JanOne, Inc. (JAN) has released an update to notify the public and investors about an entry into a material definitive agreement.
JanOne Inc. has recently revised two of its outstanding promissory notes to include options for conversion at a set price of $0.58 per share, with adjustments for standard stock events. These amendments, approved by the board on February 7, 2024, align with Nasdaq rules based on the average closing price of JanOne’s stock over the preceding five days. Additionally, the company issued new promissory notes with a principal of $300,000 each, carrying a 10% annual interest rate, with specific repayment terms and the same conversion option post a six-month period. These financial maneuvers are detailed in the company’s latest filings with the relevant exhibits attached for comprehensive review.
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For a comprehensive understanding of the announcement, you can read the full document here.
