Emmaus exchanges $2.2M in director-held notes for 8.2M shares at $0.29/share

Emmaus Life Sciences, Inc.

Exchanged $1M note from Zen for 3,760,983 shares and $1.2M note from Lim for 4,447,426 shares.
Deemed per-share value of $0.29 represents a premium to Dec 14, 2023 OTCQX closing price.
Zen's note was convertible at $0.50/share, due on demand after Jan 24, 2024; Lim's note due Sep 16, 2025.
Total principal of $2.2M plus accrued interest canceled; no additional cash consideration paid.
Issuance exempt under Section 3(a)(9); directors Zen and Lim are the sole noteholders.

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