Tecogen Inc. announced a key financial move on May 1, 2025, involving a significant debt conversion. Earl R. Lewis, III, a director of the company, converted a promissory note into common stock. Originally issued on September 18, 2024, the note had a principal amount of $500,000. By the conversion date, the total balance due, including interest, stood at $514,148.22. The conversion was carried out at a rate of $2.14 per share, based on the average closing price over the previous thirty trading days. As a result, Tecogen issued 240,256 shares of its common stock to Mr. Lewis, effectively settling the debt in full.
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