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Unusual Machines, Inc. (NYSE:UMAC) ("Unusual Machines" or the "Company"), an American drone and drone components manufacturer, on August 21, 2024 entered into two exchange agreements (each, an "Exchange Agreement") with existing promissory note holders. These agreements will cancel an aggregate of $1.0 million of the Company's existing $4.0 million indebtedness. In exchange, Unusual Machines issued (i) two new convertible notes in the aggregate principal amount of $3.0 million (the "New Notes"), (ii) Series C preferred stock convertible into shares of our common stock at $1.59 per share, the share price at close of market as of August 20, 2024, and (iii) five-year warrants exercisable at $1.99 per share (subject to certain adjustments).
In addition, the New Notes contain an optional conversion feature into Series C preferred stock at $1.99 per share (125% of the closing bid price on August 20, 2024) and a reduction in interest rate from 8% to 4%.
Posted In: UMAC
