Form 8-K - Current report
December 05 2023 - 5:15PM
Edgar (US Regulatory)
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0001509957
0001509957
2023-12-01
2023-12-01
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 1, 2023
CAN
B CORP.
(Exact
name of registrant as specified in its charter)
Florida |
|
000-55753 |
|
20-3624118 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
960 South
Broadway, Suite 120 |
|
|
Hicksville, NY 11801
|
|
11801 |
(Address of principal
executive offices) |
|
(Zip Code) |
(516)
595-9544
Registrant’s
telephone number, including area code
Not
Applicable
Former
name or former address, if changed since last report
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None
|
|
N/A |
|
N/A
|
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
ITEM
2.04 TRIGGERING EVENTS THAT ACCELERATE OR INCREASE ADIRECT FINACIAL LIGATION OR AN OBLIFGATION UNDERAN OFF-BALANCE SHEET
On
December 1, 2023, Can B Corp., a Florida corporation (the “Company”), received a notice from Arena Special Opportunities
Partners I, LP, Arena Special Opportunities Fund, LP and Arena Investors, LP (collectively, the “Arena Entities”) advising
that by virtue of defaults in the performance of the obligations of the Company and its subsidiaries to the Arena Entities, the Arena
Entities intend to conduct a public auction of all or substantially all of the assets of the Company and its subsidiaries under Article
9 of the Uniform Commercial Code on December 28, 2023. The Company’s equity interest in Nascent Pharma, LLC (“Nascent Pharma”),
a 67% owned subsidiary, and the assets of Nascent Pharma, will be excluded from the sale.
The
Arena Entities collectively hold approximately $3,838,770 aggregate principal amount of Convertible Notes (the “Notes”) issued
by the Company. The Arena Entities previously notified the Company and its subsidiaries that they were in default of certain obligations
under the Forbearance Agreement dated February 27, 2023 among the Company, its subsidiaries and the Arena Entities pursuant to which
the Arena Entities agreed to forbear from exercising remedies under the Notes until December 31, 2024 provided that no defaults occurred
under the Notes or Forbearance Agreement. The alleged defaults include a failure to deliver account control agreements, failure to enter
into a servicing agreement, failure to timely make certain payments and the unauthorized use and misuse of receivables assigned
to the Arena Entities.
The
Company plans to seek a further forbearance from the Arena Entities. No assurance can be given that the Arena Entities will agree to
a forbearance.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
December 5, 2023
|
Can
B Corp. |
|
|
|
|
By: |
/s/
Marco Alfonsi |
|
Name: |
Marco
Alfonsi |
|
Title: |
CEO |
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