ProPhase Labs issues $10M amended promissory note at 15% interest, due 2027

ProPhase Labs, Inc.

Amended and restated unsecured promissory note to JXVII Trust for $10M principal, replacing $7.6M note from Jan 2023.
Note bears 15% annual interest, payable quarterly, maturing August 15, 2027; prepayable without penalty.
As of June 30, 2024, working capital $16.1M, cash $2.4M, outstanding debt $13.6M net of discounts.
Proceeds used for working capital, product development, and potential acquisitions.
Risk factor added highlights potential inability to service debt and need for additional capital.

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