Skye Bioscience, Inc. (SKYE): M&A transaction — Skye Bioscience acquires Bird Rock Bio in $17M financing, gains Phase 2 CB1 antibody nimacimab

Skye Bioscience, Inc.

Acquired Bird Rock Bio; lead asset nimacimab is a phase 2-ready peripherally-restricted CB1 inhibitor for glaucoma and CKD.
Raised $17M: $12M PIPE (581M shares at $0.0206) and $5M convertible note from MFDI, with 10-year warrants.
Post-merger ownership: Bird Rock holders ~31.4%, PIPE investors ~37%, legacy Skye ~31.6%; ~3.08B shares outstanding.
Appointed Andrew Schwab (5AM Ventures) and Paul Grayson (ex-Bird Rock CEO) to board; Schwab on compensation committee.
Posted $9.08M appeal bond in Cunning wrongful termination lawsuit; announced intention to effect reverse stock split.

item 1.01 item 2.01 item 2.03 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Andrew Schwab

Director

SKYE · Skye Bioscience, Inc.

Effective: 2023-08-21
Filed: August 21, 2023, 7:59 PM ET

In accordance with the closing of the Merger, Andrew Schwab and Paul Grayson were appointed to the Board.

Appointed

Paul Grayson

Director

SKYE · Skye Bioscience, Inc.

Effective: 2023-08-21
Filed: August 21, 2023, 7:59 PM ET

In accordance with the closing of the Merger, Andrew Schwab and Paul Grayson were appointed to the Board.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew Schwab was appointed as Director at Skye Bioscience, Inc..

Action: appointed
Role: Director

Exact text from the filing

In accordance with the closing of the Merger, Andrew Schwab and Paul Grayson were appointed to the Board.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Paul Grayson was appointed as Director at Skye Bioscience, Inc..

Action: appointed
Role: Director

Exact text from the filing

In accordance with the closing of the Merger, Andrew Schwab and Paul Grayson were appointed to the Board.

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Skye Bioscience, Inc. completed an acquisition involving Bird Rock Bio, Inc. for 968,973,005 shares of the common stock of the Company, valued at approximately $20.0 million (closed 2023-08-18).

Action: acquisition
Counterparty: Bird Rock Bio, Inc.
Consideration: 968,973,005 shares of the common stock of the Company, valued at approximately $20.0 million
Closing: 2023-08-18

Exact text from the filing

Pursuant to the Merger Agreement, at the effective time of the Merger (the “Effective Time”), the Company issued to certain former stockholders of Bird Rock, an aggregate of 968,973,005 shares of the common stock of the Company, par value $0.001 per share (the “Common Stock”), valued at approximately $20.0 million based on the 60 trading day volume weighted

View on SEC.gov

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Skye Bioscience, Inc. filing history →

Source: SEC EDGAR

accession 0001516551-23-000046

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