Blum Holdings enters $1M unsecured note; convertible at 85% of $20.9M pre-money

BLUM HOLDINGS, INC.

Principal $1,000,000, 8.0% interest, maturity May 2, 2027; interest payable monthly starting June 15, 2025.
Lender can convert note into convertible note that auto-converts at 85% of $20.9M pre-money valuation ($0.98/share).
Lender receives warrants to purchase 377,358 shares of common stock at $0.53 per share.
Company may prepay principal in full at any time without penalty or premium.

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