Form 8-K - Current report
October 19 2023 - 5:20PM
Edgar (US Regulatory)
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2023-10-19
2023-10-19
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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): October 19, 2023 (October 13, 2023)
EIGHTCO
HOLDINGS INC. |
(Exact
name of registrant as specified in its charter) |
Delaware |
|
001-41033 |
|
87-2755739 |
(State or other jurisdiction
|
|
(Commission |
|
(IRS Employer |
of incorporation) |
|
File Number) |
|
Identification No.) |
200
9th Avenue North, Suite
220
Safety
Harbor, Florida |
|
34695 |
(Address of principal executive
offices) |
|
(Zip Code) |
Registrant’s
telephone number, including area code: (888) 765-8933
(Former
name or former address, if changed since last report)
Not
Applicable
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):
|
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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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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☐ |
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, $0.001
par value |
|
OCTO |
|
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 2.05. Costs Associated with Exit or Disposal Activities.
On
October 13, 2023, Eightco
Holdings Inc. (the “Company”) committed to a plan of termination that resulted in a work force reduction of
6 employees in all areas of the organization. Affected employees will be eligible to receive severance payments. The Company will also
provide outplacement assistance. The Company is undertaking this workforce reduction to lower operating expenses and preserve capital
while continuing to focus on its Forever 8 business expansion. In addition to the workforce reduction, the Company’s CEO, CFO and
all directors have agreed to accrue all, or a portion, of their compensation until further notice.
As
a result of this reduction in force, the Company estimates that it will record a one-time charge of approximately $0.3
million in the fourth quarter of 2023. The charge
that the Company expects to incur in connection with the reduction in force is subject to a number of assumptions, and actual results
may differ. The Company may also incur other charges not currently contemplated due to events that may occur as a result of, or associated
with, the reduction in force.
Cautionary
Note Regarding Forward-Looking Statements
This
Current Report on Form 8-K (“Current Report”) contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views with respect to future events and financial
performance. All statements other than statements of historical fact, including, but not limited to, statements that address expectations
or projections about the future, and statements about our plans, strategies, adequacy of resources and future financial results (such
as revenue, gross profit, operating profit, cash flow), are forward-looking statements. Some of the forward-looking statements can be
identified by words like “anticipates,” “believes,” “expects,” “may,” “will,”
“can,” “could,” “should,” “intends,” “project,” “predict,” “plans,”
“estimates,” “goal,” “target,” “possible,” “potential,” “would,”
“seek,” and similar references to future periods. These statements are not guarantees of future performance and involve a
number of risks, uncertainties and assumptions that are difficult to predict. Because these forward-looking statements are based on estimates
and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control
or are subject to change, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking
statements. Important factors that could cause actual results to differ materially from these forward-looking statements include,
but not limited to: (i) the expected severance costs and related estimated severance-related charge; (ii) the timing of
the completion of the reduction in force; and (iii) the Company’s plans to focus its resources on the expansion
of Forever 8’s business plan. For a discussion of these risks and uncertainties, and other important factors, any of which could
cause the Company’s actual results to differ from those contained in the forward-looking statements, see the discussions of potential
risks, uncertainties and other important factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022,
and in subsequent filings with the Securities and Exchange Commission. Forward-looking statements in this Current Report are made as
of the date of this Current Report and the Company undertakes no duty to update any such statements unless 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: October 19, 2023 |
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Eightco Holdings Inc. |
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By: |
/s/ Brian McFadden |
|
Name: |
Brian McFadden |
|
Title: |
Chief Executive Officer |
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