Stablecoin Development Corporation filed a Current Report on Form 8-K with the Securities and Exchange Commission on September 2, 2026, detailing two significant corporate actions: the elimination of multiple classes of preferred stock and the appointment of a new director.
The company announced that it has eliminated its Series A, B, C, D, E, and F preferred stock. The elimination was achieved by filing Certificates of Withdrawal with the Secretary of State of Delaware for each series. The filings were effective immediately upon submission on September 2, 2026. As a result of these withdrawals, shares previously designated as these preferred series have been returned to the company’s authorized preferred stock pool. The company now has 5,000,000 shares of preferred stock available for designation and issuance.
In other business, the board of directors appointed David Garcia Rios to serve as a Class II director, effective immediately. His term will expire at the company’s 2027 annual meeting of stockholders. Mr. Garcia Rios was designated by Sky Frontier Foundation (SFF) pursuant to an Investors’ Rights Agreement signed on January 16, 2026. He joins the board following a career that includes roles at Celsius Network, HX Entertainment Limited, and Merck & Co.
Mr. Garcia Rios will receive an annual cash compensation of $40,000, payable quarterly in arrears. He is not eligible for an initial equity award under the company’s 2026 Non-Employee Director Compensation Program due to his affiliation with SFF. The company also entered into an indemnification agreement with Mr. Garcia Rios on September 3, 2026.
