Can B Corp (NASC): restructuring charge — Can B Corp. ceases hemp operations; issues ~4.8M shares, incurs lease costs up to $132K

Can B Corp

Equipment auction on March 14, 2024 raised ~$300k, applied to Arena Special Opportunities convertible notes.
Board determined hemp division no longer feasible; operations cease immediately.
Company to issue ~4.825M shares of common stock and return ~1.4M lbs biomass to terminate processing agreement.
Expects lease termination costs of up to $132,000 from ending hemp operations.

item 2.05

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Can B Corp announced a restructuring with charges of up to $132,000 affecting hemp division.

Type: restructuring
Charge: up to $132,000
Affected area: hemp division

Exact text from the filing

the Company will no longer pursue the development, manufacture or sale of hemp derived products. The Company expects to issue approximately 4,825,000 shares of its common stock and return approximately 1.4 million pounds of biomass to a supplier in connection with the termination of a hemp processing agreement. In addition, the Company expects to incur lease termination costs of up to $132,000 in connection with the termination of its hemp operations.

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Source: SEC EDGAR

accession 0001493152-24-024299

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