Limitless X Holdings Inc. Chairman & CEO Jas Mathur Converts Over $6.5 Million in Personal Debt to Class D Preferred Stock, Reinforcing Long-Term Commitment to the Company’s Growth

Rhea-AI Summary

Limitless X Holdings (OTCQB: LIMX) announced that Chairman and CEO Jas Mathur has converted over $6.5 million in personal debt into equity through Class D Preferred Stock. The conversion includes:

• Jaspreet Mathur: $6,089,589 converted to 243,583 shares
• EM1 Capital : $262,600 converted to 10,504 shares
• Emblaze One Inc: $153,179 converted to 6,127 shares

The conversion was executed on April 14, 2025, at $25 per share. The Class D Preferred Stock includes dividend rights but is not immediately tradeable. This strategic move eliminates legacy liabilities and strengthens the company's balance sheet ahead of its planned Regulation A+ Tier 2 offering and uplisting efforts.

Positive

• Elimination of $6.5M in debt improves balance sheet strength
• CEO's significant financial commitment demonstrates confidence in company's future
• Strategic preparation for upcoming Regulation A+ offering and uplisting
• New preferred shares include dividend rights for shareholders

Negative

• Potential future dilution when preferred shares become tradeable
• Significant insider control through preferred stock issuance

Los Angeles, CA, April 17, 2025 (GLOBE NEWSWIRE) -- Limitless X Holdings, Inc. (OTCQB: LIMX), a company dedicated to inspiring and empowering individuals while also maximizing shareholder value through a dynamic, value-driven ecosystem that integrates health, wellness, entertainment, fintech and real estate today announced that its Chairman and Chief Executive Officer, Jas Mathur, has voluntarily converted over $6.5 million in outstanding debt owed to him and affiliated entities into equity, signaling a bold vote of confidence in the Company’s long-term vision and trajectory.

This strategic debt-to-equity conversion eliminates legacy liabilities while enhancing the Company’s balance sheet in preparation for its upcoming Regulation A+ Tier 2 offering and uplisting efforts.

The conversion encompasses the following:

• Jaspreet Mathur converted a total of $6,089,589 into 243,583 shares of the Company’s newly designated Preferred Class D Stock, at a fixed rate of $25 per share.
• EM1 Capital LLC, an affiliated entity, converted $262,600 into 10,504 shares of Preferred Class D Stock.
• Emblaze One Inc., also affiliated, converted $153,179 into 6,127 shares of Preferred Class D Stock.
  

Each of these conversions was executed under separate Debt Conversion Agreements dated April 14, 2025, which collectively extinguish all financial obligations under previously outstanding promissory notes, inclusive of principal and accrued interest.

The Class D Preferred Stock includes dividend rights and will not be immediately tradeable, reflecting Mr. Mathur’s commitment to long-term value creation over short-term liquidity. These shares are restricted securities and were issued pursuant to exemptions under applicable federal and state securities laws.

“My decision to convert this debt reflects my unwavering belief in the future of Limitless X and our expanding footprint across high-growth verticals. This is more than a financial restructuring—this is a personal commitment to building a company of enduring value,” said Jas Mathur, Chairman and CEO.

About Limitless X Holdings, Inc.

Limitless X Holdings Inc. is building a dynamic, value-driven and recession-proof ecosystem designed to help individuals "Look Good and Feel Great" by integrating Health, Wellness, Entertainment, Fintech, Community Building, and Brand Development. Through its wholly owned subsidiary, Limitless X Inc., the company specializes in direct-to-consumer eCommerce, offering innovative products and services that empower people to reinvent themselves and become the best versions of themselves. The parent company is poised to make a significant impact in the digital assets space by leveraging blockchain-based equity instruments to provide innovative solutions that help investors diversify their portfolios while effectively managing risk. Additionally, the company is expanding into the real estate industry and film production, with plans to develop and produce films that align with its core philosophy of "Feeling Great" and “Satisfied”. By leveraging advanced online marketing strategies, key relationships, and a global reach, Limitless X is positioned to become a household name, delivering unmatched value to customers, driving long-term growth for shareholders, and fostering meaningful connections within communities worldwide.

For media inquiries, partnership opportunities, or additional information, please contact:

Media Contact
media@limitlessx.com
Investor Relations Contact
investors@limitlessx.com
800-736-2030

FAQ

How much debt did LIMX CEO Jas Mathur convert to equity in April 2025?

Jas Mathur converted over $6.5 million in total debt to Class D Preferred Stock, with $6,089,589 converted personally and additional conversions through affiliated entities EM1 Capital and Emblaze One Inc.

What is the conversion price for LIMX's Class D Preferred Stock?

The Class D Preferred Stock was issued at a fixed rate of $25 per share under the April 14, 2025 Debt Conversion Agreements.

How many Class D Preferred shares did LIMX issue in the debt conversion?

LIMX issued a total of 260,214 Class D Preferred shares, comprising 243,583 to Jaspreet Mathur, 10,504 to EM1 Capital , and 6,127 to Emblaze One Inc.

What are the key features of LIMX's Class D Preferred Stock?

The Class D Preferred Stock includes dividend rights and is not immediately tradeable. The shares are restricted securities issued under exemptions from federal and state securities laws.

Why did LIMX convert $6.5M debt to equity in 2025?

The conversion aims to eliminate legacy liabilities, strengthen the company's balance sheet, and prepare for an upcoming Regulation A+ Tier 2 offering and uplisting efforts.