Stryve Foods, Inc. announced a private placement that it will issue unsecured convertible promissory notes for the aggregate principal amount of $505,000 on June 27, 2024. The Notes were issued with an original issue discount of 1% and accrue interest annually at a rate of 12%. At the time that the Company receives gross proceeds of not less than $3.0 million from the next sale of its equity securities following the date of the Notes, the Notes will convert automatically into either, at the option of the holder, a new non-voting preferred security with a 12% annual preferred return that is convertible into the Company?s Class A common stock for a conversion price of $2.50 per share and the securities issued in the Next Equity Financing.

At maturity on December 31, 2024, if not earlier converted or paid off, all outstanding principal and interest will automatically convert into the Term Sheet Preferred Securities.