LuxUrban Hotels chairman cancels promissory note

LuxUrban Hotels (LUXH) announced that the company is in active late stage discussions with its partner, Wyndham Hotels & Resorts (WH), on various aspects of Development Incentive Advances, which include accelerating the timing and increasing the amounts of these funds on new property acquisitions. As a result of this anticipated positive development, on December 3, the company and Brian Ferdinand, the company’s chairman and co-CEO, mutually agreed to cancel the previously disclosed promissory note dated November 17. Therefore, Ferdinand will cease, for the foreseeable future, further sales of common stock of the company that were to have been used to fund amounts borrowable under the promissory note. An amount equal to the proceeds resulting from recent sales by Ferdinand in the amount of approximately $500,000 will be gifted to the company.