NEWS
Unusual Machines Agrees to Exchange $1M of its Existing Debt for Series C Preferred Shares Convertible at Market Value
Unusual Machines (NYSE American: UMAC), an American drone manufacturer, has entered into two exchange agreements to restructure $1.0 million of its $4.0 million debt. The company will issue:
New convertible notes totaling $3.0 million
Series C preferred stock convertible at $1.59 per share
Five-year warrants exercisable at $1.99 per share
The new notes feature an optional conversion to Series C preferred stock at $1.99 per share and a reduced interest rate from 8% to 4%. Ownership limitations and registration rights are included. CFO Brian Hoff stated that this deal strengthens the company's balance sheet while maintaining shareholder value.
New convertible notes totaling $3.0 million
Series C preferred stock convertible at $1.59 per share
Five-year warrants exercisable at $1.99 per share
The new notes feature an optional conversion to Series C preferred stock at $1.99 per share and a reduced interest rate from 8% to 4%. Ownership limitations and registration rights are included. CFO Brian Hoff stated that this deal strengthens the company's balance sheet while maintaining shareholder value.
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