Vestand (VSTD) amends $4.4M convertible note agreement with Open Innovation Fund, sets three-tranche payment schedule

Vestand Inc.

First tranche $2.9M due Sept 11; second $750k due Sept 30; third $750k due Oct 15, 2025.
Note bears 7% interest, 3-year maturity, convertible at $1.10/share (post 1:4 reverse split) with monthly refix floor of $1.00.
Proceeds restricted to California real estate; collateral is second-priority lien on acquired property; total debt secured ≤60% of acquisition cost.
Investor conversion capped at 9.99% beneficial ownership; Nasdaq 20% rule may require shareholder approval for conversions exceeding 19.99% of outstanding shares.
Note includes 3% net profit sharing on sale of acquired real property and early redemption put option after 12 months.

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