Eightco Holdings Inc. (ORBS): debt financing — Eightco raises ~$0.81M in private placement, repays Hudson Bay note early, CEO departs with $422k severance

Eightco Holdings Inc.

Private placement of 987,807 shares at $0.82/share for ~$0.81M gross proceeds.
Final repayment of Hudson Bay convertible note of $365,000 ahead of schedule.
CEO Brian McFadden resigned; severance of $422,500 plus accrued salary; remains director until March 31.
Kevin O'Donnell appointed Interim CEO; Brett Vroman continues as CFO via consulting at $10k/month.
Company issued shares for warrant buyout, consultant fees, and director compensation; total diluted shares ~8.9M.

item 1.01 item 2.03 item 3.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Brian McFadden

Chief Executive Officer

ORBS · Eightco Holdings Inc.

Effective: 2023-12-31
Successor: Kevin O'Donnell
Filed: February 26, 2024, 6:59 PM ET

Mr. McFadden’s resignation as Chief Executive Officer of the Company, effective as of December 31, 2023

Departed

Brian McFadden

Director

ORBS · Eightco Holdings Inc.

Effective: 2024-03-31
Filed: February 26, 2024, 6:59 PM ET

Mr. McFadden shall remain a director of the Company’s board of directors (the “Board”) under the standard terms, conditions, and bylaws of the Company from the Separation Date through March 31, 2024, at which time Mr. McFadden shall resign from the Board.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Eightco Holdings Inc. incurred loan of $75,000 with entity controlled by the Company’s former Chief Executive Officer and a entity related to a former employee.

Instrument: loan
Principal: $75,000
Counterparty: entity controlled by the Company’s former Chief Executive Officer and a entity related to a former employee
Event: incurrence

Exact text from the filing

terms of the Series B Agreement as Lenders pursuant to Section 2.6 of the Series B Agreement. On February 26, 2024, the Subsequent Lenders advanced the Borrower an aggregate of $75,000 (together, “ Subsequent Lender Loans ”), which Subsequent Lender Loans are evidenced by promissory notes made by the Borrower in favor of the Subsequent Lenders (the “ Notes ”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Brian McFadden resigned as Chief Executive Officer at Eightco Holdings Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

Mr. McFadden’s resignation as Chief Executive Officer of the Company, effective as of December 31, 2023

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.9

Brian McFadden resigned as Director at Eightco Holdings Inc..

Action: resigned
Role: Director

Exact text from the filing

Mr. McFadden shall remain a director of the Company’s board of directors (the “Board”) under the standard terms, conditions, and bylaws of the Company from the Separation Date through March 31, 2024, at which time Mr. McFadden shall resign from the Board.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Eightco Holdings Inc. entered into Purchase Agreement with certain investors valued at aggregate gross proceeds of approximately $0.81 million (effective 2024-02-26).

Action: entry
Agreement: equity purchase
Counterparty: certain investors
Value: aggregate gross proceeds of approximately $0.81 million
Effective: 2024-02-26

Exact text from the filing

Eightco Holdings Inc. (the " Company ") entered into a Securities Purchase Agreement (the " Purchase Agreement ") with certain investors (the " Investors "), pursuant to which the Company has agreed to sell to the Investors an aggregate of 987,807 shares

View on SEC.gov

299 debt financings filed in the last 30 days. Browse all debt financings →

Eightco Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-007829

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