HUMBL Announces Over $22 Million in Debt Retirement, Along with Further Acquisition of Legacy Debt and Strategic Financing by Pacific Lion
San Diego, California, Oct. 18, 2023 (GLOBE NEWSWIRE) — HUMBL, Inc. (OTC: HMBL) (“HUMBL” or the “Company”) announced today a significant financial development in collaboration with its funding partner, Pacific Lion, LLC. Since October 1, 2023, Pacific Lion has taken strategic steps to acquire additional legacy debt, totaling over $3 million, previously held by five different lenders. This accomplishment builds upon Pacific Lion’s separate commitment to provide $2,040,000 in funding to HUMBL over the next six months.
Recognizing the strategic advantage of having most of its debt held by a consolidated creditor, who is also a long-term investor in the company, HUMBL has deepened its financial relationship with Pacific Lion; as well as introduced a newly designated class of Series C preferred shares. This innovative class of Series C shares is designed to prevent conversion to equity until an uplisting to a national securities exchange like the NYSE occurs. If HUMBL remains listed on the OTC Markets, the Series C shares will remain non-convertible into common shares for a period of two years. In the event of an uplisting, the Series C will be eligible for conversion at a 25% discount to the market price on the date of the listing to a national exchange, along with leak-out provisions.
“The commitment of over $5 million from Pacific Lion in October alone, through the purchase of both Series C preferred stock, and further debt consolidation, is another key milestone for our relationship with HUMBL,” said Jacob Fernane, Managing Partner of Pacific Lion. “This underscores our trust in the HUMBL management team and our belief in the value of the Company’s products and business model. We are bullish about HUMBL’s future and are proud to be its core funding partner.”
“The consolidation of debt by Pacific Lion helps further strategically position HUMBL’s balance sheet for our next steps. We believe that continued debt retirement and consolidation will not only enhance shareholder value, but also advance the Company towards its future growth objectives,” said Brian Foote, CEO of HUMBL.
HUMBL has retired over $22,000,000 in debt since the beginning of the calendar year.
HUMBL is a technology platform with product lines including the HUMBL Wallet™, HUMBL Search Engine™, HUMBL Social™, HUMBL Tickets™, HUMBL Marketplace™ and HUMBL Authentics™. For more information, please visit: HUMBL.com.
HUMBL has performed digital integrations with athletes and teams from the NCAA, MLB, UFC, WNFC, NASCAR Xfinity, World Surfing, World Rugby and more.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by the use of the words “may,” “will,” “should,” “plans,” “expects,” “anticipates,” “continue,” “estimates,” “projects,” “intends,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, the Company’s ability to successfully execute its expanded business strategy, including by entering into definitive agreements with suppliers, commercial partners and customers; general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technical advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, regulatory requirements and the ability to meet them, government agency rules and changes, and various other factors beyond the Company’s control. Except as may be required by law, HUMBL undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
Contact: Stuart T. Smith
Email: [email protected]