XRN Chiron Real Estate Inc.
Price Chart
Executive Summary
Chiron Real Estate Inc. filed an S-3 shelf registration to allow selling stockholders to resell up to 1,000,000 shares of Series C Convertible Preferred Stock and 2,325,580 shares of common stock issuable upon conversion. The company already raised $100 million from the original issuance of these preferred shares in May/June 2026 and will not receive any proceeds from the resale. The conversion price of ~$43.00 per common share is above the current stock price of $36.31, making near-term conversion unlikely.
Actionable Insight
The registration itself is a routine procedural filing for secondary resale. The conversion price at $43.00 is well above the current $36.31 stock price, so conversion and subsequent selling are unlikely in the near term unless XRN appreciates significantly. Monitor for any stock price movement above $43 that could trigger conversion and create overhang. The $100 million capital injection from the preferred issuance is already reflected in the balance sheet.
Key Facts
- Registers 1,000,000 Series C Convertible Preferred shares and 2,325,580 common shares for secondary resale by selling stockholders
- Company received $100 million in gross proceeds from original issuance in May/June 2026; no proceeds from this registration
- Initial conversion price of ~$43.00 per common share, above the June 15, 2026 closing price of $36.31
- Selling stockholders include Maewyn XRN LP (affiliated with director Charles Fitzgerald), Petrus Special Opportunities Fund, Canyon Capital Advisors, and Diameter funds
- Series C Preferred carries a 6.00% dividend rate, stepping up to 8% after 4 years and up to 12% thereafter
Financial Impact
No new capital raised; $100 million already received from original preferred issuance in May/June 2026
Risk Factors
- Potential future dilution if common stock appreciates above $43 conversion price, enabling conversion and resale
- Overhang from up to 2.3 million common shares that could eventually enter the market
- Step-up dividend rate on Series C Preferred (to 8% after 4 years) increases future cash obligations
Market Snapshot
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-3 Filing (Primary) | 0001104659-26-074685 |
| Document: tm2618032d1_ex-filingfees.htm | 0001104659-26-074685 |
| Document: tm2618032d1_ex8-1.htm | 0001104659-26-074685 |
| Document: tm2618032d1_ex5-1.htm | 0001104659-26-074685 |
| Document: tm2618032d1_ex4-12.htm | 0001104659-26-074685 |
| Document: tm2618032d1_ex23-1.htm | 0001104659-26-074685 |
| Document: 0001104659-26-074685-index-headers.html | 0001104659-26-074685 |
| Document: 0001104659-26-074685-index.html | 0001104659-26-074685 |
| Document: 0001104659-26-074685.txt | 0001104659-26-074685 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 16, 2026
4d ago
|
S-3
| $34.96 $35.10 | ▲ +0.40% | ▼ −0.38% | $35.10 (+0.40%) |
|
Jun 2, 2026
18d ago
|
8-K
| $24.26 $24.62 | ▲ +1.48% | ▲ +1.08% | $35.10 (+44.68%) |
|
May 21, 2026
4w ago
|
3
| $24.03 $24.03 | · 0.00% | ▼ −0.45% | $35.10 (+46.07%) |
|
May 11, 2026
5w ago
|
Insider Cluster
| $33.54 $34.11 | ▲ +1.70% | ▲ +1.84% | $35.10 (+4.65%) |
|
May 11, 2026
5w ago
|
Insider Cluster
| $33.54 $34.11 | ▲ +1.70% | ▲ +1.84% | $35.10 (+4.65%) |
|
May 11, 2026
5w ago
|
Insider Cluster
| $33.54 $34.11 | ▲ +1.70% | ▲ +1.84% | $35.10 (+4.65%) |
|
Apr 8, 2026
10w ago
|
DEFA14A
| $24.70 $24.66 | ▼ −0.18% | ▼ −0.12% | $35.10 (+42.09%) |
|
Mar 13, 2026
14w ago
|
8-K
| $33.13 $33.79 | ▲ +1.99% | ▲ +0.97% | $35.10 (+5.96%) |
US Market Status
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