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PSYC Maintains Focus on Building Path Towards Intended OTCQB Up List
PSYC Maintains Focus on Building Path Towards Intended OTCQB Up List.
About this update from Psyc Corporation
[{"type":"text","content":"\n LAS VEGAS, NV, March 15, 2023 (GLOBE NEWSWIRE) -- PSYC Corporation (OTC Pink Market: PSYC) (“PSYC”, “PSYC Corp” or the “Company”), parent company to Spotlight Media Corporation (“SMC” or the “wholly owned subsidiary”), a multimedia leader positioned at the intersection where all things psychedelics and cannabis converge, is pleased to provide its shareholders with updates on key strategic developments recently made with the intent of maintaining a reasonable path towards up listing from the OTC Pink Market to the OTCQB. Consolidation of $850K+ in Convertible Notes  This month, the Company executed a convertible note with its long-standing investment partners, RB Capital Partners, Inc. (“RB Capital”), thereby consolidating 12 convertible notes issued to RB Capital throughout 2022, totaling just over $850K including principal and interest. The new consolidated note includes a fixed conversion price of $0.05, which is over 1,330% of the recent 10-day average trading price of the Company’s stock as of the date of this press release and has a reduced interest rate from 10% to 7%.  Between the fixed conversion price of $0.05 and a more favorable interest rate, the Company believes that the consolidation of these notes will contribute favorably towards creating a more effective and efficient capital structure, particularly when focused on ramping up efforts towards an intended-up listing to the OTCQB.  Last July, the Company and RB Capital agreed to the consolidation of over $2.7M in notes dating back to 2019 and placing them into one note at terms favorable to the Company and shareholders. As such, the Company consolidated more than $3.5M of its debt with RB Capital and all at a $0.05 conversion price and 7% interest rate per annum.  Since 2017, RB Capital has served as the Company’s primary investment partner. The Company also contends that RB Capital’s unwavering support since current CEO David Flores took over (July of 2020) has been instrumental in helping develop PSYC into the formidable multimedia leader for the emerging psychedelics industry through the success of Psychedelic Spotlight, which the Company launched in May of 2020. Audit of 2022 Financials The Company would also like to announce that earlier this month ...