The Halo Collective (NEO: HALO) last night managed to extend certain funding it has received from its financial partners. The company has extended a convertible promissory note for a third time with a private arms-length lender.
The note provides the company with up to $15 million, with the note bearing interest at a rate of 9% in the first year, and 13% for any additional year on any drawdowns made. The facility is set to mature October 21, 2022, subject to further extensions.
The note effectively amends and restates the Second A&R Promissory Note, which was entered into by the company in August 2020. Notably, there is not an outstanding balance on the credit facility, with the company reportedly maintaining access to the facility for “additional flexibility,” as per CEO Kiran Sidhu.
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The debt extension follows the company earlier this month conducting a 100 to 1 reverse split of its equity, dropping its outstanding share count from 2.87 billion shares to 28.7 million.
Halo Collective last traded at $2.20 on the Neo Exchange.
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