American Cannabis Company terminates merger with HyperScale Nexus; receives $5,000 settlement

American Cannabis Company, Inc.

On March 1, 2024, AMMJ and HyperScale Nexus mutually terminated their Agreement and Plan of Merger dated Sept 5, 2023.
HyperScale will pay AMMJ $5,000 within five business days; both parties release all claims and agree to non-disparagement.
No termination penalties incurred; company expects no material impact on operations or finances.
Parties concluded terms could not be met within a reasonable timeframe, no legal proceedings expected.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

American Cannabis Company, Inc. terminated Agreement and Plan of Merger with HyperScale Nexus Holding Corporation (effective 2024-03-01).

Action: termination
Agreement: merger
Counterparty: HyperScale Nexus Holding Corporation
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, pursuant to Section 8.1(a) of the Agreement and Plan of Merger ("Agreement") and Section 12.1(a) of the Separation and Distribution Agreement with HyperScale Nexus Holding Corporation, previously disclosed on Form 8-K, and Form 14C, the parties mutually agreed to completely terminate the respective transactions.

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Source: SEC EDGAR

accession 0001903596-24-000103

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