AXIM Biotechnologies settles IMS litigation; to issue 20M restricted shares plus cash and royalties

AXIM BIOTECHNOLOGIES, INC.

Settlement with Innovative Medical Supplies resolves two lawsuits; no admission of wrongdoing.
Cash payment of $100,000 payable over 24 months.
Royalty of $0.35 per dry eye test cassette sold, capped at $475,000 total.
Issues 20M restricted shares; 12-month lock-up, then drip-out limit of 1% of outstanding per 90 days.
Shares issued under Section 4(a)(2) of Securities Act; unregistered sale.

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

AXIM BIOTECHNOLOGIES, INC. entered into Settlement Agreement with Innovative Medical Supplies, LLC (effective 2024-02-07).

Action: entry
Agreement: settlement
Counterparty: Innovative Medical Supplies, LLC
Effective: 2024-02-07

Exact text from the filing

Effective February 7, 2024, the Company entered into a confidential Global Settlement Agreement and Mutual Release (the “Settlement Agreement”) to resolve the IMS Action as well as a second related action involving many of the same parties.

View on SEC.gov

290 material agreements filed in the last 30 days. Browse all material agreements →

AXIM BIOTECHNOLOGIES, INC. filing history →

Source: SEC EDGAR

accession 0001096906-24-000199

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.