Mineralrite director sells $106.7m preferred shares

MINERALRITE Corp (NASDAQ:RITE) Director Lloyd Bernard Hendricks III sold 3,919,388 Series NMC Preferred shares on September 30, 2026, valued at $27.23 each. The transaction was a repurchase by the company for a non-interest-bearing promissory note, which was then applied to warrant exercise prices and royalty repurchase prices, and subsequently cancelled.

No cash changed hands. Despite RITE shares declining 94% over the past year and 87% year-to-date, InvestingPro analysis suggests the stock is undervalued at current levels. Hendricks III also acquired additional preferred shares through warrant exercise, including 6,900,000 Series NMC Preferred shares and 47,600 Series D Preferred shares.

The transactions resulted in Mr. Hendricks III indirectly owning 2,980,612 Series NMC Preferred shares and 47,600 Series D Preferred shares through various LLCs controlled by him.

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