Spectra7 Microsystems Inc (SEV)

[Robert31]

Spectra7 also announces that it has received commitments from holders (the "Consenting Holders") of the requisite 80% of outstanding principal amount of its existing $8.873 million of 14% unsecured convertible debentures (the "Debentures") to extend the maturity of the Debentures from December 31, 2024 to June 30, 2025 (the "Amendment"). As consideration for the Amendment, the Company has agreed to pay a non-convertible extension bonus at maturity to the Debenture holders equal to 1.5% of the principal outstanding on the effective date of the Amendment.

The Consenting Holders confirm that they remain committed to the execution of the Company's roadmap, and believe the extension will provide the runway to reach significant commercialization milestones.