secwatch.observer — SEC 8-K summary
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Issuer:     VERU INC. (VERU)
CIK:        0000863894
Form:       8-K
Filed at:   2023-10-02T23:59:59+00:00
Accession:  0001193125-23-249207
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Veru amends asset purchase deal; accepts $1M cash + convertible preferred for $4M note from Blue Water Biotech
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- September 29, 2023: Veru deemed $4M promissory note satisfied by $1M cash and 3,000 shares of Blue Water Biotech Series A Convertible Preferred.
- Preferred stock has $1,000 stated value per share, convertible after one year into ~5.7M common shares at $0.5254/share, subject to shareholder approval.
- Veru received $1M cash on Sept 29; preferred shares to be issued by Oct 3. Buyer must seek shareholder approval by Dec 31, 2023.
- Amendment modifies April 2023 asset purchase agreement; Veru's risk includes future defaults and ability to monetize preferred shares.
- Blue Water Biotech (formerly Blue Water Vaccines) issued preferred with redemption rights at buyer's option, no holder redemption rights.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/863894/000119312523249207/0001193125-23-249207-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/863894/000119312523249207/d536406d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-249207

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