HUMBL Inc (OTCMKTS:HMBL) stock is extending rally in Tuesday’s trading session.
HUMBL Updates Shareholders
HUMBL Announces Additional Bridge Round Investments
- announced today that it has closed on $2,500,000 (USD) in two new financings. These two financings will be used as a bridge to help HUMBL get to its $50,000,000 equity financing agreement. As a result of these financings, HUMBL has $6,005,615 in free cash in its bank account as of today’s date.
- The round included investment from the United States and Australia. In exchange for $1,500,000 in cash, HUMBL issued to the first investor group $1,530,000 in convertible promissory notes.
- The notes bear interest at 8% per annum and are convertible at the investors’ election at a fixed price of $1.00 per share. The notes are due in 22 months.
- In addition, HUMBL issued warrants to purchase 3,000,000 shares of common stock to the investors. The exercise price for the warrants is $1.00 per share. The warrants are cash exercise only. HUMBL also agreed to register the underlying warrant shares.
- HUMBL also raised funds through a separate offering with Archura Capital Pty Ltd. (Archura). In exchange for $1,000,000, HUMBL issued to Archura a $1,020,000 convertible promissory note. The note bears interest at 8% per annum and is convertible at Archura’s election at $1.00 per share. The note is due in 22 months.
In the first 30 minutes of trade, HMBL stock increased by 6.55% at $0.98. The stock has traded 1.96 million shares, compared to its average volume of 12.60 million shares. The stock opened at $0.9199 and moved in a range of $ 0.8627 – 0.98.