secwatch.observer — SEC 8-K summary
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Issuer:     Skye Bioscience, Inc. (SKYE)
CIK:        0001516551
Form:       8-K
Filed at:   2026-08-24T20:02:08+00:00
Accession:  0001628280-26-058605
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Skye Bioscience enters $22M ELOC with Redmile; warrant for $5M shares
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- ELOC facility up to $22M for common/non-voting common stock; $2M/month cap over 3-year term, pricing at lesser of PIPE price or Market Price (floor 90% of PIPE price).
- ELOC reduced if Funded PIPE Amount exceeds $103M and eliminated entirely if it reaches $125M.
- Warrant for $5M / PIPE Price shares issued at closing; exercisable Jan 1, 2027 through Jan 1, 2030 at floor 90% of PIPE price, subject to 9.99% beneficial ownership limit.
- Issuance capped at 19.99% of outstanding shares (7,080,740) unless stockholder approval obtained or average price ≥ $0.2804.
- Registration Rights Agreement requires S-1 filing within 10 business days of closing; facility terminates on Redx transaction close or completion of other financings.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1516551/000162828026058605/0001628280-26-058605-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1516551/000162828026058605/skye-20260821.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-058605

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