and change the common stock conversion price from $15.00 per share to $3.00 per share. The Amendment is effective as of the original maturity date of the note and resulted in the cancellation of the "old" convertible note and the acquisition of a "new" convertible note. The issuer's Board of Directors approved the Amendment. Prior to the Amendment, the principal amount, plus any accrued and unpaid interest, was convertible into shares of common stock at any time on or prior to the maturity date at the holder's discretion at the conversion price of $15.00 per share. Following the Amendment, the principal amount, plus any accrued and unpaid interest, is convertible into shares of common stock at any time on or prior to the maturity date at the holder's discretion at the conversion price of $3.00 per share. Represents the principal amount of the convertible note and excludes interest that may accrue. Beginning January 1, 2024, the note accrues interest at a rate of 10.0% per annum, which is payable annually, in cash or common stock, at the holder's discretion. Prior to such date, the note accrued interest at a rate of 6.0% per annum. Options vest over 3.5 years as follows, subject to continued employment through the vesting date: 120,000 vested on September 12, 2023; 300,000 vest in six semi-annual installments of 50,000, beginning on March 12, 2024; and 30,000 vest on March 12, 2027. Includes 10,084 restricted shares granted in consideration for services to be provided to the issuer pursuant to a corporate advisory agreement between the issuer and Newbridge Securities Corporation dated November 9, 2022. The restricted shares vest on the following schedule: one quarter of the shares on each of November 9, 2022 and the six-, 12- and 18-month anniversaries of such date. If the agreement is terminated prior to its expiration, any shares that have not vested as of such date will be forfeited. Includes 280,000 restricted stock units ("RSUs"), which will vest as follows, subject to continued employment through the vesting date: 250,000 vest in five semi-annual installments of 50,000 beginning on September 12, 2024 and 30,000 vest on March 12, 2027. /s/ Leonard J. Sokolow 2024-04-01