Loan & DebtJul 24, 2026, 05:06 PM
1606 Corp. Amends Promissory Note, Extends Maturity to Dec 2026
AI Summary
1606 Corp. amended and restated a promissory note with its former CEO, Gregory Lambrecht, extending the maturity date to December 31, 2026. The note, with an outstanding balance of over $2 million, now allows conversion into common stock at a 50% discount to the closing bid price, subject to a 9.99% beneficial ownership limit. Additionally, Venu Aravamudan resigned from the company's Board of Directors, and the board subsequently reduced the authorized number of directors to two.
Key Highlights
- Amended and Restated Promissory Note with former CEO Gregory Lambrecht.
- Outstanding principal balance of the Note was $2,037,184.36 as of March 31, 2026.
- Maturity Date of the Note extended to December 31, 2026.
- Note is convertible into common stock at a 50% discount to the closing bid price.
- Conversion is subject to a 9.99% beneficial ownership limitation for the Holder.
- Venu Aravamudan resigned from the Board of Directors, effective July 21, 2026.
- Authorized number of directors fixed at two, with the vacancy remaining unfilled.
Price Impact
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