AmBase enters $330K promissory note with CEO Bianco at 7% for working capital

AmBase Corp

CEO Richard A. Bianco lends $330,000 at 7.00% annual interest to AmBase for working capital.
Note matures earlier of one week after sufficient funding from any source (excl. litigation funding) or June 30, 2025.
Principal plus interest convertible by Bianco into a litigation funding agreement on pari passu basis.
Company continues seeking ~$7 million in funding from third parties, shareholders, or management.
Bianco has indicated willingness to provide additional working capital line of credit if needed.

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 Promissory Note with Mr. Richard A. Bianco valued at three hundred thirty thousand dollars ($330,000).

Action: entry
Agreement: notes offering
Counterparty: Mr. Richard A. Bianco
Value: three hundred thirty thousand dollars ($330,000)

Exact text from the filing

In June 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 thirty thousand dollars ($330,000) at an interest rate of 7.0% per annum, (the “Promissory Note”), for working capital.

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Source: SEC EDGAR

accession 0001140361-23-031436

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