Bollinger Innovations raises $4.1M via convertible notes with 15% interest; effects 1-for-250 reverse split

BOLLINGER INNOVATIONS, INC.

Entered securities purchase agreement for $4.1M convertible notes with 15% interest, 5% OID, 4-month maturity; includes 5-year warrants.
Notes convertible at lower of fixed price or 95% of VWAP; anti-dilution adjustments; stockholder approval required if conversion exceeds 19.9% of outstanding.
Company agrees to no other equity sales during 90-day restricted period after effectiveness or stockholder approval.
Reverse stock split 1-for-250 effective Sept. 22, 2025, reducing outstanding shares from ~126M to ~506k; seeks Nasdaq $1 bid compliance.
Company commits no further reverse split for three years; registration rights agreement requires filing within 10 days or penalties apply.

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