HCMC amends SPA to pay 10% of Stated Value on conversion of Series E Preferred Stock prior to Spin Off record date

Healthier Choices Management Corp.

On March 2, 2023, HCMC amended its August 2022 Securities Purchase Agreement with five institutional investors.
Amendment requires HCMC to pay each Purchaser 10% of the Stated Value of Series E Preferred Stock upon conversion before Spin Off record date.
As of March 6, 2023, 535 shares of Preferred Stock converted and 555.55 shares redeemed.
Original SPA sold 14,722.075 shares of Series E Preferred Stock for $13,250,000 aggregate subscription price.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Healthier Choices Management Corp. amended First Amendment to Securities Purchase Agreement with five institutional investors valued at $13,250,000 (effective 2023-03-02).

Action: amendment
Agreement: equity purchase
Counterparty: five institutional investors
Value: $13,250,000
Effective: 2023-03-02

Exact text from the filing

On March 2, 2023, the parties to the SPA entered into First Amendment to Securities Purchase Agreement, pursuant to which the Company has agreed pay the each Purchaser ten percent (10%) of the Stated Value of the Preferred Stock upon conversion of such Preferred Stock into common stock prior to the record date for the Spin Off.

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Healthier Choices Management Corp. filing history →

Source: SEC EDGAR

accession 0000844856-23-000007

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