Guerrilla RF, Inc. entered into a note purchase agreement with certain accredited investors and issued unsecured convertible promissory notes in the aggregate proceeds of $260,000 on July 12, 2023. The transaction also included participation from individual investors, Messrs. Ryan Pratt for $80,000 and William J. Pratt for $50,000. The convertible notes accrue interest at a simple rate of 8.0% per annum. The convertible notes will automatically convert into conversion shares at a conversion price that is the lowest per share purchase price of equity securities issued in the Next Equity Financing. The convertible notes will mature and become payable upon demand on December 31, 2024.

The company has received $790,000 pursuant to Regulation D and included participation from 7 investors.