Vado Corp. announced that it has borrowed $625,000 from an entity controlled by Jason Wulfsohn and issued the Lender a Fixed-Rate Convertible Promissory Note in the principal amount of $625,000 on November 15, 2023. The Note has a maturity date of December 31, 2025 and bears interest at a rate of 8.5% per annum, subject to increase to 18% upon the occurrence of an event of default.

Under the terms of the Note, the Holder may convert all or part of the outstanding balance into shares of the Company?s common stock at a conversion price of $0.32 per share, subject to adjustment.