UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
Current Report
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Item 1.01. Entry into a Material Definitive Agreement.
The information set forth under Item 2.03, “Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant,” is 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.
Beginning on January 8, 2024, Stryve Foods, Inc. (the “Company”) entered into a First Amendment to the Promissory Notes dated as of April 19, 2023 (the “Amendments”) with the holders (the “Lenders”) of $2.6 million in aggregate principal amount of the Company’s outstanding $4.1 million in aggregate principal amount of secured promissory notes (the “Notes”). The Amendments extend the maturity date of the Notes from December 31, 2023 to the earlier of (i) December 31, 2024, or (ii) the closing of the next sale or series of related sales by the Company of its equity securities from which the Company receives gross proceeds of not less than $3.0 million, excluding proceeds from the warrants held by the Lenders and any at the market equity facility. As consideration for the Lenders’ entry into the Amendments, the Company reduced the exercise price on the outstanding warrants issued to each of the Lenders in April 2023 from $7.701 per split-adjusted share to $2.75 per split-adjusted share. The Company is in discussions with the holder of the remaining $1.5 million in aggregate principal amount of the Notes. The Amendments entered into with the Lenders provide that the Lenders shall be offered the option to further amend their Notes to include any more favorable terms entered into with to such holders.
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.
Dated: January 12, 2024
| STRYVE FOODS, INC. | ||
| By: | /s/ R. Alex Hawkins | |
| Name: | R. Alex Hawkins | |
| Title: | Chief Financial Officer | |