Bonk, Inc 8-K, filed Feb 18, 2022
Bonk, Inc. (BNKK)
About this 8-K
Bonk, Inc filed this 8-K on February 18, 2022, reporting on events of February 17, 2022.
Items reported
- Item 1.02: Ended a material agreement
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| Item 1.02 | Termination of a Material Definitive Agreement. |
Termination of Next Frontier Pharmaceuticals Purchase Agreement
As previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on December 14, 2021, Jupiter Wellness, Inc. (the “Company”), entered into a Stock Purchase Agreement (the “Original Purchase Agreement”), which was later amended and restated (the “Purchase Agreement”), and reported in a Current Report on Form 8-K filed with the SEC on January 13, 2022 (the “January 13th Disclosure”), with Next Frontier Pharmaceuticals, Inc. (“Next Frontier Pharmaceuticals”), a Delaware corporation, and certain of its affiliates (the “Next Frontier Affiliates”, and together with “Next Frontier Pharmaceuticals”, the “Next Frontier Parties”), pursuant to which the Company planned to acquire Next Frontier Pharmaceuticals (the “Acquisition”).
The Purchase Agreement contained conditions to close that have not been met by the Next Frontier Parties, including delivery of financial statement. As such, on February 17, 2022, without consummating the Acquisition, Next Frontier Pharmaceuticals delivered to the Company a letter pursuant to which Next Frontier Pharmaceuticals terminated the Purchase Agreement (the “Termination Date”). In light of the aforementioned termination, the Company will not effectuate the Transactions, including the distribution of shares of SRM Entertainment LTD, a wholly-owned subsidiary of the Company, to the Company’s stockholders, as was contemplated in the Purchase Agreement and previously disclosed in the January 13th Disclosure.
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Purchase Agreement.
Next Frontier Outstanding Financial Obligations
As of the Termination Date, an indebtedness balance in an aggregate amount totaling $11.2 million, which was previously advanced by the Company to the Next Frontier Parties under those certain Secured Promissory Note, dated December 8, 2021 (the “December 2021 Note”), and Secured Promissory Note, dated January 7, 2022 (the “January 2022 Note”), is owed and outstanding. The December 2021 Note has a maturity date of June 8, 2022, and the January 2022 Note has a maturity date of July 7, 2022, or otherwise when due.
SIGNATURE
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: February 18, 2022
| JUPITER WELLNESS, INC. | ||
| By: | /s/ Brian John | |
| Brian John | ||
| Chief Executive Officer | ||