Jushi Holdings Secures $10M Credit Facility, Board Changes
Ticker: JUSHF · Form: 8-K · Filed: Sep 18, 2024 · CIK: 1909747
| Field | Detail |
|---|---|
| Company | Jushi Holdings Inc. (JUSHF) |
| Form Type | 8-K |
| Filed Date | Sep 18, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $1,381,551, $950,000, $237,500, $0.65 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, financing, management-change
TL;DR
Jushi got a $10M loan from its big shareholder, board shakeup too.
AI Summary
Jushi Holdings Inc. announced on September 13, 2024, that it entered into a credit agreement for a $10 million revolving credit facility with an affiliate of its controlling shareholder, High Hope International Group Corporation. This facility matures on September 12, 2025, and carries an interest rate of 10% per annum. The company also reported the departure of Director Jianjun Liu and the appointment of new directors, including Chairman of the Board, Zhaohui Li.
Why It Matters
The new credit facility provides Jushi Holdings with crucial liquidity, while the board changes may signal a shift in strategic direction or governance.
Risk Assessment
Risk Level: medium — The company is relying on financing from an affiliate of its controlling shareholder, which could indicate limited access to traditional financing and potential conflicts of interest.
Key Numbers
- $10.0M — Revolving Credit Facility (Provides immediate liquidity)
- 10.0% — Interest Rate (Cost of borrowing under the new facility)
Key Players & Entities
- Jushi Holdings Inc. (company) — Registrant
- $10 million (dollar_amount) — Revolving credit facility amount
- September 13, 2024 (date) — Date of credit agreement
- High Hope International Group Corporation (company) — Controlling shareholder's affiliate
- September 12, 2025 (date) — Maturity date of credit facility
- 10% (dollar_amount) — Annual interest rate
- Jianjun Liu (person) — Departing Director
- Zhaohui Li (person) — Appointed Director and Chairman of the Board
FAQ
What are the specific terms and conditions of the $10 million revolving credit facility?
The facility has a maturity date of September 12, 2025, and an annual interest rate of 10%.
Who is the lender for the $10 million credit facility?
The lender is an affiliate of High Hope International Group Corporation, which is the controlling shareholder of Jushi Holdings Inc.
Who has departed from the Board of Directors?
Director Jianjun Liu has departed from the Board of Directors.
Who has been appointed to the Board of Directors?
Zhaohui Li has been appointed as a Director and Chairman of the Board.
What is the purpose of the $10 million credit facility?
The filing indicates it is a direct financial obligation, suggesting it's for general corporate purposes or to meet financial obligations.
Filing Stats: 1,032 words · 4 min read · ~3 pages · Grade level 11.2 · Accepted 2024-09-17 18:05:39
Key Financial Figures
- $1,381,551 — n Form 8-K describing the issuance of US$1,381,551 principal amount of additional Notes (a
- $950,000 — hich Mr. Cacioppo agreed to receive the $950,000 annual cash bonus that would otherwise
- $237,500 — ump sum cash payment in the amount of US$237,500; (2) US$1,381,551 principal amount of 1
- $0.65 — voting shares at an exercise price of US$0.65. The Options will fully vest on January
Filing Documents
- jush-20240913.htm (8-K) — 37KB
- ex101-amendno4toceoemploym.htm (EX-10.1) — 98KB
- ex991-pressreleasedatedsep.htm (EX-99.1) — 24KB
- ex992-sixthamendtoleasebet.htm (EX-99.2) — 36KB
- ex993-thirdamendtoleasebet.htm (EX-99.3) — 39KB
- ex994-fourthamendtoleasebe.htm (EX-99.4) — 22KB
- image_0.jpg (GRAPHIC) — 9KB
- 0001628280-24-040660.txt ( ) — 433KB
- jush-20240913.xsd (EX-101.SCH) — 2KB
- jush-20240913_lab.xml (EX-101.LAB) — 20KB
- jush-20240913_pre.xml (EX-101.PRE) — 12KB
- jush-20240913_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events On August 30, 2024, the Company filed a preliminary short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada (the "Canadian Shelf Prospectus"). In connection with the Canadian Shelf Prospectus, the Company has publicly filed the lease amendments attached hereto as Exhibits 99.2, 99.3 and 99.4 in Canada and is contemporaneously filing such lease amendments herewith.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Amendment No. 4 to CEO Employment Agreement, dated as of September 13, 2024, by and among the Company, JMGT, LLC and Jim Cacioppo 99.1 Press Release dated September 17 , 2024 99.2 ^ Sixth Amendment to Lease Agreement, dated February 2, 2022, by and between by and between IIP-PA 1, LLC and Pennsylvania Medical Solutions, LLC. 99.3 *^ Third Amendment to Lease, dated December 20, 2022, by and between TAC Vega MA Owner, LLC and Valiant Enterprises, LLC. 99.4 * Fourth Amendment to Lease, dated July 31, 2023, by and between TAC Vega MA Owner, LLC and Valiant Enterprises, LLC. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Portions of this exhibit (indicated by bracketed asterisks) are omitted in accordance with the rules of the SEC because they are both not material and the Company customarily and actually treats such information as private or confidential. ^ Certain appendices to this exhibit are omitted in accordance with Item 601(A)(5) of Regulation S-K. The Company will furnish supplementally a copy of any omitted appendix to the SEC upon request. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. JUSHI HOLDINGS INC. Date: September 17, 2024 By: /s/ Jon Barack Jon Barack President