AmBase receives $600K CEO loan at 7%; note due by Dec 2025; seeking $7M total funding

AmBase Corp

Company entered $600,000 senior promissory note from Chairman/CEO Richard A. Bianco at 7% interest for working capital.
Note due on earlier of receipt of sufficient funds (excluding litigation funding for 111 West 57th) or Dec 31, 2025.
Amounts due can be converted by CEO into a litigation funding agreement pari passu with any future funding.
Company continues efforts to raise approximately $7 million for operations and 111 West 57th legal proceedings.
CEO may provide additional working capital line of credit if needed, but no assurance of securing funding.

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