Skye Bioscience enters master transaction agreement with major shareholder to convert debt and exercise warrants

Skye Bioscience, Inc.

Emerald Health Sciences exercised 16,641,486 warrants for $282,905, paid by reducing Skye's debt under the Credit Agreement.
Remaining debt of $1,597,236 converted into 41,379,164 shares of common stock at $0.0386 per share.
Credit Agreement terminated in full after the conversion and warrant exercise.
Emerald Health Sciences agreed to use best efforts to distribute its Skye shares to its shareholders pro-rata upon a national exchange listing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Skye Bioscience, Inc. entered into Master Transaction Agreement with Emerald Health Sciences, Inc. valued at Exercise of 16,641,486 warrants at aggregate exercise price of $282,905 paid via reduction in debt; (effective 2023-02-16).

Action: entry
Counterparty: Emerald Health Sciences, Inc.
Value: Exercise of 16,641,486 warrants at aggregate exercise price of $282,905 paid via reduction in debt;
Effective: 2023-02-16

Exact text from the filing

Item 1.01 Entry into a Material Definitive Agreement. Effective February 16, 2023, Skye Bioscience, Inc. (the " Company ") and Emerald Health Sciences, Inc. (" Sciences ") entered into a master transaction agreement (the " MTA ").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Skye Bioscience, Inc. terminated Amended and Restated Multi-Draw Credit Agreement with Emerald Health Sciences, Inc. valued at Terminated in its entirety per the terms of the MTA following conversion of remaining balance (effective 2023-02-22).

Action: termination
Agreement: credit facility
Counterparty: Emerald Health Sciences, Inc.
Value: Terminated in its entirety per the terms of the MTA following conversion of remaining balance
Effective: 2023-02-22

Exact text from the filing

Following the issuance of shares described above, the Credit Agreement was terminated in its entirety per the terms of the MTA.

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Skye Bioscience, Inc. filing history →

Source: SEC EDGAR

accession 0001516551-23-000027

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