Bio Essence Corp. converts $2.5M CEO debt into 5M shares

Bio Essence Corp

Board approved conversion of $2,500,000 debt owed to CEO Yin Yan into 5,000,000 common shares.
Effective May 31, 2023; conversion price $0.50 per share.
Ms. Yan executed a full release of all claims associated with the debt.
Conversion eliminates $2.5M liability from balance sheet, reducing leverage.
Issuance of 5M shares dilutes existing shareholders' equity.

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