Form 8-K - Current report
06 Agosto 2024 - 5:15PM
Edgar (US Regulatory)
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2024-08-01
2024-08-01
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UNITED
STATES
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): August 1, 2024
REED’S,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-32501 |
|
35-2177773 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
201
Merritt 7 Corporate Park, Norwalk, CT 06851
(Address
of principal executive offices and zip code)
Not
applicable
(Former
name or former address if changed since last report)
Registrant’s
telephone number, including area code: (800) 997-3337
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: none
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchanged on Which Registered |
|
|
|
|
|
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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
August 1, 2024 (“Original Issue Date”), Reed’s, Inc., a Delaware corporation (“Reed’s” or the
“company”) entered into an Option Exercise and Sixth Amendment (“Exercise and Amendment Agreement”) to 10%
Secured Convertible Notes with Wilmington Savings Fund Society, FSB, as holder representative and collateral agent
(“Agent”).
Pursuant
to the Exercise and Amendment Agreement, holders (“Holders”) of the company’s 10% Secured Convertible Notes, as amended
(the “Original Notes”), exercised an option to purchase an aggregate of approximately $6,504,730 notes (the “Fourth
Option Notes,” collectively with the Original Notes, the “Notes”). The Option Notes are part of the same series as
the Original Notes although they are not identical. The purchase price of the Fourth Option Notes was equal to 100% of the principal amount of notes purchased, paid in a combination
of cash
together with the exchange of all principal, interest, fees and other amounts owning with respect to the outstanding Purchased Third
Option Notes. The Fourth Option Notes mature on
the earlier of December 15, 2024 and ninety one days before the schedule maturity of any unsecured indebtedness incurred by Reed’s
that is junior in right of payment to its Note obligations (the “Maturity Date”). The Fourth Option Notes bear interest in
arrears on the outstanding principal amount at a rate of 11.13% per annum, payable in cash. The Fourth Option Notes may be prepaid without
premium or penalty. Unless $1,400,000 of the principal amount is prepaid, payment of any Fourth Option Note on the Maturity Date (or
due to an acceleration (whether declared or automatic)) shall be accompanied by an additional amount (such amount, the “MOIC Deficiency
Amount”), if any, sufficient to achieve a 1.13:1.00 multiple of invested capital since the Original Issue Date (the “MOIC”)
on the aggregate Principal Amount of the Fourth Option Notes being paid. The MOIC Deficiency Amount in connection with any payment of
Fourth Option Notes shall be calculated based on (i) the sum of all fees, original issue discount, interest, premiums, principal and
other payments received in cash by the applicable Holders in respect of the Fourth Option Notes since the Original Issue Date (excluding
any reimbursement of out-of-pocket costs or expenses reimbursed and any indemnification payments made to the applicable Holders in respect
of the Fourth Option Notes), as the numerator, and (ii) the aggregate Principal Amount of the Fourth Option Notes on the Original Issue
Date, as the denominator.
Pursuant
to the Exercise and Amendment Agreement, Agent and the Holders party temporarily waived the specified events of default under the Notes
and temporarily waived any requirement that the Company conduct a repurchase of Notes in the event of a Make-Whole Fundamental Change
(as defined in the Notes), subject to the terms and conditions therein.
The
foregoing descriptions of the Exercise and Amendment Agreement and the Fourth Option Notes are qualified by reference to the full text
of such agreements, which will be attached to the company’s Quarterly Report on Form 10-Q for the period ended September 30, 2024.
Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The
information set forth in Item 1.01 is incorporated herein by reference.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
(b)
Jerry Lewin resigned from his position as a member of the board of directors of the company on August 2, 2024, effective immediately.
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, thereunto duly authorized.
|
REEDS,
INC., |
|
a
Delaware corporation |
|
|
|
Dated:
August 6, 2024 |
By: |
/s/
Norman E. Snyder, Jr. |
|
|
Norman
E. Snyder, Jr., |
|
|
Chief
Executive Officer |
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