8-K
filed March 2, 2023, 6:59 PM ET
ticker YCBD
CIK 0001644903
leadership
confidence high
sentiment neutral
materiality 0.75
cbdMD CEO resigns; enters equity line with Keystone for up to 12.7M shares
cbdMD, Inc.
- Kevin MacDermott resigned as Principal Executive Officer and President effective Feb 26, 2023; no disagreement cited.
- T. Ronan Kennedy appointed Interim CEO and Principal Executive Officer effective March 1, 2023; resigned as COO.
- Company entered common stock purchase agreement with Keystone Capital Partners to sell up to 12,687,012 shares (19.99% of outstanding) over 12 months.
- Company issued 392,382 commitment shares to Keystone as consideration; additional shares to be issued later.
- Sales are at Company's discretion; purchase price based on VWAP discounts; proceeds for working capital.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
T. Ronan Kennedy departed as Interim Chief Executive Officer and Principal Executive Officer at cbdMD, Inc..
- Action
- agreed to serve and resigned as COO
- Role
- Interim Chief Executive Officer and Principal Executive Officer
Exact text from the filing
On March 1, 2023, T. Ronan Kennedy agreed to serve as the Company’s Interim Chief Executive Officer and Principal Executive Officer and resigned as Chief Operating Officer of the Company in connection thereto.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kevin MacDermott resigned as Principal Executive Officer and President at cbdMD, Inc..
- Action
- resigned
- Role
- Principal Executive Officer and President
Exact text from the filing
On February 26, 2023, Kevin MacDermott notified cbdMD, Inc. (the “Company”) he was resigning as Principal Executive Officer and President of the Company, effective February26, 2023.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
cbdMD, Inc. entered into Registration Rights Agreement with Keystone Capital Partners, LLC (effective 2023-03-02).
- Action
- entry
- Counterparty
- Keystone Capital Partners, LLC
- Effective
- 2023-03-02
Exact text from the filing
Additionally, on March 2, 2023, the Company and Keystone entered into a registration rights agreement (the “ Registration Rights Agreement ”), pursuant to which the Company agreed to file a registration statement with the Securities and Exchange Commission (“ SEC ”) covering the resale of shares of Common Stock that are issued to Keystone under the Purchase Agreement.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
cbdMD, Inc. entered into Purchase Agreement with Keystone Capital Partners, LLC (effective 2023-03-02).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Keystone Capital Partners, LLC
- Effective
- 2023-03-02
Exact text from the filing
On March 2, 2023 cbdMD, Inc. (the “ Company ”) and Keystone Capital Partners, LLC (“ Keystone ”), entered into a common stock purchase agreement (the “ Purchase Agreement ”), which provides that subject to the terms and conditions set forth therein, the Company may sell to Keystone up to 12,687,012 shares of common stock, par value $0.001 per share, of the Company (the “ Common Stock ”), from time to time during the term of the Purchase Agreement.
View on SEC.gov
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