Renewable Innovations, Inc. announced that it entered into a securities purchase agreement with six investors for a private placement of secured convertible promissory notes for minimum proceeds of $1,000,000 and maximum proceeds of $2,000,000 on March 6, 2023. The company will also issue warrants to acquire an aggregate of 840,000 shares of its common stock at $1.00 per share. The promissory notes bear interest at the rate of 10% per annum, are secured by company's assets, and are convertible into its securities in a subsequent financing at the lower of (a) 80% of the price in the subsequent financing, or (b) $0.75.

If there is no conversion, the principal and all interest is payable in 12 months. The warrants are exercisable for 3 years and the holder can utilize cashless exercise provisions only if there is no effective registration statement covering the warrant shares in 12 months.