On February 2, 2024, Airship AI Holdings, Inc. entered into a significant financial agreement with Platinum Capital Partners Inc. The company issued an Amended and Restated Senior Secured Convertible Promissory Note for $2,000,000, which is an amendment and restatement of a previous note issued on June 22, 2023. The note carries an interest rate of 6% per annum and is set to mature on June 22, 2024, with a repayment amount of 110% of the principal, totaling $2,200,000. Additionally, Platinum has the option to convert the principal and any accrued interest into Airship AI's common stock at a conversion price subject to certain conditions. Alongside the note, Airship AI also issued a related Amended and Restated Common Stock Purchase Warrant for 189,334 shares at an exercise price of $3.69717, expiring on...Show More

On February 2, 2024, Airship AI Holdings, Inc. entered into a significant financial agreement with Platinum Capital Partners Inc. The company issued an Amended and Restated Senior Secured Convertible Promissory Note for $2,000,000, which is an amendment and restatement of a previous note issued on June 22, 2023. The note carries an interest rate of 6% per annum and is set to mature on June 22, 2024, with a repayment amount of 110% of the principal, totaling $2,200,000. Additionally, Platinum has the option to convert the principal and any accrued interest into Airship AI's common stock at a conversion price subject to certain conditions. Alongside the note, Airship AI also issued a related Amended and Restated Common Stock Purchase Warrant for 189,334 shares at an exercise price of $3.69717, expiring on June 22, 2028. The conversion of the note and exercise of the warrant are subject to a beneficial ownership limitation of 4.99% for Platinum and its affiliates. The company's obligations under the note are secured by a blanket lien on all assets as per the Amended and Restated Security Agreement and are guaranteed by an Amended and Restated Guaranty, both dated February 2, 2024. These financial instruments have not been registered under the Securities Act of 1933 and were offered and sold under an exemption from registration requirements.