CV Sciences Acquires Plus Products for $16.5M
Ticker: CVSI · Form: 8-K · Filed: Nov 25, 2024 · CIK: 1510964
| Field | Detail |
|---|---|
| Company | Cv Sciences, Inc. (CVSI) |
| Form Type | 8-K |
| Filed Date | Nov 25, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, cannabis-industry
TL;DR
CV Sciences buying Plus Products for $16.5M cash/stock, closing Q1 2025.
AI Summary
CV Sciences, Inc. announced on November 20, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests of Plus Products Inc. for approximately $16.5 million in cash and stock. The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.
Why It Matters
This acquisition expands CV Sciences' product portfolio and market reach within the cannabis and wellness industries, potentially leading to increased revenue and market share.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies.
Key Numbers
- $16.5M — Acquisition Price (Total consideration for Plus Products Inc.)
Key Players & Entities
- CV Sciences, Inc. (company) — Acquiring company
- Plus Products Inc. (company) — Acquired company
- $16.5 million (dollar_amount) — Acquisition price
- November 20, 2024 (date) — Date of agreement
- first quarter of 2025 (date) — Expected closing period
FAQ
What is the total consideration for the acquisition of Plus Products Inc.?
The total consideration is approximately $16.5 million in cash and stock.
When is the acquisition expected to close?
The transaction is expected to close in the first quarter of 2025.
What is the name of the company being acquired by CV Sciences, Inc.?
CV Sciences, Inc. is acquiring Plus Products Inc.
What is the date of the definitive agreement for the acquisition?
The definitive agreement was entered into on November 20, 2024.
What are the primary components of the acquisition consideration?
The acquisition consideration consists of cash and stock.
Filing Stats: 527 words · 2 min read · ~2 pages · Grade level 12.4 · Accepted 2024-11-25 16:17:49
Filing Documents
- cvsi-20241120.htm (8-K) — 40KB
- 0000950170-24-130576.txt ( ) — 138KB
- cvsi-20241120.xsd (EX-101.SCH) — 22KB
- cvsi-20241120_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events As previously disclosed by CV Sciences, Inc. (the "Company"), on November 5, 2021, Michael J. Mona Jr. ("Mona") filed a complaint against the Company for breach of contract and negligence in Nevada state court seeking to recover from the Company the amount of federal and state taxes, interest and penalties owed by Mona for taxes on income received by him upon the vesting and settlement of restricted stock units in 2019. On November 3, 2022, the court ordered the case into arbitration. On December 6, 2022, Mona filed a demand for arbitration against the Company and certain of its officers with the American Arbitration Association (the "AAA"). The hearing on the merits in the case began with AAA on April 8, 2024, and the arbitrator heard five days of testimony. The hearing resumed on May 21, 2024 and concluded on May 23, 2024. On November 20, 2024, the Company received the final arbitration award from the AAA finding against Mona on all claims for relief and in favor of the Company and management and holding that Mona shall take nothing from the arbitration. 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: November 25, 2024 By: /s/ Joseph Dowling Joseph Dowling Chief Executive Officer 2