other material
confidence high
sentiment negative
materiality 0.75
CV Sciences raises $700K via convertible preferred and warrants; seeks reverse split up to 1:400
CV Sciences, Inc.
- Issued 700 shares of convertible preferred ($1,000 stated value) convertible into 10M shares at $0.07/sh, plus warrants for 10M shares at $0.10/sh.
- Gross proceeds $700K; placement agent fees 7.5% plus 1.0% management fee and warrants for 750K shares at $0.0875.
- To seek shareholder approval to increase authorized common from 190M to 790M and reverse stock split between 1:10 and 1:400.
- Preferred stock has 170,000 votes per share only on the proposals; no other voting rights; dividends on as-converted basis.
- Closing occurred March 31, 2022; warrants exercisable after shareholder approval, expire 3 years later; anti-dilution and reset provisions.