Mace(R) Security International, a Global Leader in Personal Self-Defense Sprays, Announces Additional Convertible Note Funding

Rhea-AI Summary

Mace Security International closes a non-brokered private placement of a convertible note, providing additional funding to reduce inventory levels and improve borrowing availability.

CLEVELAND, OH / ACCESSWIRE / March 11, 2024 / Mace Security International (OTCQB:MACE) today announced that it closed a non-brokered private placement of an unsecured subordinated convertible note with a board member on March 7, 2024. The convertible note has a principal amount of $150,000, matures on July 27, 2025, 10% per annum simple interest and is convertible into common shares of the Company at a conversion price of $0.0852 per common share. This convertible note's terms are the same as the terms of the convertible notes closed on July 27, 2023. This additional funding was provided because the terms of the Company's asset-based financing are heavily weighted toward finished inventory and the Company has had some success in its efforts to reduce inventory levels which has resulted in reduced borrowing availability.

About Mace Security International, Inc.

Mace® Security International, Inc. (MACE) is a globally recognized leader in personal safety and security. Based in Cleveland, Ohio, the Company has spent more than 40 years designing and manufacturing consumer and tactical products for personal defense and security under its world-renowned Mace® Brand - the original trusted brand of defense spray products. The Company also offers aerosol defense sprays and tactical products for law enforcement and security professionals worldwide through its Mace® Take Down® brand, KUROS!® Brand personal safety products, Vigilant® Brand alarms, and Tornado® Brand pepper spray and stun guns. MACE® distributes and supports Mace® Brand products through mass market retailers, wholesale distributors, independent dealers, Amazon.com, Mace.com, and other channels. For more information, visit www.mace.com.

Forward-Looking Statements

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "projected," "intend to" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to several known and unknown risks and uncertainties that may cause our actual results, trends, performance or achievements, or industry trends and results, to differ materially from the future results, trends, performance, or achievements expressed or implied by such forward-looking statements. Those risks and uncertainties may include, but are not limited to, (a) general economic and business conditions, including the impact of the COVID-19 pandemic and other possible pandemics and similar outbreaks; (b) competition; (c) potential changes in customer spending; (d) acceptance of our product offerings and designs; (e) the variability of consumer spending resulting from changes in domestic economic activity; (f) a highly promotional retail environment; (g) any significant variations between actual amounts and the amounts estimated for those matters identified as our critical accounting estimates, as well as other significant accounting estimates made in the preparation of our financial statements; (h) the impact of current and potential hostilities in various parts of the world, including but not limited to the war which resulted from Russia's invasion of Ukraine, as well as other geopolitical or public health concerns; (i) the impact of international supply chain disruptions and delays; (j) the impact on the Company of changes in U.S. Federal and State income tax regulations; and (k) the impact of inflation and the ability of the Company to pass on rising prices to its customers. You are urged to consider all such factors. Because of the uncertainty inherent in such forward-looking statements, you should not consider their inclusion to be a representation that such forward-looking matters will be achieved. Mace Security International, Inc. assumes no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Contact:

Investor Relations
InvestorRelations@mace.com

SOURCE: Mace Security International, Inc.

View the original press release on accesswire.com

FAQ

What type of financing did Mace Security International close?

Mace Security International closed a non-brokered private placement of an unsecured subordinated convertible note.

What is the principal amount of the convertible note?

The principal amount of the convertible note is $150,000.

When does the convertible note mature?

The convertible note matures on July 27, 2025.

What is the conversion price of the common shares?

The conversion price of the common shares is $0.0852 per common share.

Why was the additional funding provided?

The additional funding was provided because the terms of the Company's asset-based financing are heavily weighted toward finished inventory, and the Company has been successful in reducing inventory levels, resulting in reduced borrowing availability.