secwatch.observer — SEC 8-K summary
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Issuer:     Clever Leaves Holdings Inc. (—)
CIK:        0001819615
Form:       8-K
Filed at:   2024-03-27T23:59:59+00:00
Accession:  0001819615-24-000013
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Clever Leaves sells Herbal Brands for $8.02M; pro forma cash rises to $12.4M
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- Disposed non-cannabinoid segment Herbal Brands to KAC Investments LLC for total consideration of $8.02M.
- Received $7.02M cash at closing plus a $1M secured promissory note at 7.5% p.a., due March 21, 2025.
- Pro forma cash & equivalents as of Sep 30, 2023 increased to $12.4M from $6.5M historical.
- Nine-month 2023 pro forma net loss from continuing ops would be $15.6M vs historical $14.7M; discontinued ops income of $1.9M removed.
- Company will now focus solely on its cannabinoid operations after the divestiture.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819615/000181961524000013/0001819615-24-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819615/000181961524000013/clvr-20240321.htm
  HTML page:      https://secwatch.observer/filing/0001819615-24-000013

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer