Business Context and Reporting Period
This Form 8-K Current Report was filed by cbdMD, Inc. on April 14, 2023, regarding events occurring on April 12, 2023. The Company is an emerging growth company incorporated in North Carolina, with its principal executive offices in Charlotte, NC. Its common stock (YCBD) and 8% Series A Cumulative Convertible Preferred Stock (YCBD PR A) trade on the NYSE American.
Key Financial Metrics
This filing is a Current Report regarding a corporate action and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
The primary material event reported is the Board of Directors' approval of a 1-for-45 reverse stock split of the Company's outstanding common stock. This action was previously authorized by shareholders at the annual meeting on February 16, 2023.
Guidance, Outlook, and Management Commentary
- Effective Date: The reverse stock split is effective April 24, 2023, upon the filing of Articles of Amendment to the Articles of Incorporation.
- Trading Resumption: Common stock will begin trading on a split-adjusted basis when the market opens on April 25, 2023.
- Symbol: The stock will continue to trade under the existing symbol "YCBD".
- Management Commentary: The filing incorporates by reference a press release (Exhibit 99.1) but does not include specific management commentary, guidance, or risk factors within the body of this 8-K text.
Investor Verification Checklist
- Verify the exact timing of the Articles of Amendment filing to confirm the April 24, 2023 effective date.
- Confirm the trading status and adjusted share price of YCBD on the NYSE American starting April 25, 2023.
- Review the attached press release (Exhibit 99.1) for additional context on the rationale for the reverse split.
- Check for any subsequent filings regarding the impact of the split on the Company's 8% Series A Cumulative Convertible Preferred Stock.