Altium Capital Takes Significant Stake in Skye Bioscience (SKYE)
Ticker: SKYE · Form: SC 13G · Filed: Feb 5, 2024 · CIK: 1516551
Complexity: simple
Sentiment: bullish
Topics: institutional-ownership, insider-buy, investment-firm, pharmaceuticals
TL;DR
**Altium Capital just bought a big chunk of Skye Bioscience, watch for potential stock movement.**
AI Summary
Altium Capital Management, LP, a New York-based investment firm, reported acquiring beneficial ownership of Skye Bioscience, Inc. (SKYE) common stock as of January 29, 2024. This filing indicates Altium now holds a significant stake in the pharmaceutical preparations company, which could signal their belief in Skye's future prospects or a strategic investment. For current or prospective SKYE shareholders, this matters because a large institutional investor taking a position can influence stock price and potentially bring more scrutiny or capital to the company.
Why It Matters
A major investment firm, Altium Capital Management, LP, has acquired a notable stake in Skye Bioscience, potentially signaling confidence in the company's future and attracting other investors.
Risk Assessment
Risk Level: low — This filing indicates a new institutional investor, which is generally a positive signal and not inherently risky.
Analyst Insight
A smart investor would monitor Skye Bioscience's stock performance and any further news regarding Altium Capital's involvement, as institutional interest can often precede significant price movements.
Key Players & Entities
- Altium Capital Management, LP (company) — the reporting person acquiring beneficial ownership
- Skye Bioscience, Inc. (company) — the subject company whose shares were acquired
- January 29, 2024 (date) — the date of the event requiring the filing
- Altium Growth Fund, LP (company) — a group member associated with the reporting person
- Altium Growth GP, LLC (company) — a group member associated with the reporting person
Forward-Looking Statements
- Skye Bioscience's stock price may see increased volatility or upward pressure due to Altium Capital's new stake. (Skye Bioscience, Inc.) — medium confidence, target: Q1 2024
- Altium Capital Management, LP may increase its stake in Skye Bioscience in future filings. (Altium Capital Management, LP) — low confidence, target: Q2 2024
FAQ
Who is the reporting person in this SC 13G filing?
The reporting person is Altium Capital Management, LP, located at 152 W 57 ST FL20, New York, NY 10019.
What is the subject company whose shares were acquired?
The subject company is Skye Bioscience, Inc., a pharmaceutical preparations company with its business address at 11250 EL CAMINO REAL, SUITE 100, SAN DIEGO, CA 92130.
What is the CUSIP number for the class of securities reported?
The CUSIP number for the Common Stock, $0.001 par value per share, of Skye Bioscience, Inc. is 83086J200.
When was the event that required the filing of this statement?
The date of the event which required the filing of this statement was January 29, 2024.
Under which rule of the Securities Exchange Act of 1934 was this Schedule 13G filed?
This Schedule 13G was filed under Rule 13d-1(c) of the Securities Exchange Act of 1934.
Filing Stats: 1,810 words · 7 min read · ~6 pages · Grade level 9.7 · Accepted 2024-02-02 18:09:29
Key Financial Figures
- $0.001 — Inc. (Name of Issuer) Common Stock, $0.001 par value per share (Title of Class o
Filing Documents
- skye-sc13g_012924.htm (SC 13G) — 74KB
- ex-1.htm (EX-1) — 7KB
- 0001999371-24-001474.txt ( ) — 83KB
(a)
Item 1(a). Name of Issuer: Skye Biosciences, Inc. (the "Issuer")
(b)
Item 1(b). Address of Issuer's Principal Executive Offices: 11250 El Camino Real, Suite 100 San Diego, California 92130
(a)
Item 2(a). Name of Person Filing: This statement is jointly filed by and on behalf of each of Altium Growth Fund, LP (the "Fund"), Altium Capital Management, LLC, and Altium Growth GP, LLC. The Fund is the record and direct beneficial owner of the securities covered by this statement. Altium Capital Management, LP is the investment adviser of, and may be deemed to beneficially own securities, owned by, the Fund. Altium Growth GP, LLC is the general partner of, and may be deemed to beneficially own securities owned by, the Fund. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement. Each of the reporting persons may be deemed to be a member of a group with respect to the Issuer or securities of the Issuer for the purposes of Section 13(d) or 13(g) of the Act. Each of the reporting persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.
(b)
Item 2(b). Address of Principal Business Office or, if None, Residence: The address of the principal business office of each of the reporting persons is 152 West 57th Street, FL 20, New York, NY 10019
(c)
Item 2(c). Citizenship: See Item 4 on the cover page(s) hereto.
(d)
Item 2(d). Title of Class of Securities: Common Stock, par value $0.001 per share ("Common Stock")
(e)
Item 2(e). CUSIP Number: 83086J200 Item 3. If This Statement is Filed Pursuant to §§240.13d-1(b), or 240.13d-2(b) or (c), Check Whether the Person Filing is a: (a) Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o). (b) Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). Page 6 of 9 CUSIP No. 83086J200 (c) Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). (d) Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E); (f) An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F); (g) A parent holding company or control person in accordance with §240.13d-1(b)(ii)(G); (h) A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3); (j) Group, in accordance with §240.13d-1(b)(1)(ii)(J). Item 4. Provide the following information regarding the aggregate number and percentage of the class of securities of the Issuer identified in Item 1. The information as of the date of the event which requires filing of this statement required by Items 4(a) – (c) is set forth in Rows 5 – 11 of the cover page for each Reporting Person listed above and is incorporated by reference for each such Reporting Person. The percentage set forth in Row 11 of the cover page for each Reporting Person is based upon the sum of (i) 12,338,910 shares of Common Stock outstanding on November 12, 2023, as set forth in the Issuer's Form 10-Q filed with the SEC on November 14, 2023, (ii) 11,822,124 shares of Common Stock that were issued on January 31, 2024, as described in the Issuer's Current Report on Form 8-K filed with t