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Way outside of the grace period and not on the Expert Market. Other companies got moved on the 17th. There are likely extenuating circumstances that are keeping the SEC and OTC at bay but I can't imagine they allow much longer. Time to get this thing closed and disclosed!
You down with OWP?
Add the $400k commitment from Marley, the $500k commitment from Isiah, and who knows what other arrangements and we may have the cash portion of the acquisition. I imagine the bulk of the purchase price will be in equity shares.
Secured by assets? What assets? The only assets we know of are the assets held in the reorganization/bankruptcy they are currently in.
Maybe NEW assets? Is the acquisition already effectively done?
The pre-funded warrants are a risk to the lender as there is no guarantee the exercise price will be reached and the warrants could expire. We won't know the exercise price until the amended filing but it shows confidence from the lender. It also defers ownership so the lender can exceed the 10% ownership clause.
All looks good to me. A note also that all the previous loans with AJB capital were settled without default and without issuance of shares. The only shares converted were the commitment shares.
Yes, I'd say a nice little bridge loan and the fact that it was made to OWP while in bankruptcy proceedings, albeit reorganization, of their only functioning business I would say we are definitely about to get some good news here.
$OWPC Looks like we secured some bridge funding using the tried and true lenders:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001622244/000149315224015982/form8-k.htm
Item 1.01 Entry into a Material Definitive Agreement.
On April 19, 2024, One World Products, Inc. (the “Company”) completed the sale of a 12% convertible promissory note to each of (a) SDT Equities LLC, a Delaware limited liability company (“SDT”) in the principal amount of $1,300,000 and for a purchase price of $1,196,000, and (b) AJB Capital Investments LLC, a Delaware limited liability company (“AJB”, and together with SDT, the “Investors”) in the principal amount of $300,000 for a purchase price of $276,000 (collectively, the “Notes”) pursuant to Securities Purchase Agreements between the Company and the Investors, respectively (the “Purchase Agreements”). The transactions were effected pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) promulgated thereunder.
The Notes mature on January 19, 2025 (the “Maturity Date”) and bear interest at a rate of 12% per annum. Subject to certain adjustments and following an event of default only, the Notes are convertible into shares of the Company’s common stock at a conversion price equal to the lowest closing price (i) during the previous ten Trading Day (as defined in the Notes) period ending on the date of issuance of the Note, or (ii) during the previous ten Trading Day period ending on the Conversion Date (as defined in the Notes), whichever is lower. The Notes are also subject to covenants, events of default, penalties, default interest, and other terms and conditions customary in transactions of this nature.
Pursuant to the Purchase Agreement with SDT, SDT received a pre-funded warrant to purchase 8,666,667 shares of the Company’s common stock (the “Warrant”). The Warrant includes a make-whole provision, whereby, if SDT is unable to sell the Warrant Shares (as defined in the Warrant) for net proceeds equal to at least $520,000 (the “Make-Whole Amount”) within a certain timeframe, then the Company shall either (i) pay SDT in cash the difference between the Make-Whole Amount and the net proceeds that SDT actually received from the sale of the Warrant Shares or (ii) cause the issuance of additional pre-funded warrants to SDT for shares of common stock the sale of which would ultimately satisfy the Make-Whole Amount.
Pursuant to the Purchase Agreement with AJB, the Company paid a $120,000 commitment fee (the “Commitment Fee”) to AJB in form of 2,000,000 shares of the Company’s common stock (the “Commitment Fee Shares”). The Commitment Fee Shares were issued within five days of the execution of the Purchase Agreement with AJB. The Purchase Agreement with AJB includes a make-whole provision, whereby, if AJB is unable to sell the Commitment Fee Shares for net proceeds equal to at least the Commitment Fee, the Company shall cause the issuance of additional shares of common stock to AJB the sale of which would ultimately generate total net funds equal to the Commitment Fee. Moreover, the Company has an obligation to include the Commitment Fee Shares in a registration statement filed by the Company within ninety days after the effective date of the Purchase Agreement with AJB.
The obligations of the Company to the Investors under the Notes, the Purchase Agreements, and any other Transaction Documents (as defined in the Security Agreements mentioned below) are secured by liens on the Company’s assets pursuant to Security Agreements between the Company and the Investors, respectively.
The information set forth above is qualified in its entirety by reference to the actual terms of the Notes, the Warrant, the Purchase Agreements, and the Security Agreements, which will be filed as Exhibits 4.1, 4.2, 4.3, 10.1, 10.2, 10.3, and 10.4, respectively, to this Current Report on Form 8-K, in an amendment and which will be incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 is incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities.
The information set forth under Item 1.01 is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit 4.1 Promissory Note of One World Products, Inc. in the principal amount of $1,300,000 issued to SDT Equities LLC, dated April 19, 2024.*
Exhibit 4.2 Promissory Note of One World Products, Inc. in the principal amount of $300,000 issued to AJB Capital Investments LLC, dated April 19, 2024.*
Exhibit 4.3 Pre-Funded Common Stock Purchase Warrant of One World Products, Inc. for the purchase of 8,666,667 shares of common stock, issued to SDT Equities LLC, dated April 19, 2024.*
Exhibit 10.1 Securities Purchase Agreement, dated April 19, 2024, between One World Products, Inc. and SDT Equities LLC.*
Exhibit 10.2 Securities Purchase Agreement, dated April 19, 2024, between One World Products, Inc. and AJB Capital Investments LLC.*
Exhibit 10.3 Security Agreement, dated April 19, 2024, between One World Products, Inc. and SDT Equities LLC.*
Exhibit 10.4 Security Agreement, dated April 19, 2024, between One World Products, Inc. and AJB Capital Investments LLC.*
*To be filed by amendment.
What evidence do you have that “we are close to … a lot of good things come to fruition”? Been hearing that we are close for a very long time, that it’s about to happen but then nothing.
Haha. I hope not. I really believe we are close to hearing and seeing a lot of good things come to fruition for this company but they are really bad at keeping shareholders in the loop.
I'll check back in a couple years...lol
According to Isiahs shareholder letter in June of last year, we are currently in a “transformational” period with this company. Don’t worry, we should be getting another shareholder letter soon in which he says their was a typo and he meant next next year.
Sello I've been out of the loop for a while. Are they finally about ready to get this started? This has been a marathon even before the race has started.
Agree, Timmy Woods blows. Guys, I hope we hear about this subsidiary soon that they said would be acquired in 4-6 weeks. Maybe they meant 4-6 months. They sure are horrible with hitting targets. I feel like Gene Hackmans character in Enemy of the State when he is talking to Will Smith in the van before Will Smith goes into the restaurant where the Mob members are. He says something like- you are either incredibly smart or incredibly stupid. Hoping me holding on to nearly 500,000 shares isn’t incredibly stupid but it sure does feel that way sometimes with this company’s lack of communication and hitting timelines and targets they say.
Yes. You’re right
Isn't it just 250,000? The same number of shares reported last week as compensation to Joerg Sommer?
Yeah been waiting and holding for years for this to get going…. Come on Isaiah make something happen!!!
Great work Sello…can’t wait for this thing to get rolling
Moldmaster SAS is now listed at the same address as Cannabis Company Group. I'm sure it's just a coincidence that an injection molding company, now advertising for bioplastics, is at the same location as what appears to be OWP's target acquisition.
Still a whole lot of shares unaccounted for. From what I can see they wiped out the majority if not all of the debt here. Even McCabes $750k can be justified with the form 4's. That is all before another 15 million was added over the last two weeks with no filing yet to justify the shares. They stated on an S-1, which is not a place to make shit up, that they were in the process of an acquisition. These can't be S-1 shares as they are to be free and clear, not restricted. Did they just sell some for acquisition funding. New ownership shares? It would be nice to get a little clarification of what is going on.
NT 10-K, unfortunately not a surprise for this company. Get your shit together and act like a real freaking company for once and file shit on time and hit deadlines and events you announce!
Or maybe the agreement was for Marley to acquire $400k of stock via open market purchases - I wouldn't argue against that.
7m shares current value is in the ballpark of the $400k to be invested by Marley, so maybe that.
Let's see what these were for. That last round should have wiped out most of the debt. More than ready for this merger to get done!
I got my pro-11. I don't have a lot of experience with muscle rubs but have used prescription lidocaine patches and this seemed comparable to those. Not that I think this product is going to their primary source by any means, but it is good to see a solid, seemingly effective product. Shipping was 6 days.
All well and good to have the ability to purchase the production machines but where are the contracts to provide the products? What is the timeframe to see a revenue stream? So far, OWPC has been lackluster and a pretty bad investment. Really need more positive news.
Nice news!
LAS VEGAS, NV, March 25, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- One World Products, Inc. ("OWP") (OTCQB: OWPC), a trailblazer in hemp and cannabis production, proudly announces an exclusive agreement with Procepack Corp., the acclaimed global leader in packaging line and automated integration equipment. This agreement grants OWP the perpetual exclusive rights to purchase advanced PreRoll-Er™ fully automated pre-roll filler systems within Colombia, contingent on meeting production volume targets and future equipment acquisitions.
The PreRoll-Er™ 400 system is a testament to efficiency, capable of producing up to 2,200 pre-roll products per hour – that's 17.6K daily, approximately 370K monthly, and over 4.5 million annually, with a complete packaging solution included. This marks a significant advancement in OWP's production capabilities and positions the company to scale its operations to unprecedented levels.
Under the terms of the agreement, effective February 26, 2024, Procepack will support OWP's expansion in the expanding global cannabis market by ensuring access to cutting-edge technology that streamlines the production process. Procepack, known for its robust portfolio of innovative machinery brings expertise in labelers, cappers, liquid fillers, and other complementary machines, all made in their Quebec factory.
Isiah Thomas, CEO and Chairman of One World Products, expressed his enthusiasm: "Partnering with PreRoll-Er™ represents a significant leap forward for OWP in our production technology. The model 400 system will dramatically enhance our efficiency and output, helping us keep pace with the growing demand for our products. This agreement not only demonstrates our mutual commitment but also solidifies OWP’s foothold as an industry powerhouse.”
Francis Bouchard, Marketing Director of PreRoll-Er™, explained: “Partnering with OWP will help us open a brand-new market for our machines. As the world's largest cannabis producer, Colombia is a very interesting market for us, and we’re excited to start this journey with a solid partner like One World Products.”
The pre-roll market has shown remarkable growth in both the US and Canada, a trend that is expected to reflect globally. As the third most popular cannabis product category in the US and the second in Canada, pre-rolls have seen a 13.4% growth in the US and a substantial 36.5% growth in Canada. This surge indicates a flourishing market with vast global potential, positioning OWP favorably in its strategic expansion to meet the rising international demand.
About Procepack Corp.
Procepack is a premier manufacturer and integrator, providing packaging solutions to the food, pharmaceutical, cosmetics, and chemical industries. With a commitment to excellence and growth, Procepack offers unmatched after-sales support and repurchase options for old machinery, reinforcing their clients' development. PreRoll-Er is a trademark by Procepack Corp. for the cannabis industry.
For more information, please visit https://preroll-er.com/.
About One World Products, Inc. (OTCQB: OWPC)
One World Products is a fully licensed hemp and cannabis producer with offices in Las Vegas, Nevada, and offices and operations in Bogota and Popayan, Colombia. One World Products planted its first crop of cannabis in 2018 at its cultivation site in Popayan, Colombia, and began harvesting commercially in the first quarter of 2020.
For more information, please visit https://oneworldproducts.com/. #HempIsTheNewPlastic (TM)
Forward-Looking Statements:
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at www.sec.gov.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.
Investor Contact:
ClearThink IR
bloper@clearthink.capital
602-785-4120
Source: One World Products, Inc.
Outstanding Shares
99,871,849
03/25/2024
Would like to find out more about this in the near future:
• Established NDAs with two of the world's largest technology and online shipping companies to explore industrial hemp application packaging to reduce deforestation and help them achieve their Paris Climate Agreement commitment by 2030.
I sure hope they have an actual business plan with real products and revenue. Reselling hemp CBD cream that you can already buy everywhere is a failure. KX already sells the exact same product on their website but it’s $65 not $85. So they changed the label for OWPC and are reselling the same product towards athletes. If you read the ‘Pro-11’ certificate of analysis, it’s literally the KX CBD pain balm they already sell. This continues to look like a scam, but I definitely hope I’m wrong for everyone’s sake.
Thanks, I hadn't been keeping up that closely. All sounds much better than most. I hope I have identified this incoming company correctly because if it is who I think it is we are going to have a major revaluation here.
All but a few restricted
Outstanding Shares
92,871,849
Agree brethren… this company has been very disappointing but time will tell if the wait is worth it
Hopefully, they have a marketing and advertising effort to drive people to the web site and actually purchase plus a distribution plan to get shelf space at locations. Simply having a web site will not make a success.
Pro11 website now says under 4 hours left until product launch! Everyone set your alarm clocks for 2:00 am EST! This is exciting! Thanks Zeke!
Andres Mauricio Velasquez De Los Rio - Supervisor of Production for OWP
“When are they going to pay us the salaries that are owed to former employees in Colombia”
A comment he made recently on LinkedIn to a post by OWPC about Pro11 CBD
Yikes!
Agreed, do like Isiahs connections in the world of sports though. His champagne business is also deeply entrenched in the NBA as well. I believe dominoes are about to fall sooner rather than later here. Just want the announcements and revenue to start rolling in here. This company is long overdue to produce some tangible results and I believe these are on the horizon. Don’t like the press releases that say they are going to do something specific at a specific time and then we continue to wait. Mickey Mouse bullshit and really unprofessional. Embarrassing actually.
Pretty crappy start so far product launches and the site doesn’t change. Concerning…
One more CBD muscle rub on the market already saturated with products is no game changer here. Isaiah has to come up with something more otherwise it is just another long slog barely keeping the doors open.
Was going to order some today. PR says it would be available today via the website. Hope it is later tonight
Pro-11 offers a harmonious blend of nature's best, backed by the trusted quality of One World Products. Pro-11 muscle rub will be available Direct-to-Consumer via pro11athletics.com starting March 15, 2024 and is expected to arrive in select retail locations later in the year.
8 pm last night.
Yep I saw they reset it twice. Hoping they don’t keep resetting it but with this company I wouldn’t be shocked with their track record. of pushing things back. Who knows we might be waiting until Memorial Day!
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