ETHZilla issues $350M convertible notes, amends terms; reports buyback and $462M in ETH

FORUM MARKETS Inc

Issued $350M New Convertible Notes on Sept 23, 2025 at 97.25% of principal; 2% interest, matures Sept 23, 2028.
Conversion price initially $3.05, subject to downward reset; notes secured by $50M ETH and ~$500M cash.
Amendment reduces Existing Notes' interest from 4% to 2%; allows staking of crypto and use of cash yields.
Repurchased ~0.5M shares at avg $2.41 from Sept 13-19 under $250M buyback program.
As of Sept 19: 102,264 ETH (~$462M), $559M cash, 1.5M protocol tokens; 160M shares outstanding.

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