Loan & DebtAug 7, 2026, 05:13 PM
Stewards Extends $1.6M Promissory Note Maturity to Sept 1, 2026
AI Summary
Stewards, Inc. extended the maturity date of a $1.6 million promissory note with FAVO Holdings, LLC from May 31, 2026, to September 1, 2026. The outstanding principal will now bear simple interest at 10% per annum for this period, and the 15% default interest rate was waived. This is a related-party transaction as FAVO Holdings is partly owned by Stewards' CEO. Additionally, the company adopted Amended and Restated Bylaws, introducing changes such as majority voting for directors, provisions for remote stockholder meetings, and exclusive forum clauses.
Key Highlights
- Stewards extended $1.6 million promissory note maturity to September 1, 2026.
- Original maturity date for the final installment was May 31, 2026.
- New interest rate of 10% per annum applies from June 1, 2026.
- The 15% per annum default interest rate was waived until September 1, 2026.
- The transaction is a related-party deal involving the CEO, Shaun Quin.
- Amended bylaws include majority voting standard for director elections.
- Amended bylaws authorize remote or hybrid stockholder meetings.
- Amended bylaws add exclusive forum provisions for certain claims.
Price Impact
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