Current Report Filing (8-k)
April 01 2021 - 8:31AM
Edgar (US Regulatory)
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): March 28, 2021
SUGARMADE,
INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
000-23446
|
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94-3008888
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(State
or other jurisdiction
of
incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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750
Royal Oaks Dr., Suite 108
Monrovia,
CA
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91016
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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: (888) 982-1628
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 (§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
8.01. Other Events.
On
March 28, 2021, Sugarmade, Inc. (the “Company”) entered into a letter of intent (the “LOI”) by and between
the Company and Lemon Glow Company (“Lemon Glow”). Under the terms of the LOI, the Company and Lemon Glow agreed to
enter into an acquisition agreement pursuant to which the Company would acquire Lemon Glow for a purchase price of $23,280,000,
$4,656,000 of which will be paid in cash and $18,624,000 of which will be paid in equity. Pursuant to the terms of the LOI, the
Company must pay $680,000 as an earnest money deposit. To date, the Company has paid Lemon Glow $400,000 of the earnest money
deposit.
Lemon
Glow is the owner of a 640 acre property located in Lake Country, California. Lemon Glow is in the process of improving 32 acres
of the 640 acres for use as a regulated cannabis cultivation site. The Company and Lemon Glow expect that the annual potential
cultivation yield at the property is approximately 4,000 pounds per acre of dry trimmed cannabis flower, although there can be
no assurance that the property will yield this amount or any at all.
The
LOI contemplates that the Company will conduct due diligence and that Lemon Glow will cooperate with the Company in its due diligence.
The LOI is valid for 30 days from March 28, 2021.
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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SUGARMADE,
INC.
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Date:
April 1, 2021
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By:
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/s/
Jimmy Chan
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Name:
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Jimmy
Chan
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Title:
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Chief
Executive Officer and Chief Financial Officer
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