AmBase enters $100K promissory note from CEO; plans $8.8M equity offering for working capital

AmBase Corp

CEO Richard A. Bianco lends $100,000 at 7% annual interest for working capital.
Note due upon receipt of sufficient funds (excluding litigation funding) or March 31, 2026.
Company announced private offering of 44,200,460 shares at $0.20/share, expected gross proceeds ~$8.8M.
Equity offering expected to close early April 2024; note provides interim liquidity.
Company has expressed substantial doubt about ability to continue as a going concern.

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