Sunshine Biopharma Files 8-K: Material Agreement, Equity Sales
Ticker: SBFMW · Form: 8-K · Filed: Mar 6, 2024 · CIK: 1402328
| Field | Detail |
|---|---|
| Company | Sunshine Biopharma, Inc (SBFMW) |
| Form Type | 8-K |
| Filed Date | Mar 6, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $10,000, $0.10, $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, equity-sale, corporate-action
TL;DR
Sunshine Biopharma inked a deal, sold some stock, and had a shareholder vote. Big moves ahead.
AI Summary
Sunshine Biopharma, Inc. announced on March 4, 2024, that it entered into a material definitive agreement. The company also disclosed unregistered sales of equity securities and matters submitted to a vote of security holders. This filing follows a period of corporate changes, including a former name of Mountain West Business Solutions, Inc.
Why It Matters
This 8-K filing indicates significant corporate actions, including a new material agreement and equity transactions, which could impact the company's financial structure and future operations.
Risk Assessment
Risk Level: medium — The filing details material agreements and unregistered equity sales, which can introduce financial and operational risks for the company and its investors.
Key Numbers
- 001-41282 — SEC File Number (Identifies the company's filing with the SEC.)
- 20-5566275 — IRS Number (Company's Employer Identification Number.)
Key Players & Entities
- Sunshine Biopharma, Inc. (company) — Registrant
- Mountain West Business Solutions, Inc. (company) — Former company name
- March 4, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Sunshine Biopharma?
The filing does not specify the details of the material definitive agreement, only that one was entered into on or before March 4, 2024.
What type of equity securities were sold in the unregistered sales?
The filing mentions unregistered sales of equity securities but does not provide specific details on the type or amount of securities sold.
What matters were submitted to a vote of security holders?
The filing indicates that matters were submitted to a vote of security holders, but the specific proposals are not detailed in the provided text.
When was Sunshine Biopharma, Inc. previously known as Mountain West Business Solutions, Inc.?
The company's name was changed from Mountain West Business Solutions, Inc. on October 30, 2007.
What is the primary business of Sunshine Biopharma, Inc. according to its SIC code?
Sunshine Biopharma, Inc. is classified under Pharmaceutical Preparations (SIC code 2834).
Filing Stats: 677 words · 3 min read · ~2 pages · Grade level 10.2 · Accepted 2024-03-06 16:05:31
Key Financial Figures
- $0.001 — ch Registered Common Stock, par value $0.001 SBFM The Nasdaq Stock Market LLC
- $10,000 — erred Stock") for cash consideration of $10,000 (the "Transaction"). Each share of the
- $0.10 — quidation rights to the common stock at $0.10 per share. The issuance of the Preferr
- $1.00 — a)(2), requiring a minimum bid price of $1.00 per share (the "Minimum Bid Price Requi
Filing Documents
- sunshine_8k.htm (8-K) — 27KB
- 0001683168-24-001357.txt ( ) — 239KB
- sbfm-20240304.xsd (EX-101.SCH) — 3KB
- sbfm-20240304_def.xml (EX-101.DEF) — 26KB
- sbfm-20240304_lab.xml (EX-101.LAB) — 36KB
- sbfm-20240304_pre.xml (EX-101.PRE) — 25KB
- sunshine_8k_htm.xml (XML) — 5KB
01 Entry into a Material Definitive
Item 1.01 Entry into a Material Definitive Agreement. On March 4, 2024, Sunshine Biopharma, Inc. (the "Company"), agreed to sell, and the Company's Chief Executive Officer and Chairman, Dr. Steve Slilaty, agreed to purchase 100,000 shares of the Company's Series "B" Preferred Stock (the "Preferred Stock") for cash consideration of $10,000 (the "Transaction"). Each share of the Preferred Stock is entitled to 1,000 votes per share. The Series B Preferred Stock is non-convertible, non-redeemable, non-retractable, and has superior liquidation rights to the common stock at $0.10 per share. The issuance of the Preferred Stock pursuant to the Transaction is intended to be exempt from registration under the Securities Act of 1933 , as amended (the " Securities Act "), by virtue of the exemptions provided by Section 4(a)(2) of the Securities Act.
02 Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities. To the extent required, the information included in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
07 Submission of Matters to a Vote of
Item 5.07 Submission of Matters to a Vote of Security Holders. On March 4, 2024, Dr. Slilaty, as the holder of the majority of the voting power of the stockholders of the Company, approved by written consent to effect a reverse stock split of the Company's common stock at a ratio up to 1-for-200. The reverse stock split is anticipated to be effectuated 20 days after the mailing of its definitive information statement (the preliminary form of which was filed with the Securities and Exchange Commission on March 5, 2024) to stockholders, to regain compliance with Nasdaq Marketplace Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share (the "Minimum Bid Price Requirement"). There is no assurance the Company will regain compliance with the Minimum Bid Price Requirement. As of March 4, 2024, Dr. Slilaty held approximately 57.4% of the total issued and outstanding shares of voting securities of the Company. 2
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. Dated: March 6, 2024 SUNSHINE BIOPHARMA, INC. By: /s/ Dr. Steve N. Slilaty Name: Dr. Steve N. Slilaty Title: Chief Executive Officer 3