HUMBL, Inc. announced that it expects to receive $2.04 million in funding from Pacific Lion, LLC
October 10, 2023
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HUMBL, Inc. entered into a securities purchase agreement with new investor Pacific Lion LLC for issuance of 2,040 series C preferred stocks at a price of $1,000 per preferred stock for gross proceeds of $2,040,000 on October 3, 2023. The transaction will be completed in tranches of $300,000 each month from October 2023 through March 2024, as well as purchase an additional $240,000 for the month of November 2023. In accordance with the terms of the purchase agreement and the investors rights agreement 20,000 shares have been designated that have no voting rights and that have mandatory conversion upon within two years from the date the first series C stock is first issued and voluntary conversion if such shares are not listed on a national exchange but not earlier than the end of such two year period and in each case at a 25% discount from the listing price and public trading price, respectively, a prohibition on variable discount rate financings with any new investors, a 12-month lock-up/leak-out agreement for holders of the series C stock and registration rights after conversion of the series C stock.
On the same day, the company issued 300 series C preferred stocks for gross proceeds of $300,000 in its first tranche.
HUMBL, Inc. is a Web 3, digital commerce company, which connects consumers, businesses and governments in the digital economy. The Company provides tools and packaging for technologies, such as blockchain. It is built on a patent-pending, decentralized technology stack that utilizes both core and partner technologies, to provide connections to the digital economy and each other. The Company is organized into two divisions: HUMBL Consumer and HUMBL Commercial. It delivers a digital wallet and Website as its core services. Its services include HUMBL Wallet, HUMBL.com-Website and HUMBL Commercial Services. The HUMBL Wallet consolidates a variety of services for customers in one place and helps it to verify customers and merchants. The HUMBL Wallet is available for download on app stores. HUMBL Website consists of HUMBL Search Engine, HUMBL Tickets, HUMBL Marketplace, HUMBL Social Media and HUMBL Metaverse Stores. HUMBL is the Official Technology Platform of the Arena Football League.