Form 8-K - Current report
31 Januar 2024 - 6:17PM
Edgar (US Regulatory)
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2024-01-30
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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): January 30, 2024
STRYVE
FOODS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-38785 |
|
87-1760117 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
Number) |
Post
Office Box 864
Frisco,
TX |
|
75034 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (972) 987-5130
Not
Applicable
(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 |
Class
A Common Stock |
|
SNAX |
|
The
Nasdaq Stock Market LLC |
Warrants |
|
SNAXW |
|
The
Nasdaq Stock Market LLC |
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.
The
information set forth under Item 2.03, “Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
of a Registrant,” is incorporated herein by reference.
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
Stryve
Foods, Inc. (the “Company”) has successfully extended the maturity and amended all of the promissory notes from its
April 2023 financing. In addition to the amendments disclosed in the Company’s 8-K filing on January 12, 2024, on January 30, 2024,
the Company entered into a First Amendment to the Promissory Notes dated as of April 19, 2023 (the “Amendments”) with
the holder (the “Final Lender”) of remaining $1.5 million in aggregate principal amount of the Company’s outstanding
$4.1 million in aggregate principal amount of secured promissory notes (the “Notes”). The Amendments are the same
as the amendments with the holders of $2.6 million of Notes (the “Other Lenders” and together with the Final Lender,
the “Lenders”) and extend the maturity date of the Notes from December 31, 2023 to the earlier of (i) December 31,
2024, or (ii) the closing of the next sale or series of related sales by the Company of its equity securities from which the Company
receives gross proceeds of not less than $3.0 million, excluding proceeds from the warrants held by the Lenders and the Company’s
existing at the market equity facility with Craig-Hallum Capital Group LLC. As consideration for the Final Lender’s entry into
the Amendment, the Company (i) reduced the exercise price on the outstanding warrants issued to the Final Lender in April 2023 from $7.701
per split-adjusted share to $2.75 per split-adjusted share and (ii) agreed to issue 45,908 shares of Class A common stock to the Final
Lender, which shares represent payment in full for interest accrued on the Notes held by the Final Lender through December 31, 2023 (at
a value of $2.75 per share). The Amendments entered into with the Lenders provide that the Lenders shall be offered the option to further
amend their Notes to include any more favorable terms entered into with to other holders of Notes. Accordingly, the Other Lenders will
have the opportunity to accept shares of Class A common stock (at a value of $2.75 per share) as payment in full for interest accrued
through December 31, 2023 on the Notes held by each Other Lender.
SIGNATURE
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:
January 31, 2024
|
STRYVE
FOODS, INC. |
|
|
|
|
By: |
/s/
R. Alex Hawkins |
|
Name: |
R.
Alex Hawkins |
|
Title: |
Chief
Financial Officer |
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