secwatch.observer — SEC 8-K summary
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Issuer:     SideChannel, Inc. (SDCH)
CIK:        0001022505
Form:       8-K
Filed at:   2023-05-09T23:59:59+00:00
Accession:  0001493152-23-015868
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

SideChannel issues 62M shares after SCS revenue milestone; Sellers now own 57.6% of stock
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- SCS achieved $5.7M trailing 12-month revenue, exceeding $5.5M earnout milestone.
- Board approved issuance of 62,016,618 common shares to Sellers (Second Tranche + working capital adjustment).
- Sellers now hold ~57.6% of 211,587,899 outstanding shares as of May 4, 2023.
- Shares subject to lock-up: no sales for 24 months from July 2022, but 20% can be sold after 12 months (after July 2023).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1022505/000149315223015868/0001493152-23-015868-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1022505/000149315223015868/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-015868

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