secwatch.observer — SEC 8-K summary
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Issuer:     American Cannabis Company, Inc. (—)
CIK:        0000945617
Form:       8-K
Filed at:   2024-11-08T23:59:59+00:00
Accession:  0001903596-24-000647
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 5.02
LLM model:  deepseek-v4-flash:cloud@v2

AMMJ sells 302.9M shares for $310K; appoints new CEO/Chairman as part of restructuring
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- Sells 302,900,458 common shares to TEC, LLC for $310,000 (~$0.001/share) to fund delinquent SEC filings and pay $135K+ to creditors.
- Proceeds required to file Form 10-Q for June and Sept 2024, Form 10-K for 2024, and submit new 15c2-11 application.
- At closing, Ellis Smith and Hollister & Blacksmith assume all company debts and indemnify company; Smith releases two promissory notes.
- Company will transfer Colorado medical marijuana licenses to Smith and Hollister & Blacksmith, subject to regulatory approval.
- Appointed Joseph Cleghorn as director, Chairman, CEO, and interim CFO effective Nov 11; he has 30+ years in real estate and marijuana industry.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/945617/000190359624000647/0001903596-24-000647-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/945617/000190359624000647/ammj_8k.htm
  HTML page:      https://secwatch.observer/filing/0001903596-24-000647

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