AmBase Corporation (ABCP) has released an update to notify the public and investors about an entry into a material definitive agreement.
AmBase Corporation and its CEO, Richard A. Bianco, have agreed to a $50,000 loan at a 7% annual interest rate to bolster working capital, with repayment terms linked to future funding or by February 2026. Additionally, Bianco could convert the loan into a share of any litigation funding agreement. Seeking about $7 million to continue operations and litigation for the 111 West 57th Property, the company is exploring various strategic funding options, including sales of securities compliant with the Securities Act of 1933. Despite these efforts, there is no certainty of successful financing or litigation outcomes.
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For a comprehensive understanding of the announcement, you can read the full document here.
