AgEagle Aerial Systems Inc (UAVS) has released an update to notify the public and investors about its financial commitment initiation.
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On February 8, 2024, a company issued a Convertible Note with a principal of $4,849,491, set to accrue interest at 12% annually, and potentially increase to 18% in case of default. The note is convertible into common stock at $0.10 per share, adjustable upon a planned reverse stock split. Starting April 2024, monthly payments of $484,949 plus interest are due, with full payment at maturity. The holder may opt for cash or stock payments, with anti-dilution measures in place for subsequent equity sales below the conversion price.
For further insights into UAVS financials, check out TipRanks’ Financials page.
For a comprehensive understanding of the announcement, you can read the full document here.
