San Diego, CA, April 01, 2022 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTCQB:HMBL) announced today that it has reduced its debt balance by exchanging promissory notes for common stock.
On March 28, 2022, HUMBL entered into exchange agreements with various noteholders. Pursuant to such agreements, HUMBL exchanged promissory notes representing $3,176,804.61 in outstanding debt obligations for 37,374,172 shares of common stock.
In addition to the note exchange, on March 30, 2022, HUMBL received a $1,500,000 investment from Sartorii, LLC. In exchange for the investment, HUMBL issued a promissory note to Sartorii in the original principal amount of $1,500,000. The note bears interest at 4% per year and is due 36 months from the issuance date. Satorii has the right to accelerate the note and increase the rate of interest to 8% upon the occurrence of an event of default. The company currently sits at an updated cash position of $5,000,000 as a result.
“HUMBL is grateful for the confidence that our early investors continue to show in the company,” said Brian Foote, CEO of HUMBL. “We are also highly cognizant of our debt load at the company and will continually look for ways to reduce that in the future.”
About HUMBL, Inc.
HUMBL is a Web 3, blockchain platform with both consumer and commercial divisions.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimates," "projects," "intends," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company's ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company's control.
CONTACT:
