Financing ·
Exchanges $4M debt for 4,000 Series B Preferred shares to boost equity above $5M
INTZIntrusion Inc
Intrusion Inc. entered into an Exchange Agreement with Streeterville Capital, LLC, partitioning and exchanging $4 million in aggregate principal secured promissory notes for 4,000 newly designated shares of Series B Preferred Stock. The transaction extinguishes the debt and increases stockholders' equity to over $5 million, enabling the company to request a second 180-day extension from Nasdaq to regain compliance with the $1.00 minimum bid price requirement. The preferred stock carries a 10% annual preferred return and protective covenants restricting further debt or equity issuance without consent. Intrusion Inc. operates in the cybersecurity sector, providing intrusion detection and prevention systems.