Unusual Machines Inc. (UMAC) has provided an update.
Unusual Machines, Inc. successfully negotiated a financial restructuring with two accredited investors, exchanging their 8% Promissory Notes for new 4% Convertible Promissory Notes and Series C Preferred Stock convertible into common stock, as well as providing warrants for additional stock purchases. This move reduced the company’s principal debt by $1 million and halved the interest rate, creating potential for investor profits if the company’s stock value rises above set thresholds. A registration agreement was also established to facilitate the sale of shares related to the conversion of preferred stock and warrants, subject to certain ownership limitations.
See more insights into UMAC stock on TipRanks’ Stock Analysis page.
