Onar Holding files draft information statement
ONAR•Onar Holding filed a draft information statement covering shareholder-authorized financing securities issuances, including notes of up to $15 million and $5 million, and a discretionary reverse stock split of 1-for-10 to 1-for-1,000. Proceeds will primarily fund the Advertise Purple acquisition and working capital.
1. Financing authorization
Shareholders authorized issuances including up to $15 million in secured convertible promissory notes and up to $5 million in senior secured convertible promissory notes, warrants and related shares. The proceeds will primarily fund the Advertise Purple acquisition and general working capital.
2. Reverse split and uplisting
Shareholders also authorized a 1-for-10 to 1-for-1,000 reverse stock split, at the board’s discretion through October 30, 2028, to support a Nasdaq listing. Outstanding notes will automatically exchange into Series 1 Convertible Preferred Stock upon a Nasdaq uplisting, and the securities issuances will dilute existing shareholders.
