Standard Premium Finance raises $400K via preferred stock, exchanges $250K notes, amends bylaws on director nominations

STANDARD PREMIUM FINANCE HOLDINGS, INC.

Sold 40,000 shares of Series A Convertible Preferred Stock for $400,000 to accredited investors (Rule 506(b)).
Exchanged $250,000 of promissory notes for 25,000 shares of Series A Preferred Stock under Section 3(a)(9).
Board amended bylaws on May 2, 2022 to delete requirement that independent directors must select/recommend director nominees.
Conversion price for Preferred Stock: 80% of 20-day average closing bid, minimum $5.00 per share, after a Public Equity Event.
No underwriting discounts or commissions were paid in connection with the sales.

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