1606 Corp amends promissory note with ex-CEO, extends maturity to Dec. 31, 2026

1606 Corp. amended and restated a promissory note held by former CEO Gregory Lambrecht, extending maturity to Dec. 31, 2026.

Outstanding principal was $2.04 million as of March 31, 2026.

The holder can convert all accrued interest and principal into common stock at a 50% discount to the closing bid price.

Conversions remain capped to keep beneficial ownership below 9.99%, never 10% or more, subject to a 61-day notice for increases.