Executive chairman John Schaible said, “We have received a number of inquiries for clarification related to our 2025 Stockholder Letter we released on Friday, January 10. To clarify elements of the investment detailed within the letter, Hanire is investing the initial monies of the $M at $15 per share common equity up to 19.99%. The remainder of the $5M is a convertible note. Hanire is prohibited from further conversions until a shareholder vote enabling such conversions. Any amount greater than the initial $5M of the $45M commitment will be at the Company’s request and in the form of a convertible note that converts at a 40% discount.”
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