Can B Corp (NASC): M&A transaction — Can B Corp. sells hemp division assets for ~$300k; shifts focus to cannabis patents

Can B Corp

Hemp division assets sold via UCC Article 9 auction on March 14, 2024.
Proceeds of approximately $300,000 applied to convertible notes held by Arena entities.
Company continues hemp/Duramed operations but primary focus shifts to commercializing cannabis patents via 67%-owned Nascent Pharma.
Sale represents a strategic pivot away from core hemp asset base to patent monetization.

item 2.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Can B Corp completed a disposition involving multiple bidders for approximately $300,000 (closed 2024-03-14).

Action: disposition
Counterparty: multiple bidders
Consideration: approximately $300,000
Closing: 2024-03-14

Exact text from the filing

of assets of the hemp division of Can B Corp. (the “Company”) under Article 9 of the Uniform Commercial Code was completed. The auction resulted in proceeds of approximately $300,000 from the sale of certain equipment to multiple bidders, which has been applied to the Company’s obligations under Convertible Notes held by Arena Special Opportunities Partners I,

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Can B Corp filing history →

Source: SEC EDGAR

accession 0001493152-24-010694

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