Black Titan Corporation Form 6-K Filing Summary

This filing pertains to Black Titan Corporation and includes several key events and agreements. Firstly, the company settled a claim with its former CEO, David Lazar, for a special bonus. The dispute was resolved through a one-time payment of US$800,000, with Lazar acknowledging no further amounts are owed. This settlement was funded by ARC Group International Limited, a significant shareholder, in exchange for 800 Series B preferred shares of Black Titan. These shares are convertible into ordinary shares at 80% of the 5-day VWAP preceding conversion, with certain restrictions and rights for the holders. Additionally, Black Titan amended convertible note transaction documents originally dated January 16, 2026. These amendments, made on May 11, 2026, involved removing references to the "Adjusted Floor Price" and restating certain definitions within the Initial Note. The company also issued a press release on May 12, 2026, providing updates on certain digital asset industry companies. The filing also details the Certificate of Designations for the Series B Convertible Preferred Shares, outlining their terms, rights, and limitations, including dividend and voting rights, conversion mechanisms, and adjustments in case of fundamental transactions.