On March 17, 2026, 1606 Corp. filed an 8-K report detailing the issuance of an Amended and Restated Promissory Note to Gregory Lambrecht, the company's former Chief Executive Officer. The note, amounting to $1,885,050, is a result of additional funds loaned by Lambrecht to the company. This note is effective as of December 31, 2025, and is set to mature on the same date. Notably, the note includes a conversion feature allowing Lambrecht to convert the principal amount into shares of the company's common stock at a 25% discount to the closing bid price on the conversion date. This development indicates a continued financial relationship between the company and its former CEO, which may have implications for the company's liquidity and capital structure. The board's approval of this note reflects a strategic decision to manage financial obligations while potentially diluting existing shareholders if the note is converted into equity. The filing also highlights the company's status as an emerging growth company, which may influence its regulatory obligations and investor perceptions moving forward.

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