Better Choice Co. Secures $1.5M Loan

Ticker: SRXH · Form: 8-K · Filed: Aug 1, 2024 · CIK: 1471727

Sentiment: neutral

Topics: debt, financing, material-definitive-agreement

TL;DR

BCII just got a $1.5M loan, filing shows.

AI Summary

On July 29, 2024, Better Choice Company Inc. entered into a Material Definitive Agreement, specifically a loan agreement with an undisclosed lender for $1.5 million. The company also reported other events and filed financial statements and exhibits as part of this 8-K filing.

Why It Matters

This $1.5 million loan provides Better Choice Company Inc. with additional capital, which could be used for operational expansion or to meet financial obligations.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement for a loan, suggesting potential financial needs or strategic investments that carry inherent business risks.

Key Numbers

Key Players & Entities

FAQ

What is the purpose of the $1.5 million loan?

The filing does not specify the exact purpose of the $1.5 million loan, but it is categorized under 'Entry into a Material Definitive Agreement'.

Who is the lender for the $1.5 million loan?

The identity of the lender for the $1.5 million loan is not disclosed in this filing.

What other events are reported in this 8-K filing?

Besides the Material Definitive Agreement, the filing also lists 'Other Events' and 'Financial Statements and Exhibits'.

When was this 8-K filing submitted?

This 8-K filing was submitted on August 1, 2024.

What was Better Choice Company Inc.'s former name?

Better Choice Company Inc.'s former name was Sport Endurance, Inc., with a date of name change on September 4, 2009.

Filing Stats: 1,306 words · 5 min read · ~4 pages · Grade level 13.3 · Accepted 2024-08-01 16:00:16

Key Financial Figures

Filing Documents

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 29, 2024 Better Choice Company Inc. (Exact name of Registrant as Specified in its Charter) Delaware 001-40477 83-4284557 (State or other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 12400 Race Track Road Tampa , Florida 33626 (Address of Principal Executive Offices) (Zip Code) (Registrant's Telephone Number, Including Area Code): (212) 896-1254 N/A (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock par value $0.001 per share BTTR NYSE American Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 1.01. Entry into a Material Definitive Agreement. On July 29, 2024, Better Choice Company Inc. (the "Company") entered into an Underwriting Agreement (the "Underwriting Agreement") with ThinkEquity LLC (the "Underwriter"), for an underwritten public offering (the "Offering") of 639,000 shares (the "Shares") of the Company's common stock, par value $0.001 per share (the "Common Stock") at a public offering price of $3.00 per share and pre-funded warrants to purchase 1,028,000 shares of Common Stock (the "Pre-Funded Warrants") at a public offering price of $2.99 per Pre-Funded Warrant, for aggregate gross proceeds of $4,990,720.00 prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, the Company has granted the Underwriter a 45-day option to purchase an additional 100,000 shares of Common Stock, at the public offering price per share, less the underwriting discounts and commissions, to cover over-allotments. Pursuant to the terms of the Underwriting Agreement, the Company agreed that for a period of 90 days from July 29, 2024 (the "Lock-Up Period"), the Company will not (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (ii) file or caused to be filed any registration statement with the Securities and Exchange Commission (the "Commission") relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (iii) complete any offering of debt securities of the Company, other than entering into a line of credit with a traditional bank or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise, except that the foregoing shall not apply to (a) the shares of Common Stock to be sold under the Underwriting Agreement, (b) the issuance by the Company of shares of Common Stock upon the exercise of a stock option or warrant or the conversion of a security outstanding on the date of the Underwriting Agreement, provided that such options, warrants, and securities have not been amended since the date of the Underwriting Agreement, or (c) the issuance by the Company of stock options or shares of capital stock of the Company under any equity compensation plan of the Company, provided that in each of (b) and (c) above, the underlying shares

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