Catheter Precision, Inc. stockholders approved a one-time repricing of outstanding stock options and a 5,000,000 share increase to the 2023 Equity Incentive Plan at an annual meeting on September 30, 2026. These moves accompany a previously announced 1-for-10 reverse stock split and a corporate name change to Flyte Aviation, Inc., which will take effect on October 5, 2026.
The Board of Directors had previously approved the plan amendment, subject to stockholder consent. The amendment increases the number of shares of common stock reserved for issuance under the 2023 Equity Incentive Plan by 5,000,000 shares. Material terms of the amended plan are detailed in the company's definitive proxy statement filed with the Securities and Exchange Commission on August 31, 2026.
Stockholders also approved a one-time repricing of options with exercise prices exceeding the fair market value of the common stock on the approval date. Based on the September 30, 2026 closing price on the NYSE American, the new exercise price for these options is $0.152 per share. The repricing does not alter the number of shares subject to the options, their expiration dates, or vesting schedules.
This repricing applies equally to named executive officers, non-employee directors, and other employees and consultants. As of August 18, 2026, David A. Jenkins, Executive Chairman and Chief Executive Officer, held options to purchase 89,999 shares. Philip Anderson, Chief Financial Officer, held options to purchase 66,315 shares. Both sets of options are subject to the same repricing terms as those held by other personnel.
The company's transition to Flyte Aviation, Inc. follows a board approval on September 24, 2026, of an amendment to its Amended and Restated Certificate of Incorporation. This amendment changes the company name and effects a 1-for-10 reverse stock split. The name change was approved under Section 242(b)(1) of the Delaware General Corporation Law and did not require stockholder approval. Stockholders had previously approved the reverse stock split ratio range at a special meeting on April 15, 2026.
A certificate of amendment was filed with the Delaware Secretary of State on October 1, 2026. The changes become effective at 12:01 a.m. Eastern Time on October 5, 2026. At that time, every 10 shares of common stock will be reclassified into one share. The exercise price for each repriced option will be proportionately adjusted to $1.52 per share.
The common stock is expected to begin trading on the NYSE American under the new name and the trading symbol "VJET" at the opening of trading on October 5, 2026. A new CUSIP number, 74933X 807, will be effective as of that date. The name change does not affect stockholder rights, and no action is required by stockholders regarding the name change.