06/02/2026 | Press release | Distributed by Public on 06/02/2026 12:24
Item 1.01 Entry into a Material Definitive Agreement.
On May 19, 2026, International Land Alliance, Inc., a Wyoming corporation ("Company") entered into a Securities Purchase Agreement transaction with an accredited investor ("Investor") pursuant to which the Company issued to Investor a convertible promissory note in the aggregate principal amount up to $385,000 ("Note") and a warrant to purchase 48,125 shares of Company common stock ("Warrant").
The Note (1) has an original discount of $35,000, (2) accrues annual interest at 10%, (3) has a maturity date 12 months from issuance, and (4) is convertible at any time by Investor into shares of Company common stock at a conversion price equal to the lesser of (a) $6.00 per share, or (b) 65% of the lowest traded price during 20 trading days immediately preceding the respective conversion date, subject to adjustment.
The Warrant is initially exercisable at an exercise price equal to $10.00 per share (subject to adjustments), with a term of 5 years from issuance, and a cashless exercise option.
The shares issuable pursuant to the Note and Warrant carry registration rights.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities.
All of the securities described in this Current Report on Form 8-K were offered and sold in reliance upon exemptions from registration pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended ("Securities Act"), and Rule 506 of Regulation D promulgated thereunder. The offering was made to "accredited investors" (as defined by Rule 501 under the Securities Act).