AmBase Corporation Enters Into Senior Promissory Note with CEO

AmBase Corporation has entered into a Senior Promissory Note with its Chairman, President, and CEO, Richard A. Bianco, for a loan of $300,000. The loan bears an interest rate of 6.5% per annum and is intended for working capital. The note is due either upon the Company receiving sufficient funds from any source (excluding litigation funding for the 111 West 57th legal proceedings) to repay the loan, or by December 31, 2028. Mr. Bianco has the option to convert the amounts due under the note into a litigation funding agreement, pari-passu with any existing or future litigation funding agreements the Company may enter into. This financing is being pursued as the Company addresses its going concern qualification and explores strategic funding alternatives to continue operations and litigation related to the 111 West 57th Property. The Company is also exploring additional litigation funding of up to $5 million.