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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 22, 2023
cbdMD, INC.
|
(Exact name of registrant as specified in its charter)
|
North Carolina
|
001-38299
|
47-3414576
|
(State or other jurisdiction of
incorporation or organization)
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(Commission File Number)
|
(I.R.S. Employer Identification No.)
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8845 Red Oak Blvd, Charlotte, NC 28217
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (704) 445-3060
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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common
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YCBD
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NYSE American
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8% Series A Cumulative Convertible Preferred Stock
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YCBD PR A
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NYSE American
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Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☑
|
|
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. OTHER EVENTS.
On August 22, 2023, cbdMD, Inc. (the “Company”) issued a press release announcing that its Board of Directors has suspended the monthly cash dividend payment on the Company’s 8.0% Series A Cumulative Convertible Preferred Stock (the “Series A Preferred Stock”) beginning with the month ending August 31, 2023 as the Company conserves cash in order to continue its efforts to increase sales, develop additional products, continue research and development, reduce operating expenses and attempt to achieve profitability.
The board of the Company has recently adopted resolutions to amend the Company’s Certificate of Designation (the “Series A Certificate of Designation”) for the Series A Preferred Stock to provide that each share of Series A Preferred will be automatically converted into three shares of common stock (the “Series A Amendment”). The Company is holding a special meeting of its shareholders to vote on the Series A Amendment on September 22, 2023. The Series A Amendment requires: (1) the affirmative vote of a majority of the shares of the Company’s common stock present, either in person or represented by proxy, and entitled to vote at the special meeting and (2) the affirmative vote or consent of the holders of at least two-third (2/3) of the Company’s outstanding shares of Series A Preferred. In the event the Series A Amendment is approved, holders of the Series A Preferred would receive three shares of common stock for each share of Series A Preferred and no longer own any Series A Preferred Stock, or hold any of the rights and preferences of the Series A Preferred or be entitled to any accrued dividend payments, if any.
A copy of the press release announcing these events is attached as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference herein.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit
No.
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Description
|
|
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99.1
|
|
|
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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cbdMD, Inc.
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|
|
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Date: August 22, 2023
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By:
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/s/ T. Ronan Kennedy
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|
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T. Ronan Kennedy, Chief Financial Officer and Interim Chief Executive Officer
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Exhibit 99.1
cbdMD, Inc. Suspends Monthly Dividend Payment on its
Series A Cumulative Convertible Preferred Stock
August 22, 2023, Charlotte, NC, cbdMD, Inc. (NYSE American: YCBD, YCBDpA today announced that its Board of Directors has suspended the monthly cash dividend payment on the Company’s 8.0% Series A Cumulative Convertible Preferred Stock (the “Series A Preferred Stock”) beginning with the month ending August 31, 2023, as the Company conserves cash in order to continue its efforts to increase sales, develop additional products, continue research and development and attempt to achieve profitability. The dividends on the Company’s Series A Preferred Stock have been suspended until such time as the Board of Directors deem that the Company has sufficient working capital to restore the payment of the dividends.
Under the terms of the Series A Preferred Stock any unpaid dividends, including the unpaid dividends for the month ending August 31, 2023 and any future unpaid dividends, will accumulate. Whenever dividends on any shares of Series A Preferred Stock have not been declared and paid for the equivalent of 12 or more monthly dividend periods, whether or not for consecutive months, the authorized number of directors on the Company’s Board of Directors shall, at the next annual meeting of shareholders or at a special meeting of shareholders, automatically be increased by two and holders of shares of Series A Preferred Stock, voting together as a single class, shall be entitled to vote for the election of a total of two additional members of the Board of Directors.
The suspension of the monthly dividends does not affect the listing on the NYSE American of the Series A Preferred Stock and the Series A Preferred Stock will continue to be listed and traded on the NYSE American, subject to the Company’s continued compliance with the NYSE American’s listing standards. However, the suspension may impact our ability to raise capital under a Registration Statement on Form S-3.
The board of the Company has recently adopted resolutions to amend the Company’s Certificate of Designation (the “Series A Certificate of Designation”) for the Series A Preferred Stock to provide that each share of Series A Preferred will be automatically converted into three shares of common stock (the “Series A Amendment”). The Company is holding a special meeting of its shareholders to vote on the Series A Amendment on September 22, 2023. The Series A Amendment requires: (1) the affirmative vote of a majority of the shares of the Company’s common stock present, either in person or represented by proxy, and entitled to vote at the special meeting and (2) the affirmative vote or consent of the holders of at least two-third (2/3) of the Company’s outstanding shares of Series A Preferred. In the event the Series A Amendment is approved, holders of the Series A Preferred would receive three shares of common stock for each share of Series A Preferred and no longer own any Series A Preferred Stock, or hold any of the rights and preferences of the Series A Preferred or be entitled to any accrued dividend payments, if any.
The Series A Preferred Stock is listed on the NYSE American and trades under the ticker symbol “YCBD.pA.”
About cbdMD, Inc.
cbdMD, Inc. is one of the leading and most highly trusted and most recognized cannabidiol (CBD) brands with a comprehensive line of U.S. produced, THC-free1 CBD products as well as our new Full Spectrum products. Our cbdMD brand currently includes high-grade, premium CBD products including CBD tinctures, CBD gummies, CBD topicals, CBD capsules, CBD bath bombs, CBD sleep aids and CBD drink mixes and an array of Farm Act compliant Delta 9 products. Our Paw CBD brand of pet products includes veterinarian-formulated products including tinctures, chews, topicals products in varying strengths, and our CBD Botanicals brand of beauty and skincare products including facial oil and serum, toners, moisturizers, clear skin, facial masks, exfoliants and body care. To learn more about cbdMD and our comprehensive line of U.S. grown, THC-free1 CBD oil and Full Spectrum products, please visit www.cbdmd.com, follow cbdMD on Instagram and Facebook, or visit one of the thousands of retail outlets that carry cbdMD’s products.
Forward-Looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified using words such as ''should,'' ''may,'' ''intends,'' ''anticipates,'' ''believes,'' ''estimates,'' ''projects,'' ''forecasts,'' ''expects,'' ''plans,'' and ''proposes.'' These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict. You are urged to carefully review and consider any cautionary statements, including but not limited to expectations on our ability to continue as a going concern, increasing our revenues, cost reductions, need for additional working capital, future profitability, the likelihood of the approval of the Series A Amendment and other disclosures, including the statements made under the heading "Risk Factors" in cbdMD, Inc.'s Annual Report on Form 10-K for the fiscal year ended September 30, 2022 as filed with the Securities and Exchange Commission (the "SEC") on December 15, 2022 and as amended on December 20, 2022 and May 3, 2023 and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of cbdMD, Inc. and are difficult to predict. cbdMD, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law. The information which appears on our websites and our social media platforms, including, but not limited to, Instagram and Facebook, is not part of this press release.
1 THC-free is defined as below the level of detection using validated scientific analytical methods.
No Offer or Solicitation
This press release is for informational purposes only and shall not constitute a solicitation of a proxy, consent or authorization with respect to the amendment proposal. This communication may be deemed to be solicitation material in respect of the proposed amendment to cbdMD, Inc.’s Series A preferred stock designation. In connection with the proposed amendment, the Company had filed with the SEC and mailed to shareholders a definitive proxy statement in connection with the solicitation of proxies for its special meeting, and the Company may file other documents with the SEC regarding the proposed amendment. THE COMPANY’S SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE CAREFULLY AND IN THEIR ENTIRETY, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE PROPOSED AMENDMENT.
Contacts:
cbdMD, Inc.
Ronan Kennedy
Interim Chief Executive Officer and Chief Financial Officer
IR@cbdmd.com
(704) 445-3064
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cbdMD (AMEX:YCBD-A)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
cbdMD (AMEX:YCBD-A)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024