Lftd Partners Inc 8-K, filed Apr 16, 2025
Lftd Partners Inc. (LIFD)
About this 8-K
Lftd Partners Inc filed this 8-K on April 16, 2025, reporting on events of April 11, 2025.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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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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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 8 - Other Events
Item 8.01 Other Events.
On April 11, 2025, LFTD Partners Inc. (“LIFD”) formally notified the counterparties to the following Letters of Intent, each dated as of February 19, 2025, that such Letters of Intent have been terminated, effective immediately:
1.Letter of Intent – Sustainable Innovations Inc. and Marijuana Subsidiaries
2.Letter of Intent – TMD Ventures, LLC
3.Letter of Intent – Sustainable Properties, LLC and Affiliates
4.Letter of Intent – Sustainable Growers, LLC and Affiliates
5.Letter of Intent – Boards of Directors and Executives
After extensive review and negotiations, LIFD determined that the conditions, expectations, and objectives underlying the Letters of Intent could not reasonably be satisfied on acceptable terms. As a result, LIFD has elected to terminate all such Letters of Intent in accordance with their respective termination provisions.
The termination applies to all related transactions and agreements contemplated under the aforementioned Letters of Intent, which are now considered null and void with no further force or effect. LIFD will not proceed with any of the transactions contemplated by the terminated Letters of Intent.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
Exhibit 99.1 |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
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| /s/ Gerard M. Jacobs |
| Gerard M. Jacobs |
| Chief Executive Officer |
Dated: April 15, 2025
1
LFTD PARTNERS INC.
April 11, 2025
Via Email
John Murray (jmurray@sustaininnovate.com) Erik Carlson at (ecarlson@sustaininnovate.com)
John and Erik,
Reference is hereby made to the following Letters of Intent (the "Letters of Intent"): (1) Letter of Intent - SI and Marijuana Subsidiaries dated as of February 19, 2025, by and among LIFO, Lifted, Gerard M. Jacobs ("GMJ"), Nicholas S. Warrender ("NSW"), William C. Jacobs ("WCJ"), Sustainable Innovations Inc. ("SI"), Sustainable Craft Grow #1, LLC, Sustainable Transporter #1, LLC, Sustainable Transporter #2, LLC, Illinois Kindness Four, LLC, L. John Murray ("JM"), and Erik Carlson ("EC"); (2) Letter of Intent - TMD dated as of February 19, 2025, by and among LIFO, Lifted, GMJ, NSW, WCJ, SI, TMD Ventures, LLC, JM, Karim "Joe" Murray, and EC; (3) Letter of Intent - Real Estate Companies dated as of February 19, 2025, by and among LIFO, Lifted, GMJ, NSW, WCJ, Sustainable Properties, LLC, 1221Research Parkway, LLC, 2422 N. Main, LLC, JM, Joshua Gillan and EC; (4) Letter of Intent - Hemp and Retail dated as of February 19, 2025, by and among LIFO, Lifted, GMJ, NSW, WCJ, Sustainable Growers, LLC, Sustainable Innovations Development Company, LLC, Buckbee Seed Co., LLC, Buckbee Seed Company, LLC, SEED II, Downtown Rockford Restaurant, LLC, Northtown Restaurant, LLC, JM and EC; and (5) Letter of Intent - Boards of Directors and Executives dated as of February 19, 2025, by and among LIFO, Lifted, GMJ, NSW, WCJ, JM and EC.
In the course of our ongoing review and negotiations, we have concluded in good faith that the conditions, expectations, and objectives underlying the Letters of Intent cannot reasonably be satisfied on acceptable terms. Consequently, LIFO hereby formally notifies each of you and your affiliates that the Letters of Intent are hereby terminated, effective immediately. Please be advised that LIFO considers the Letters of Intent null and void as of the date of this letter, with no further force or effect, and that LIFO will not proceed with any of the transactions contemplated by the Letters of Intent. Nothing herein shall be deemed a waiver of any rights, remedies, or claims that LIFO or its affiliates may have at law or in equity.
Sincerely,
LFTD Partners Inc.
By/s/ Gerard M. Jacobs
Gerard M. Jacobs, Chairman and CEO