RiceBran Technologies announced that it has entered into a securities purchase agreement with returning investor Funicular Fund, LP managed by Cable Car Capital LLC to issue a secured promissory note in the principal amount of $500,000 at a price of $500,000 for the gross proceeds of $500,000 and warrants to purchase 625,000 shares of the company?s common stock, no par value per share for the total gross proceeds of $500,000 on June 4, 2024. The Funicular Warrants will be exercisable at a price of $0.18 per share, subject to adjustments as provided under the terms of the Funicular Warrants. The Funicular Warrants are exercisable at any time on or after June 4, 2024 until the expiration thereof.

The Funicular Note has a stated maturity date of December 4, 2024. Interest accrues at a rate per annum equal to 13.50%. On each interest payment date, the accrued and unpaid interest shall, at the election of the company in its sole discretion, be either paid in cash or paid in-kind.