Current Report Filing (8-k)
December 08 2021 - 4:16PM
Edgar (US Regulatory)
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2021-12-05
2021-12-05
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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): December 5, 2021
QSAM
BIOSCIENCES, INC.
(Exact
name of registrant as specified in its charter)
Delaware
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000-55148
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20-1602779
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(State
or other jurisdiction
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(Commission
File
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(IRS
Employer
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of
incorporation)
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Number)
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Identification
Number)
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9442
Capital of Texas Hwy N, Plaza 1, Suite 500
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78759
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code
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(512)
343-4558
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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 (see General Instruction A.2. below):
☐
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class
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Trading
Symbol(s)
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Name
of each exchange on which registered
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N/A
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N/A
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N/A
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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
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
Appointment
of Interim Chief Financial Officer
Effective
December 6, 2021, QSAM Biosciences, Inc. (the “Company”) appointed Adam King as interim Chief Financial Officer. Mr. King
has joined the Company as an independent contractor on part-time basis and will be providing the Company accounting and financial advisory
services including preparation and signing of the Company’s periodic and annual reports.
Mr.
King, age 36, is the founder and CEO of King Consulting Group, where he provides a range of financial and reporting services for clients
that include Vice President of Finance for large private equity-backed international companies to CFO of small start-ups. Before founding
King Consulting Group in January 2021, Mr. King was the CFO for Netsertive, a venture-backed digital marketing company in Research Triangle
Park, North Carolina. From 2016 to 2018, he was the Office Managing Audit Director for BDO’s Greenville, SC office, in addition
to Audit Director in Raleigh, NC, and Boston. While at BDO, Mr. King worked with various clients, from Tech and Life Science start-ups
to large billion-dollar publicly traded companies. Before his time at BDO, he served as the Director of Revenue Assurance and Internal
Controls at Bandwidth.com and an Audit Manager at Ernst & Young. Mr. King holds a Bachelor of Science in Accounting from Elon University
and is a CPA in Raleigh, NC.
Mr.
King is not related to any of the existing officers or directors of the Company.
Item
3.02 Unregistered Sales of Equity Securities
On
December 5, 2021, the Company closed a convertible note offering to eight accredited investors, pursuant to which the Company raised
an aggregate of $605,000 (the “Notes”). The Notes mature on December 31, 2023 and are convertible into shares of common stock
of the Company in the event of future equity financing of $5 million or greater, NASDAQ uplisting, or at the discretion of the noteholders,
at a conversion price of $0.20 per share. The obligations under the Notes are unsecured. The Company has agreed to pay simple interest
at the rate of 6% per annum on the outstanding amount of the Notes until fully repaid or converted. In connection with the Notes offering,
the Company issued 1,008,334 warrants to the noteholders, with each warrant convertible into one share of common stock at an exercise
price of $0.60 per share beginning from the date of the warrant until October 31, 2022. The outstanding principal balance of the Notes
as of December 6, 2021 was $605,000.
The
Notes were not registered under the Securities Act of 1933, as amended, but were issued in reliance on an exemption from registration
set forth in Section 4(a)(2) of the Securities Act and/or Regulation D thereunder.
The terms of the Notes, Purchase Agreement and Warrants are a summary and
are fully qualified by the forms of Convertible Note, Note Purchase Agreement, and Warrant issued in connection with this offering and
attached hereto as Exhibit 10.1, 10.2 and 10.3 respectively.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
Signatures
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.
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QSAM
Biosciences, Inc.
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By:
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/s/
Christopher Nelson
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Christopher
Nelson
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General
Counsel
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Date:
December 8, 2021
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