The conversion removes the preferred dividend overhang and simplifies the capital structure, but adds ~2.4M shares to the float. Monitor for any near-term selling by Theon, which now holds a large common stake. The strategic partnership with Theon for military product development remains intact.
Price Chart
Executive Summary
Theon International Plc converted all 1,000 outstanding shares of Kopin's Series A Convertible Preferred Stock into 2,380,973 shares of common stock at $3.00 per share, retiring the preferred series. This eliminates the preferred dividend obligation and removes the conversion overhang, but adds 2.38M new common shares to the float, representing modest dilution relative to Kopin's $1.1B market cap.
Key Facts
- Theon converted all 1,000 shares of Series A Convertible Preferred Stock into 2,380,973 common shares at $3.00 per share on May 28, 2026.
- The Series A Convertible Preferred Stock has been retired with no shares outstanding.
- The preferred stock carried a 4% annual dividend payable in cash and stock.
- The conversion stems from a $15M strategic investment by Theon in October 2025, which included $7M for the preferred shares.
- Theon also acquired a 49% interest in Kopin Europe Ltd. for $8M and entered into a licensing/development agreement for military products.
Financial Impact
2,380,973 new common shares issued; preferred dividend obligation eliminated; no cash consideration exchanged.
Risk Factors
- Potential overhang from Theon's new common stake if they seek to monetize.
- Dilution of ~2.4M shares may pressure EPS in upcoming quarters.
- No lock-up or resale restrictions disclosed for Theon's common shares.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-027220 |
| Document: 0001493152-26-027220-index-headers.html | 0001493152-26-027220 |
| Document: 0001493152-26-027220-index.html | 0001493152-26-027220 |
| Document: 0001493152-26-027220.txt | 0001493152-26-027220 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 11w ago | 8-K | $5.20 $4.26 | ▲ +18.08% | ▲ +17.02% | $3.74 (+28.07%) |
Jun 18, 2026 18w ago | 8-K | $4.93 $3.69 | ▼ −25.15% | ▼ −25.69% | $3.74 (−24.13%) |
Jun 11, 2026 19w ago | Institutional Cluster | $5.13 $4.09 | ▼ −20.27% | ▼ −22.16% | $3.74 (−27.09%) |
Jun 11, 2026 19w ago | Institutional Cluster | $5.13 $4.09 | ▼ −20.27% | ▼ −22.16% | $3.74 (−27.09%) |
Jun 4, 2026 20w ago | 8-K | $6.39 $3.90 | ▼ −38.97% | ▼ −37.59% | $3.74 (−41.47%) |
Jun 1, 2026 21w ago | EFFECT | $5.77 $4.48 | ▼ −22.36% | ▼ −21.06% | $3.74 (−35.18%) |
May 28, 2026 21w ago | 8-K | $6.05 $3.82 | ▼ −36.86% | ▼ −33.71% | $3.74 (−38.18%) |
May 12, 2026 23w ago | 8-K | $5.35 $4.60 | ▼ −14.02% | ▼ −12.29% | $3.74 (−30.09%) |
Apr 13, 2026 28w ago | 144 | $2.72 $4.97 | ▲ +82.72% | ▲ +76.43% | $3.74 (+37.51%) |
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