Skye Bioscience prepays $945K debt, extends maturity, reprices warrants to $0.017

Skye Bioscience, Inc.

Prepaid $944,862 of principal and interest; remaining convertible debt of $1.848M.
Maturity of credit agreement extended to December 30, 2022.
Exercise price of 16.6M Emerald warrants reduced from $0.50/$0.151 to $0.017 per share.
Company agreed to negotiate registration rights for shares underlying warrants.
Warrant repricing significantly increases potential future dilution for existing shareholders.

Key facts

Extracted from this filing and checked against the source text.

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

Skye Bioscience, Inc. amended Amendment and Acknowledgement Agreement with Emerald Health Sciences, Inc. (effective 2022-11-17).

Action: amendment
Agreement: credit facility
Counterparty: Emerald Health Sciences, Inc.
Effective: 2022-11-17

Exact text from the filing

On November 17, 2022, Skye Bioscience, Inc. (the "Company") entered into an Amendment and Acknowledgement Agreement (the "Amendment Agreement") with Emerald Health Sciences, Inc. ("Emerald").

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Skye Bioscience, Inc. filing history →

Source: SEC EDGAR

accession 0001516551-22-000052

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