Skye Bioscience, Inc. (SKYE): M&A transaction — Skye Bioscience closes sale of Verdélite Sciences for $9.48M; receives $5.60M cash at closing

Skye Bioscience, Inc.

Sold wholly owned subsidiary Verdélite Sciences and 88k sq ft cannabis facility in St-Eustache, Quebec to C3 Souvenir Holding.
Cash proceeds of $5.60M received on Feb 10, 2023; total deal value $9.48M with deferred payments through 2026.
Deferred payments: $0.12M by June 2023, $0.37M in 5 monthly installments starting Dec 2023, plus $2.80M in three equal anniversary payments.
CEO states the closing payment extends operating runway and supports Phase 2 trial for SBI-100 OE (glaucoma drug).
C3 acquires Emerald's Souvenir brand; deal brokered by Hyde Advisory and AMK Advisory Services.

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

Skye Bioscience, Inc. completed a disposition involving C3 Souvenir Holding, Inc. for approximately USD$9,478,000 (closed 2023-02-09).

Action: disposition
Counterparty: C3 Souvenir Holding, Inc.
Consideration: approximately USD$9,478,000
Closing: 2023-02-09

Exact text from the filing

acquire all of the outstanding shares of Verdélite Sciences, Inc., the holder of EHT's most significant real estate asset, for an aggregate purchase price of approximately USD$9,478,000, subject to certain adjustments. To facilitate the closing of the transactions contemplated by the Verdélite SPA, on February 9, 2023, EHT, the Purchaser and certain other related

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

Skye Bioscience, Inc. amended Verdélite SPA with C3 Souvenir Holding, Inc. and certain other related parties valued at approximately USD$9,478,000 (effective 2023-02-09).

Action: amendment
Agreement: asset purchase
Counterparty: C3 Souvenir Holding, Inc. and certain other related parties
Value: approximately USD$9,478,000
Effective: 2023-02-09

Exact text from the filing

on February 9, 2023, EHT, the Purchaser and certain other related parties entered into a second amendment to the Verdélite SPA (the "Second Amendment")

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Skye Bioscience, Inc. filing history →

Source: SEC EDGAR

accession 0001516551-23-000018

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