Summary by Moomoo AI
On December 5, 2024, Global Gas Corporation amended two unsecured promissory notes: the Sponsor Note ($170,000 outstanding) and the Glatt Note ($103,950 outstanding). The amendments fix the principal amounts, extend the maturity date to March 31, 2025, add 5% annual interest payable in kind, and include a conversion feature to Class A common stock at $0.15 per share.The Sponsor Note, originally issued on June 21, 2023, was for up to $300,000 for working capital and business combination expenses. The Glatt Note, also issued on June 21, 2023, was for up to $250,000 for similar purposes. Both notes were previously due on demand after December 31, 2023.The amended notes remain subject to customary events of default. This update provides Global Gas with extended financial flexibility and aligns the notes' terms with current market conditions.
