Innovative Payment Solutions extends convertible notes, issues new warrants to Cavalry and Mercer

Innovative Payment Solutions, Inc.

Extended $572K convertible notes to each of Cavalry and Mercer to Nov 16, 2022; principal increased 20% to $1,091,754.13 each.
Issued each holder a 5-year warrant to purchase 3,000,000 shares at $0.15/share, diluting equity further.
Original warrants had exercise price $0.24; new warrants lower at $0.15.
Extension replaces prior Feb 2022 extension which added 10% principal.

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