---
schema_version: "secwatch.filing_event.v1"
accession: "0001516551-23-000027"
form_type: "8-K"
ticker: "SKYE"
cik: "0001516551"
company_name: "Skye Bioscience, Inc."
filed_at: "2023-02-23T23:59:59+00:00"
generated_at: "2026-06-19T02:29:02.428337+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001516551-23-000027
- form_type: 8-K
- ticker: SKYE
- cik: 0001516551
- company_name: Skye Bioscience, Inc.
- filed_at: 2023-02-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 1.02, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1516551/000151655123000027/0001516551-23-000027-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1516551/000151655123000027/skye-20230216.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001516551-23-000027
- JSON: https://secwatch.observer/filing/0001516551-23-000027.json
- Plain text: https://secwatch.observer/filing/0001516551-23-000027.txt

## Key facts
- Material Agreements
  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
  source text: 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 ").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1516551/000151655123000027/0001516551-23-000027-index.htm
- Material Agreements
  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
  source text: Following the issuance of shares described above, the Credit Agreement was terminated in its entirety per the terms of the MTA.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1516551/000151655123000027/0001516551-23-000027-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.