CBDW · 1606 Corp.

Summary

1606 Corp. issued an Amended and Restated Promissory Note to former CEO Gregory Lambrecht for principal of $1,885,050, effective and maturing December 31, 2025, bearing 10% annual interest and convertible into common stock at a 25% discount to the closing bid price, subject to a 9.99% beneficial ownership limitation. This replaces a prior note and creates a direct financial obligation.

Key takeaways

• Issued Amended and Restated Promissory Note to Gregory Lambrecht, former CEO and director
• Principal amount: $1,885,050
• Effective date: December 31, 2025
• Maturity date: December 31, 2025
• Interest rate: 10% per annum
• Convertible into Common Stock at 25% discount to closing bid price
• Beneficial ownership limitation: 9.99% of outstanding shares