Maritime Launch Services Announces Full Conversion of Convertible Debentures Following $10 Million Equity Financing

Rhea-AI Summary

Maritime Launch Services (OTCQB: MAXQF) announced on November 12, 2025 that it issued 208,844,288 common shares on conversion of all outstanding convertible debentures due December 7, 2026.

The aggregate principal plus accrued interest of $10,427,287 converted at $0.05 per share after a $10 million equity investment at $0.223 per share triggered the conversion. All convertible debentures are fully retired as of November 12, 2025, and the company now has 749,955,801 common shares outstanding. Outstanding warrants (8,899,085) and options (35,391,655) remain exercisable at prices between $0.05 and $0.167.

Positive

• Convertible debentures fully retired: $10,427,287
• Completed $10,000,000 equity financing at $0.223/share
• Total common shares outstanding now 749,955,801

Negative

• Issued 208,844,288 shares on conversion, increasing share count materially
• 8,899,085 warrants and 35,391,655 options remain exercisable

HALIFAX, NS, Nov. 12, 2025 /PRNewswire/ - Maritime Launch Services Inc. (Cboe CA: MAXQ) (OTCQB: MAXQF) ("Maritime Launch" or the "Company") announced today, November 12, 2025, it will issue 208,844,288 common shares upon conversion of all its outstanding convertible debentures due December 7, 2026.

The $10,427,287 aggregate principal plus accrued interest on the convertible debentures will all be converted in accordance with the debenture terms into common shares at a price of $0.05 per common share. This conversion was triggered by a $10 million equity investment at $0.223 per share.

All Maritime Launch convertible debentures are fully retired as of November 12, 2025.

Following these conversions, Maritime Launch will have issued and outstanding 749,955,801 common shares.  

In addition to the issued and outstanding common shares, Maritime Launch has previously issued and outstanding warrants (8,899,085) to acquire common shares at exercise prices ranging from $0.05 to $0.167 and stock options (35,391,655) to acquire common shares at exercise prices ranging from $0.05 to $0.167. Each outstanding warrant and option is exercisable for a single common share.

Forward Looking Statement
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the current expectations of Maritime Launch regarding future events. Forward-looking information includes references to the expected balances and issuance of shares upon conversion of debentures. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the parties' control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, any additional exercise of securities, timing of closing of the conversion and the other factors discussed under "Risk Factors" in the Annual Information Form of Maritime Launch available on SEDAR+ at www.sedarplus.com. Maritime Launch undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

About Maritime Launch Services
Maritime Launch (Cboe CA: MAXQ, OTCQB: MAXQF) is a Canadian-owned commercial space company based in Nova Scotia. Maritime Launch is developing Spaceport Nova Scotia, a launch site that will provide satellite delivery services to clients in support of the growing commercial space transportation industry over a wide range of inclinations from a single site. Spaceport Nova Scotia will allow launch vehicles to place their satellites into low-earth orbit. Spaceport Nova Scotia is Canada's first commercial orbital launch complex. For more information about Maritime Launch and Spaceport Nova Scotia, visit www.maritimelaunch.com

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SOURCE Maritime Launch Services Inc.

FAQ

How many shares did Maritime Launch (MAXQF) issue on November 12, 2025?

Maritime Launch issued 208,844,288 common shares on conversion of convertible debentures.

What was the aggregate debenture amount converted by MAXQF on November 12, 2025?

The aggregate principal plus accrued interest converted was $10,427,287.

What triggered the conversion of Maritime Launch convertible debentures (MAXQF)?

A $10 million equity investment at $0.223 per share triggered the conversion.

What is Maritime Launch's total common share count after conversion (MAXQF)?

After conversion, Maritime Launch has 749,955,801 common shares outstanding.

What exercise prices apply to Maritime Launch warrants and options (MAXQF)?

Outstanding warrants and options are exercisable at prices ranging from $0.05 to $0.167 per share.

Did the conversion eliminate Maritime Launch's convertible debt (MAXQF)?

Yes; all Maritime Launch convertible debentures are fully retired as of November 12, 2025.