Digipath agrees to sell cannabis testing lab assets for $2.3M; director resigns

Hypha Labs, Inc.

Asset purchase price $2.3M cash; adjustments based on working capital above/below $150K.
Closing subject to Nevada Cannabis Compliance Board approval by June 30, 2024; either party may terminate.
Buyer deposited $230K into escrow for 12-month indemnification post-closing.
Management Services Agreement: buyer manages lab; monthly fee $10K + 15% of cash collections to Digipath (min $15K).
Director Bruce Raben resigned effective May 2, 2023.

item 1.01 item 5.02 item 9.01

Executive movements

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Departed

Bruce Raben

director

FUNI · Hypha Labs, Inc.

Effective: 2023-05-02
Filed: May 3, 2023, 7:59 PM ET

On May 2, 2023, Bruce Raben submitted a letter to the Company resigning from his position as a director of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Bruce Raben resigned as director at Hypha Labs, Inc..

Action: resigned
Role: director

Exact text from the filing

On May 2, 2023, Bruce Raben submitted a letter to the Company resigning from his position as a director of the Company.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Hypha Labs, Inc. entered into Asset Purchase Agreement with DPL NV, LLC valued at cash purchase price of $2,300,000 (effective 2022-04-20).

Action: entry
Agreement: asset purchase
Counterparty: DPL NV, LLC
Value: cash purchase price of $2,300,000
Effective: 2022-04-20

Exact text from the filing

On April 20, 2022, Digipath, Inc. (“the “Company”), and Digipath Labs, Inc. (“Digipath Labs”), a wholly-owned subsidiary of the Company, entered into an Asset Purchase Agreement (the “Purchase Agreement”) with DPL NV, LLC (“Buyer”), pursuant to which Digipath Labs has agreed to sell substantially all of its assets to Buyer for a cash purchase price of $2,300,000

View on SEC.gov

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Hypha Labs, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-015225

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