Pierre F. Lapeyre, Jr. files Early Warning Report regarding Byrna Technologies Inc.

NEW YORK, May 28, 2020 /CNW/ - On March 27, 2020, Lapeyre acquired an aggregate 6,379,384 shares of Common Stock ("Common Stock") of Byrna Technologies Inc. (the "Company") upon the exercise of common share purchase warrants of the Issuer ("Warrants") at an exercise price of US$0.16 per share for an aggregate exercise price of US$1,021,695.68 (representing approximately CDN$1,439,977.89, relying on the US-Canada exchange rate of 1.4094 established by the Bank of Canada on May 15, 2020). In addition, effective April 8, 2020, Lapeyre converted US$1,688,540.43 principal amount of secured convertible promissory notes of the Company and interest accrued thereon into 337.7081 shares of newly established Series A Convertible Preferred Stock of the Company ("Preferred Stock") (representing approximately CDN$2,379,828.88 relying on the US-Canada exchange rate of 1.4094 established by the Bank of Canada on May 15, 2020). Each share of Preferred Stock entitles the holder thereof to purchase that number of shares of Common Stock equal to US$5,000 plus accrued and unpaid dividends thereon divided by US$0.15. These shares have not been issued as at the date hereof, however, we understand the shares will be issued by the Company effective April 8, 2020.

Immediately prior to the acquisition of 6,379,348 shares of Common Stock upon the exercise of the Warrants on March 27, 2020, Lapeyre beneficially owned and/or controlled or directed an aggregate of 6,146,549 shares of Common Stock. After the exercise of the Warrants, Lapeyre beneficially owned and/or controlled or directed an aggregate 12,525,897 shares of Common Stock.

If, as of the date hereof, all of the shares of Preferred Stock beneficially owned by Lapeyre were converted into shares of Common Stock, Lapeyre would then own an aggregate 23,782,834 shares of Common Stock, representing approximately 17.47% of the then issued and outstanding shares of Common Stock.

The acquisition of the shares of Common Stock by Lapeyre was made for investment purposes. Subject to applicable law, Lapeyre may from time to time dispose of, or acquire, additional securities of the Company.

The address of the Company is 107 Audubon Road, Bldg 2, Suite 201, Wakefield, MA 01880, United States. The address of Lapeyre is 712 Fifth Avenue, 36th Floor, New York, NY 10019, United States.

This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Company is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Company's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.

SOURCE Pierre F. Lapeyre