secwatch.observer — SEC 8-K summary
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Issuer:     SideChannel, Inc. (SDCH)
CIK:        0001022505
Form:       8-K
Filed at:   2022-07-06T23:59:59+00:00
Accession:  0001493152-22-018698
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.01, 3.02, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cipherloc completes acquisition of SideChannel, changes name to SideChannel Inc., appoints Haugli as CEO
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- Acquired SideChannel for 59.9M common shares and 100 Series A Preferred; additional 59.9M shares contingent on $5.5M revenue milestone within 48 months.
- Sellers hold ~40.4% of common stock post-closing; could reach ~57.5% if milestone met; lock-up prohibits sales for 24 months, up to 20% after 12 months.
- Name changed to SideChannel, Inc. effective July 1, 2022; Brian Haugli appointed CEO; David Chasteen becomes EVP Sales and Marketing with $100K severance.
- Board expanded to six: Deborah MacConnel and Kevin Powers appointed; Hugh Regan and Haugli to join later; Chasteen and Sammy Davis resigned as directors.
- New Series A Preferred stock (100 shares) grants holders four board seats (majority) until mandatory conversion upon milestone or liquidation.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1022505/000149315222018698/0001493152-22-018698-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1022505/000149315222018698/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-018698

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer