Innovative Payment Solutions, Inc. announced that it has entered into a Securities Purchase Agreement pursuant to which the company issued convertible promissory notes to 4 accredited investment entities for total gross proceeds of approximately $308,000 on February 21, 2024. The Notes are unsecured, mature 12 months from issuance, bear interest at a rate of 8% per annum, and are convertible into shares of common stock of the company at a conversion price of $0.345 per share. The Notes may be prepaid at any time without penalty.

The Note contains customary events of default. The company is under no obligation to register the shares of Common Stock underlying the Notes for public resale. The offer and sale of the Notes was exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.