Skye Bioscience faces $4.85M jury verdict in wrongful termination case; amends Verdeilite sale terms

Skye Bioscience, Inc.

Jury awards Wendy Cunning $512,500 economic, $840,960 non-economic, and $3.5M punitive damages; company plans to appeal.
Amendment to Verdeilite stock purchase agreement reduces purchase price by ~$30k and adjusts payment terms to 5 monthly installments starting Dec 31, 2023.
Buyer must use best efforts to obtain ~$123k C3 Excise Bond refund from Canada Revenue Agency and remit to Emerald Health.
Exhibit shows total purchase consideration remains ~CAD$12.71M, with deferred payments bearing interest up to Prime +5.55%.

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 SPA Amendment with C3 Souvenir Holding, Inc. (Purchaser) and certain other related parties valued at approximately USD$30,000 (effective 2023-01-26).

Action: amendment
Agreement: asset purchase
Counterparty: C3 Souvenir Holding, Inc. (Purchaser) and certain other related parties
Value: approximately USD$30,000
Effective: 2023-01-26

Exact text from the filing

On January 26, 2023, EHT, Purchaser, and certain other related parties entered into an amendment to the Verdélite SPA (the "SPA Amendment")

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Skye Bioscience, Inc. filing history →

Source: SEC EDGAR

accession 0001516551-23-000016

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