cbdMD closes $2.25M Series C convertible preferred stock private placement

cbdMD (YCBD) announced that it has entered into securities purchase agreements with institutional investors whereby company issued the investors an aggregate of 1M shares of Series C convertible preferred stock in consideration of gross proceeds to the company of $2.25M. The company intends to use the net proceeds of approximately $2.1M for working capital general corporate purposes and support ongoing strategic initiatives. The Series C shares have a 10% annual dividend and are convertible at the option of the holder into the company’s common stock at an initial conversion price of $2.25 per share, subject to certain anti-dilution protection provisions, with rights and preferences substantially the same as the company’s issued and outstanding Series B convertible preferred stock.