Cyber App Solutions issues 10M shares to extend forbearance on ~$21M debt

Cyber App Solutions Corp.

Issued 5M shares each to Kips Bay Select and Cyber One (10M total) for forbearance extension.
Must pay $1.3M each by Nov 21, 2024, and $6M each by Jan 31, 2025; shares returnable if paid.
Holders get board observation rights and view access to all bank accounts until full payment.
Company restricted from incurring additional debt until up-listing or full settlement of obligations.
Aggregate principal outstanding acknowledged at approximately $21M as of November 6, 2024.

item 1.01 item 3.02 item 5.03 item 5.07 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Cyber App Solutions Corp.: Amended and restated bylaws to update meeting procedures, notice periods, record dates, proxy validity, shareholder proposals, board size, director removal threshold, and indemnification provisions (effective 2024-11-07).

Change: bylaw amendment
Effective: 2024-11-07

Exact text from the filing

On November 7, 2024, the shareholders of the Company approved the proposed amended and restated bylaws of the Company (the “ Amended and Restated Bylaws ”) to, among other things, adequately address the needs of the Company and update the existing bylaws so that they are in line with current industry standards for public companies.

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Source: SEC EDGAR

accession 0000950170-24-126425

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