Stryve Foods, Inc Issues Aggregate of $1.6 Million in Principal Amount of Unsecured Promissory Notes
April 09, 2024 at 05:01 pm EDT
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On April 3, 2024, Stryve Foods, Inc. issued an aggregate of $1.6 million in principal amount of unsecured promissory notes (the ?Notes?) to select accredited investors (including insider participants, who purchased $1.0 million of such Notes) (the ?Lenders?) to fund inventory growth, growth in working capital, and general operations. The Notes were issued with an original issue discount of 1%, accrue interest annually at a rate of 12% and will mature on December 31, 2024. The Notes will automatically convert in the securities issued in the next sale (or series of related sales) by the Company of its equity securities, following the date of the Notes, from which the Company receives gross proceeds of not less than $3.0 million.
Stryve Foods, Inc. is a healthy snack company. The Company is engaged in manufacturing, marketing and selling differentiated healthy snacking products. The Company offers convenient snacks that are lower in sugar and carbohydrates and higher in protein than other snacks. Its product portfolio consists primarily of air-dried meat snack products marketed under the Stryve, Kalahari, Braaitime, and Vacadillos brand names. It distributes its products in retail channels, primarily in North America, including mass, convenience, grocery, club stores, and other retail outlets, as well as directly to consumers through its e-commerce websites, as well as direct to consumers through the Amazon platform. It also offers convenient products that are lower in sugar and carbohydrates and higher in protein than other snacks and foods. Its products are Keto and Paleo diet friendly. The Company has manufacturing operations in Madill, Oklahoma and fulfillment operations in Frisco, Texas.
STRYVE FOODS, INC. 
