On March 11, 2025, newly appointed CEO Terry Mendez issued a letter to Safe Harbor Financial shareholders, outlining his vision to transform the company from a specialized banking services provider into a multi-faceted FinTech platform. Mendez emphasized leveraging the company's trusted industry relationships and deep regulatory expertise to develop innovative financial solutions for cannabis-related businesses (CRBs).
The letter highlighted the successful negotiation of a debt modification with Partner Colorado Credit Union (PCCU), which includes a two-year interest-only period and extends the due date to October 2030, unlocking over $6 million in cash flow. This modification, maintaining a 4.25% interest rate, is expected to enhance financial flexibility and support growth investments.
Mendez also informed shareholders of a Special Shareholder Meeting scheduled for March 13, 2025, to consider and vote upon a proposal to approve an amendment to effect a reverse stock split. This action is being pursued in an effort to work towards listing compliance with Nasdaq.
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