AmBase enters $310K promissory note with CEO at 6.5% for working capital

AmBase Corp

$310,000 loan from Chairman/CEO Richard A. Bianco at 6.5% per annum, due May 31, 2025 or upon receipt of funds excluding litigation funding for 111 West 57th property.
Note can be converted at Bianco's option into a litigation funding agreement pari passu with any other litigation funding.
Company is seeking to raise approximately $7M via litigation funding, equity, debt, or loans from third parties, shareholders, or management.
No financial results or guidance in this filing; working capital loan addresses near-term liquidity.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AmBase Corp entered into Senior Promissory Note with Richard A. Bianco valued at $310,000 at 6.5% per annum (effective 2023-05-01).

Action: entry
Agreement: credit facility
Counterparty: Richard A. Bianco
Value: $310,000 at 6.5% per annum
Effective: 2023-05-01

Exact text from the filing

In May 2023, AmBase Corporation (the “Company”) and Mr. Richard A. Bianco, the Company’s Chairman, President and Chief Executive Officer (“Mr. R. A. Bianco”) entered into a Senior Promissory Note for Mr. R. A. Bianco to provide a loan to the Company of three hundred ten thousand dollars ($310,000) at an interest rate of 6.5% per annum, (the “Promissory Note”), for working capital.

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Source: SEC EDGAR

accession 0001140361-23-024103

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