Airship AI Announces Maturity Date Extension Amendment to Senior Secured Convertible Note
24 Junho 2024 - 5:15PM
Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the
“Company”), a leader in AI-driven video, sensor, and data
management surveillance solutions, today announced that it entered
into an Extension Agreement with Platinum Capital Partners Inc.
(“Platinum”) related to an Amended and Restated Senior Secured
Convertible Promissory Note “Note” in the principal amount of
$2,000,000, extending the due date of the Note issued to Platinum
from June 22, 2024 to June 22, 2025.
The Company issued 232,360 of the Company’s
restricted common Stock in payment of all interest and extension
fees through June 22, 2025. Subject to the terms and conditions of
this Agreement, for a period commencing on December 22, 2024 and
ending at the close of business on December 22, 2025, Platinum has
a one-time put right to have the Company purchase all or a portion
of Platinum 232,360 restricted shares at $2.27518 per share. The
Company entered into piggyback registration rights with
Platinum.
At the option of Platinum, the $2,000,000
principal amount of the Note is convertible into shares of the
Company’s common at a conversion price per share equal to the lower
of (i) $3.69717, subject to appropriate adjustment as provided in
the Note, and (ii) 65% of the VWAP for the common stock for the
preceding five trading days immediately prior to any conversion,
but in no event below $2.27518, subject to appropriate adjustment
as provided in the Note. The Note contains “weighted average”
anti-dilution protection for issuances of shares of common stock or
common stock equivalents at a price less than the conversion price
then in effect. The $2,000,000 principal amount of the Note is
registered on Form S-1.
The obligations under the Note are secured by a
blanket lien on all assets of the Company pursuant to an Amended
and Restated Security Agreement dated February 2, 2024 and are
guaranteed pursuant to an Amended and Restated Guaranty dated
February 2, 2024 and the Company also concurrently entered into an
Amended and Restated Subordination Agreement.
About Airship AI Holdings,
Inc.
Founded in 2006, Airship AI is a U.S. owned and
operated technology company headquartered in Redmond, Washington.
Airship AI is an AI-driven video, sensor and data management
surveillance platform that improves public safety and operational
efficiency for public sector and commercial customers by providing
predictive analysis of events before they occur and meaningful
intelligence to decision makers. Airship AI’s product suite
includes Outpost AI edge hardware and software offerings, Acropolis
enterprise management software stack, and Command family of
visualization tools.For more information,
visit https://airship.ai.
Forward-Looking Statements
The disclosure herein includes certain
statements that are not historical facts but are forward-looking
statements for purposes of the safe harbor provisions under the
United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are accompanied by words such
as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “project,”
“forecast,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters,
but the absence of these words does not mean that a statement is
not forward looking. These forward-looking statements include, but
are not limited to, (1) statements regarding estimates and
forecasts of financial, performance and operational metrics and
projections of market opportunity; (2) changes in the market for
Airship AI’s services and technology, expansion plans and
opportunities; (3) the projected technological developments of
Airship AI; and (4) current and future potential commercial and
customer relationships. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of Airship AI’s management and are not
predictions of actual performance. These forward-looking statements
are also subject to a number of risks and uncertainties, as set
forth in the section entitled “Risk Factors” in its Annual Report
on Form 10-K for the year ended December 31, 2023, filed with the
SEC on April 1, 2024, and the other documents that the Company has
filed, or will file, with the SEC. If any of these risks
materialize or our assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. In addition, forward looking statements
reflect the Company’s expectations, plans or forecasts of future
events and views as of the date of this press release. The Company
anticipates that subsequent events and developments will cause its
assessments to change. However, while it may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
Investor Contact:Chris Tyson/Larry HolubMZ
North America949-491-8235AISP@mzgroup.us
Airship AI (NASDAQ:AISP)
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