CV Sciences Enters Material Definitive Agreement

TL;DR

CVSI signed a big deal on June 3rd, filing today.

AI Summary

CV Sciences, Inc. entered into a Material Definitive Agreement on June 3, 2024. The filing, submitted on July 9, 2024, details this agreement, which is the primary event reported in this 8-K filing. No specific financial figures or counter-parties were detailed in the provided text.

Why It Matters

This filing indicates a significant new contract or partnership for CV Sciences, Inc., which could impact its future business operations and financial performance.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities, but the lack of specific details in the provided text makes a precise risk assessment difficult.

Key Players & Entities

• CV Sciences, Inc. (company) — Registrant
• June 3, 2024 (date) — Date of earliest event reported
• July 9, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of Incorporation
• San Diego, California (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $1,188,500 — ote in the original principal amount of $1,188,500 (the "Note"). The Note carries an origi
• $283,500 — arries an original issuance discount of $283,500 and the Company agreed to pay $5,000 to
• $5,000 — $283,500 and the Company agreed to pay $5,000 to Streeterville to cover legal fees, e
• $900,000 — rchase price received by the Company of $900,000 (the "Purchase Price"). The unpaid am
• $22,855.77 — e weekly repayments to Streeterville of $22,855.77. The Company can pay all or any portion
• $75,000 — er 31, 2024, the Company will receive a $75,000 discount from the outstanding balance.

Filing Documents

• cvsi-20240703.htm (8-K) — 46KB
• cvsi-ex10_1.htm (EX-10.1) — 184KB
• cvsi-ex10_2.htm (EX-10.2) — 64KB
• cvsi-ex10_3.htm (EX-10.3) — 89KB
• 0000950170-24-082225.txt ( ) — 544KB
• cvsi-20240703.xsd (EX-101.SCH) — 22KB
• cvsi-20240703_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On July 3, 2024, CV Sciences, Inc., a Delaware corporation (the "Company") entered into a Note Purchase Agreement ("Purchase Agreement") with Streeterville Capital, LLC, a Utah limited liability company ("Streeterville"), pursuant to which the Company issued and sold to Streeterville a Secured Promissory Note in the original principal amount of $1,188,500 (the "Note"). The Note carries an original issuance discount of $283,500 and the Company agreed to pay $5,000 to Streeterville to cover legal fees, each of which were deducted from the proceeds of the Note received by the Company which resulted in a purchase price received by the Company of $900,000 (the "Purchase Price"). The unpaid amount of the Note, any interest, fees, charges and late fees accrued shall be due and payable in twelve months from July 3, 2024 (the "Maturity Date"). The Company is required to make weekly repayments to Streeterville of $22,855.77. The Company can pay all or any portion of the outstanding balance earlier than it is due without penalty. In the event the Company repays the Note in full on or before December 31, 2024, the Company will receive a $75,000 discount from the outstanding balance. The Note is secured by all of the Company's assets pursuant to a Security Agreement entered into with Streeterville on July 3, 2024 (the "Security Agreement"). No interest will accrue on the Note unless and until an occurrence of an Event of Default (as discussed below). The Note provides for customary events of default (each as defined in the Note, an "Event of Default"), including, among other things, the event of nonpayment of principal, interest, fees or other amounts, a representation or warranty proving to have been incorrect when made, failure to perform or observe covenants within a specified cure period, a cross-default to certain other indebtedness and material agreements of the Company, and the occurrence of a bankruptcy, insolve

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Description 10.1 Note Purchase Agreement between the Company and Streeterville Capital, LLC dated July 3, 2024 10.2 Secured Promissory Note issued to Streeterville Capital, LLC dated July 3, 2024 10.3 Security Agreement between the Company and Streeterville Capital,LLC dated July 3, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1

SIGNATURES

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. CV SCIENCES, INC. Date: July 8, 2024 By: /s/ Joseph Dowling Joseph Dowling Chief Executive Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR