WYTC · Wytec International Inc.

Summary

Wytec International, Inc. amended an existing $625,000 unsecured promissory note with director Christopher Stuart, waiving defaults and extending the maturity date by eleven additional six-month periods. In consideration, Wytec issued 124,000 warrants to purchase common stock at $1.50 per share, exercisable until December 31, 2026, with potential price adjustment upon NASDAQ listing.

Key takeaways

• Amended promissory note originally dated February 25, 2020, with principal $625,000 held by director Christopher Stuart
• Waived any defaults under the Note through February 13, 2026
• Extended maturity date by eleven additional six-month periods (previously nine)
• Issued 124,000 warrants to Mr. Stuart exercisable until December 31, 2026
• Warrant exercise price $1.50 per share, adjusting to greater of $1.50 or 85% of 10-day moving average post-NASDAQ listing
• Issuance exempt under Rule 506(b) of Regulation D; no cash proceeds received