Form 8-K - Current report
January 08 2024 - 4:42PM
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0000890821
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2024-01-08
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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
January
8, 2024
Date
of Report (Date of earliest event reported)
Enveric
Biosciences, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-38286 |
|
95-4484725 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(I.R.S.
Employer
Identification
No.) |
Enveric
Biosciences, Inc.
4851
Tamiami Trail N, Suite 200
Naples,
FL 34103
(Address
of principal executive offices) (Zip code)
Registrant’s
telephone number, including area code: (239) 302-1707
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
$0.01 per share |
|
ENVB |
|
The Nasdaq Stock Market |
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
2.05 Costs Associated with Exit or Disposal Activities.
On
January 8, 2024, the Enveric Biosciences, Inc. (the “Company” or “Enveric”) committed
to a reduction in force (the “RIF”) that is expected to result in the termination of approximately seven positions,
representing approximately 50% of the Company’s global workforce. The Company took this step to decrease its costs and create a
more streamlined organization to support its business. In connection with the RIF, the Company currently estimates it will incur approximately
$40,000 of costs, consisting primarily of cash severance costs and transition support services for impacted employees, which the Company
expects to recognize in the first quarter of 2024. The Company expects to substantially complete the RIF by February 15, 2024. The estimates
of costs and expenses that the Company expects to incur in connection with the workforce reduction are subject to a number of assumptions
and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to events that may
occur as a result of, or that are associated with, the workforce reduction.
Forward-Looking
Statements
This
Current Report on Form 8-K contains forward-looking statements and forward-looking information within the meaning of applicable securities
laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be
forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking
terminology such as “plans,” expects” or “does not expect,” “proposed,” “is expected,”
“budgets,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates”
or “does not anticipate,” or “believes,” or variations of such words and phrases, or by the use of words or phrases
which state that certain actions, events or results may, could, would, or might occur or be achieved. Forward-looking statements may
include historical statements and statements regarding beliefs, plans, expectations, or intentions regarding the future and are based
on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ
materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the
ability of Enveric to: carry out successful clinical programs in Australia; achieve the value creation contemplated by technical developments;
avoid delays in planned clinical trials; establish that potential products are efficacious or safe in preclinical or clinical trials;
establish or maintain collaborations for the development of therapeutic candidates; obtain appropriate or necessary governmental approvals
to market potential products; obtain future funding for product development and working capital on commercially reasonable terms; scale-up
manufacture of product candidates; respond to changes in the size and nature of competitors; hire and retain key executives and scientists;
secure and enforce legal rights related to Enveric’s products, including patent protection; identify and pursue alternative routes
to capture value from its cannabinoid clinical development pipeline assets; continue as a going concern; manage its future growth effectively;
transition from third-party service providers supporting R&D efforts to internal science teams without any adverse impact on Enveric’s
ongoing and planned clinical trials; and achieve the intended benefits of its cost reduction plan efforts without negatively impacting
Enveric’s business operations and reputation.
A
discussion of these and other factors, including risks and uncertainties with respect to Enveric, is set forth in Enveric’s filings
with the Securities and Exchange Commission, including Enveric’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
Enveric disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.
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.
Date: January 8, 2024 |
ENVERIC BIOSCIENCES, INC. |
|
|
|
|
By: |
/s/ Joseph
Tucker |
|
|
Joseph Tucker |
|
|
Chief Executive Officer |
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Document Period End Date |
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|
Entity File Number |
001-38286
|
Entity Registrant Name |
Enveric
Biosciences, Inc.
|
Entity Central Index Key |
0000890821
|
Entity Tax Identification Number |
95-4484725
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
Enveric
Biosciences, Inc.
|
Entity Address, Address Line Two |
4851
Tamiami Trail N
|
Entity Address, Address Line Three |
Suite 200
|
Entity Address, City or Town |
Naples
|
Entity Address, State or Province |
FL
|
Entity Address, Postal Zip Code |
34103
|
City Area Code |
(239)
|
Local Phone Number |
302-1707
|
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Pre-commencement Issuer Tender Offer |
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Title of 12(b) Security |
Common stock, par value
$0.01 per share
|
Trading Symbol |
ENVB
|
Security Exchange Name |
NASDAQ
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