SKYX Platforms Corp. 10-Q

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, and ISSUER PURCHASES OF EQUITY SECURITIES Recent Sales of Unregistered Securities There are no unregistered sales of equity securities during the period covered by this report that were not previously reported in a Current Report on Form 8-K except for the following: During the second quarter ended June 30, 2023, we withheld 221,607 shares of our common stock at a weighted-average price of $3.34 per share to satisfy tax withholdings obligations due upon vesting of restricted stock held by certain employees. We did not pay cash to repurchase these shares, nor were these repurchases part of a publicly announced plan or program. During the second quarter ended June 30, 2023, the holders of Series A Preferred Stock converted 580,400 shares of Preferred Stock to 580,400 shares of common stock. The issuances of the securities described above were deemed to be exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, including Regulation D and Rule 506 promulgated thereunder, as transactions by the Company not involving a public offering. Use of Proceeds On February 14, 2022, we completed our initial public offering. We received approximately $20.5 million in net proceeds after deducting underwriting discounts and commissions of $1.8 million and offering expenses of approximately $700,000. There has been no material change in the use of proceeds from our initial public offering as described in our final prospectus filed with the SEC pursuant to Rule 424(b) of the Securities Act of 1933, as amended, and other periodic reports previously filed with the SEC. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. 30 ITEM 4. MINE SAFETY DISCLOSURES Not applicable.