LUXURBAN HOTELS INC. LuxUrban Hotels Inc. announced that it has entered into a non-dilutive financing agreement to issue promissory notes of up to $10 million on November 17, 2023. The notes will bear interest at a fixed rate of 1% per annum, payable annually until maturity. The notes will be prepayable upon approval of the Board of Directors.
The notes will be funded through the sale, from time to time, of shares of the company?s common stock controlled by Mr. Ferdinand. The interest on the notes will be compounded annually on any amounts borrowed at a rate of 1% per annum and and interest accrued under the note is repayable at maturity on November 16, 2026.
