Nanophase Technologies Corporation announced that it has entered into an agreement with new investor Strandler LLC to issue 15,000 shares of Series X Preferred Stock at a price of $400 per share for the gross proceeds of $6,000,000 on March 1, 2024. Each Preferred Stock is convertible into 1,000 shares of the Common Stock for a total of 15,000,000 shares of Common Stock, if and when the company has filed the Certificate Amendment pursuant to which the company's authorized shares of Common Stock are increased by an amount sufficient to satisfy the conversion rights under the Preferred Stock. Following such amendment, which is anticipated to occur prior to August 1, 2024, the Preferred Stock is convertible at the discretion of the holder.

If the Certificate Amendment is not filed by August 1, 2024, the holder shall thereafter have the right at any time to demand redemption of all or part of its Preferred Stock at a price per share of $420.