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HUMBL, Inc. Announces Expansion of Strategic Financing Relationship with Pacific Lion
August 31, 2023 09:30 ET
| Source: HUMBL, Inc.
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San Diego, CA, Aug. 31, 2023 (GLOBE NEWSWIRE) -- HUMBL, Inc. (OTC: HMBL) (“HUMBL” or the “Company”) is pleased to announce a strategic expansion in its relationship with strategic funding partner Pacific Lion, showcasing the latter’s commitment to HUMBL's continued growth.
To fortify HUMBL's financial position and ensure ample working capital going into its planned Reg A offering, Pacific Lion has increased its funding commitment amount to HUMBL. By amending the existing note with the Company, Pacific Lion has increased its potential funding amount to HUMBL from $800,000 to up to $2,000,000.
Moreover, demonstrating strong confidence in the Company’s prospects, the Pacific Lion warrant terminates within an 18-month period if HUMBL is not able to successfully uplist to a major exchange during that time period. This condition to the effectiveness of the warrant reflects Pacific Lion's confidence in HUMBL's efforts towards listing on a major exchange in the future.
Furthering their integral partnership, Pacific Lion has played a pivotal role in supporting HUMBL's endeavors. They have strategically referred the Company to supplemental SEC counsel, aiding the Reg A process, as well as senior executives at the NYSE, along with other service providers.
Jacob Fernane, Managing Partner of Pacific Lion, issued the following statement: "We are privileged to serve as HUMBL's key financial collaborator during this pivotal moment in the Company's strategic evolution. Our capital allocation is strategically designed to fortify HUMBL's working capital needs and roadmap towards meeting the stringent listing requirements mandated by senior exchanges. HUMBL's strong executive leadership aligns well with our commitment to company vision, operational efficiency, cost reductions, and the goal of uplisting. We stand resolute in supporting the Company's capital requirements through this essential period."
Brian Foote, CEO of HUMBL, commented: "Pacific Lion has been an important financing partner to HUMBL. They have also provided business planning and strategic networks that fit with our key focus initiatives at the company. We’re deeply appreciative of the relationship.”
