Cybeats lowers conversion price of $1.82M in debentures

Mr. Justin Leger reports CYBEATS AMENDS CONVERSION PRICE OF CONVERTIBLE DEBENTURES Cybeats Technologies Corp. has amended the conversion price of the $1,825,000 principal amount of convertible debentures that were issued on Jan. 25, 2024. The company has received written approval for the amendment from holders of 66-2/3rds per cent of the principal amount owing under the convertible debentures as required by the certificates governing the convertible debentures. As the company seeks to enter a period of commercial expansion, it wishes to reduce the principal amount owing under the convertible debentures, which are due to be paid on Jan. 25, 2026. The conversion price for the convertible debentures has been repriced to 10 cents per common share, which was previously at 30 cents per common share. As part of the repricing amendment, each holder of convertible debentures shall have 30 days to convert the convertible debentures following written notice to the holders if, during the term, the common shares of the company close above 12.5 cents per share on each trading day for a period of 10 consecutive trading days. If the holder does not elect to convert during the acceleration period, then the conversion price shall be reverted back to 30 cents. About Cybeats Technologies Corp. Cybeats is a cybersecurity company providing software bill of material management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Cybeats platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency, increase revenue, and align organizations with current and future regulations. We seek Safe Harbor.