ETHZilla enters $156.25M convertible note deal with institutional investor

FORUM MARKETS Inc

ETHZilla issued $156.25M senior secured convertible notes at 96% of principal to an institutional investor, closing Aug 8, 2025.
Notes bear 0% interest for 6 months, then 4% annually, secured by $44.5M in Ether and $156.25M in cash.
Conversion price set at $3.445 per share, subject to one-time downward reset after nine months; investor may require redemption.
Company granted additional warrants to purchase 9,071,110 shares at $3.445 to strategic advisors, including to chairman's firm.
McAndrew Rudisill appointed Executive Chairman; Board adopted 2025 Second Supplemental Option Incentive Plan reserving 1,814,221 shares.

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