AmBase secures $2M promissory note from director-affiliated BARC at 6.5% interest

AmBase Corp

$2M loan from BARC Investments (affiliated with two directors) at 6.5% per annum for working capital.
Maturity: earlier of receipt of sufficient funds (excluding litigation funding for 111 West 57th) or Aug 31, 2027.
BARC may convert amounts due into a litigation funding agreement on pari passu basis.
Company continues to face going concern qualification; evaluating additional funding options up to $5M from third-party litigation funders.
Loan is senior obligation; company may not incur senior secured debt without BARC consent.

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