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Blum Holdings, Inc. – ‘8-K12G3’ for 1/11/24

On:  Tuesday, 1/16/24, at 4:05pm ET   ·   For:  1/11/24   ·   Accession #:  1477932-24-196   ·   File #:  0-56626

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/16/24  Blum Holdings, Inc.               8-K12G3:1,2 1/11/24   18:470K                                   Discount Edgar/FA

Notice of Securities Deemed to be Registered by a Successor Issuer   —   Form 8-K   —   § 12(g) – SEA’34

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K12G3     Notice of Securities Deemed to be Registered by a   HTML     60K 
                Successor Issuer                                                 
 2: EX-3.1      Amended and Restated Certificate of Incorporation   HTML     34K 
 3: EX-3.2      Certificate of Designation of Series V Preferred    HTML     35K 
                Stock                                                            
 4: EX-3.3      Certificate of Designation of Series N Preferred    HTML     29K 
                Stock                                                            
 5: EX-3.4      Amended and Restated Bylaws                         HTML    118K 
 6: EX-99.1     Press Release                                       HTML     13K 
 7: EX-99.2     Press Release                                       HTML     11K 
13: R1          Cover                                               HTML     45K 
16: XML         IDEA XML File -- Filing Summary                      XML     14K 
14: XML         XBRL Instance -- blum_8k12g3_htm                     XML     16K 
15: EXCEL       IDEA Workbook of Financial Report Info              XLSX      8K 
10: EX-101.CAL  XBRL Calculations -- blum-20240111_cal               XML      9K 
12: EX-101.DEF  XBRL Definitions -- blum-20240111_def                XML     12K 
 9: EX-101.LAB  XBRL Labels -- blum-20240111_lab                     XML     44K 
11: EX-101.PRE  XBRL Presentations -- blum-20240111_pre              XML     30K 
 8: EX-101.SCH  XBRL Schema -- blum-20240111                         XSD     20K 
17: JSON        XBRL Instance as JSON Data -- MetaLinks               11±    18K 
18: ZIP         XBRL Zipped Folder -- 0001477932-24-000196-xbrl      Zip     82K 


‘8-K12G3’   —   Notice of Securities Deemed to be Registered by a Successor Issuer


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 iX:   C: 
 i 0001996210 i false i --12-3100019962102024-01-112024-01-11iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM  i 8-K12G3

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  i January 11, 2024

 

 i BLUM HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

 i Delaware

 

 i 000-54258

 

 i 93-3735199

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

 i 3242 S. Halladay St.,  i Suite 202

 i Santa Ana,  i California

 

 i 92705

(Address of principal executive offices)

 

(Zip Code)

 

( i 888)  i 909-5564

Registrant’s telephone number, including area code:

 

Not Applicable

(Former name or former address, if changed since last report)

 

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:

 

 i 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 i 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 i 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 i 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  i 

 

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement.

 

In connection with the Reorganization, Blüm assumed the Incentive Plans, each UNRV Note and each UNRV Warrant (each as defined below), the description of which is included in Item 2.01 below and is incorporated herein by reference.

 

Item 2.01 Completion of Acquisition or Disposition of Assets.

 

On January 12, 2024, Unrivaled Brands, Inc., a Nevada corporation (“UNRV”) completed its previously announced reorganization merger pursuant to an Agreement and Plan of Merger, dated October 9, 2023 (the “Reorganization Agreement”), by and among UNRV, Blum Holdings, Inc., a Delaware corporation (“Blüm”), and Blum Merger Sub, Inc., a Nevada corporation and, as of immediately prior to the consummation of such merger, a wholly-owned subsidiary of Blüm (“Merger Sub”). The Reorganization Agreement provided for the merger of UNRV and Merger Sub, with UNRV surviving the merger as a wholly owned subsidiary of Blüm (the “Reorganization”). The Reorganization Agreement was approved and adopted by the stockholders of UNRV at its annual meeting of stockholders held on December 5, 2023.

 

At the effective time of the Reorganization, all of the issued and outstanding shares of UNRV’s common stock, par value $0.001 per share (“UNRV Common Stock”) were converted automatically on a one-for-one basis into shares of Blüm’s common stock, par value $0.001 per share (“Blüm Common Stock”), and all of the issued and outstanding shares of UNRV’s classes of preferred stock, par value $0.001 per share (“UNRV Preferred Stock”), were converted automatically on a one-for-one basis into shares of Blüm’s respective classes of preferred stock, par value $0.001 per share (“Blüm Preferred Stock”).

 

In connection with the Reorganization, Blüm assumed (a) the Terra Tech Corp. 2016 Equity Incentive Plan (the “2016 Plan”), (b) the Terra Tech Corp. Amended and Restated 2018 Equity Incentive Plan (as amended, the “2018 Plan”), and (c) the UMBRLA, Inc. 2019 Equity Incentive Plan (as amended, the UMBRLA Plan,” and together with the 2016 Plan and the 2018 Plan, the “Incentive Plans”). Blüm also assumed all options to purchase shares of UNRV Common Stock that were outstanding under the Incentive Plans at the time of the Reorganization. The reserve of UNRV Common Stock under the Incentive Plans was automatically converted on a one-share-for-one-share basis into shares of Blüm Common Stock. The terms and conditions that were in effect immediately prior to the Reorganization under each outstanding equity award assumed by Blüm will continue in full force and effect after the Reorganization, except that the shares of common stock issuable under each such award will be shares of Blüm Common Stock. The foregoing description of the Incentive Plans is not complete and is qualified in its entirety by reference to the 2016 Plan, the 2018 Plan and the UMBRLA Plan, copies of which are filed as Exhibits 10.1, 10.2 and 10.3 hereto, respectively, and incorporated by reference herein.

 

At the effective time of the Reorganization, (i) each outstanding convertible promissory note (a “UNRV Note”) convertible into shares of UNRV Common Stock automatically converted into a convertible promissory note convertible into shares of Blüm Common Stock (a “Blüm Note”) and (ii) each outstanding warrant to purchase shares of UNRV Common Stock (a “UNRV Warrant”) automatically converted into a warrant to purchase shares of Blüm Common Stock (a “Blüm Warrant”). Each Blüm Note is subject to terms and conditions consistent with the applicable UNRV Note as in effect immediately prior to the effective time, a description of which is included in “Proposal 1. Reorganization – Description of the Company’s Capital Stock – Convertible Notes” of the joint proxy statement/prospectus of Blüm and UNRV (the “Joint Proxy Statement/Prospectus”) filed by Blüm with the Securities and Exchange Commission (the “SEC”) on October 23, 2023 and is incorporated by reference herein. Each Blüm Warrant is subject to terms and conditions consistent with the applicable UNRV Warrant as in effect immediately prior to the effective time, a description of which is included in “Proposal 1. Reorganization – Description of the Company’s Capital Stock – Warrants” of the Joint Proxy Statement/Prospectus and is incorporated by reference herein. The foregoing description is not complete and is qualified in its entirety by reference to the forms of warrants, copies of which are filed as Exhibits 4.1, 4.2, 4.3 and 4.4 hereto and incorporated herein by reference.

 

 
2

 

 

For a period of twenty (20) business days following the Reorganization, the shares of Blüm Common Stock will trade on the OTCQB tier of the OTC Markets under the symbol “UNRVD.” Thereafter, UNRV expects that the shares of Blüm Common Stock will trade under the symbol “BLMH.”  The CUSIP number for the Blüm Common Stock is 09642F101

 

The directors and executive officers of Blüm immediately following the Reorganization are the same individuals who were directors and executive officers, respectively, of UNRV immediately prior to the Reorganization.

 

Upon completion of the Reorganization, Blüm Common Stock was deemed to be registered under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to Rule 12g-3(a) promulgated thereunder. For purposes of Rule 12g-3(a), Blüm is the successor issuer to UNRV.

 

The foregoing description of the terms of the Reorganization Agreement is not complete and is qualified in its entirety by reference to the Reorganization Agreement, a copy of which is included as Exhibit 2.1 and incorporated by reference herein.  

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

At the effective time of the Reorganization, Blüm assumed all outstanding promissory notes of UNRV.

 

Item 3.03. Material Modification to Rights of Security Holdings.

 

As a result of the Reorganization, stockholders of UNRV became stockholders of Blüm, and the rights of such stockholders are now defined by the Delaware General Corporation Law, the Amended and Restated Certificate of Incorporation of Blüm (the “Certificate of Incorporation”), the Certificate of Designation of Series V Preferred Stock of  Blüm (the “Series V Certificate”), the Certificate of Designation of Series N Preferred Stock of Blüm (the Series N Certificate,” and together with the Series V Certificate and the Certificate of Incorporation, the “Charter”) and the Amended and Restated Bylaws of Blüm (the “Bylaws”).  A description of the comparative rights of the holders of Blüm capital stock and the holders of UNRV capital stock is included in the “Proposal 1. Reorganization” section of the Joint Proxy Statement/Prospectus, which description is incorporated by reference herein. Such description is not complete and is qualified in its entirety by reference to the Certificate of Incorporation, the Series V Certificate, the Series N Certificate and the Bylaws of Blüm, copies of which are filed as Exhibits 3.1, 3.2, 3.3 and 3.4 hereto, respectively, and incorporated by reference herein.

 

Item 5.01. Change in Control of Registrant.

 

The information set forth under Item 2.01 of this Current Report on Form 8-K is incorporated into this Item 5.01 by reference.

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

The directors of Blüm are the same as the directors of UNRV immediately prior to the Reorganization. Such directors and their current committee positions are listed below. Biographical information about the Blüm directors is included under “Proposal 3. Election of Directors – Information Concerning Nominees for Directors” of the Joint Proxy Statement/Prospectus, which description is incorporated by reference herein. Information regarding transactions with related persons, including the directors, is set forth under “Proposal 3. Election of Directors – Board of Directors and Committees – Certain Relationships and Related Transactions” of the Joint Proxy Statement/Prospectus, which description is incorporated by reference herein.  

 

 
3

 

 

Board and Committees

 

Director

 

Age

 

 

Audit

 

Compensation

 

Nominating

 

Sabas Carrillo

 

 

46

 

 

 

 

 

 

 

 

Matthew Barron

 

 

39

 

 

X

 

X

 

X

 

James Miller

 

 

63

 

 

 

 

 

 

 

 

 

The executive officers of Blüm are the same as the executive officers of UNRV immediately prior to the Reorganization. Such executive officers and their current positions are listed below. Information about the Blüm executive officers is included under “Executive Officers – Information Concerning Executive Officers” and “Executive Compensation - Employment Contracts, Termination of Employment, and Change-in-Control Arrangements” of the Joint Proxy Statement/Prospectus, which description is incorporated by reference herein. Information regarding transactions with related persons, including the executive officers, is set forth under “Proposal 3. Election of Directors – Board of Directors and Committees – Certain Relationships and Related Transactions” of the Joint Proxy Statement/Prospectus, which description is incorporated by reference herein.

 

Executive Officer  

 

Age  

 

 

Present Position

Patty Chan

 

 

36

 

 

Chief Financial Officer

Christopher Rivera  

 

 

45

 

 

Interim Chief Financial Officer

Sabas Carrillo

 

 

46

 

 

Chief Executive Officer, Chairman of Board of Directors

 

In connection with the Reorganization, Blüm assumed the Incentive Plans, a description of which is included in “Executive Compensation – Equity Compensation Plan Information” of the Joint Proxy Statement/Prospectus and is incorporated by reference herein.

 

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

On January 11, 2024, Blüm amended and restated its Charter and Bylaws in connection with the closing of the Reorganization.  The description of Blüm’s Charter and Bylaws included in Item 3.03 above is incorporated herein by reference. The foregoing description of the terms of the Charter and Bylaws is not complete and is qualified in its entirety by reference to such documents, copies of which are filed as Exhibits 3.1, 3.2, 3.3 and 3.4 hereto, and incorporated by reference herein.

 

Item 7.01. Regulation FD Disclosure.

 

On January 16, 2024, UNRV issued a press release relating to the consummation of the Reorganization, and Blüm issued a press release relating to the symbol change resulting from the reverse stock split and subsequent Reorganization. Copies of the press releases are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

 

The information provided under this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing.

 

Item 8.01. Other Events.

 

At the effective time of the Reorganization, Blüm became the successor issuer to UNRV pursuant to Rule 12g-3(a) under the Exchange Act. Pursuant to Rule 12g-3(a) under the Exchange Act, shares of Blüm Common Stock, as the common stock of the successor issuer, are deemed registered under Section 12(g) of the Exchange Act. As a result, future filings with the SEC will be filed by Blüm under CIK No. 1996210.

 

 
4

 

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number 

 

Description

2.1

 

Agreement and Plan of Merger, dated as of October 9, 2023, by and among Unrivaled Brands, Inc., Blum Holdings, Inc., and Blum Merger Sub, Inc. (incorporated by reference to exhibit 2.1 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on October 10, 2023).

3.1

 

Amended and Restated Certificate of Incorporation of Blum Holdings, Inc., a Delaware corporation, effective January 11, 2024. 

3.2

 

Certificate of Designation of Series V Preferred Stock of Blum Holdings, Inc., a Delaware corporation, effective January 11, 2024.

3.3

 

Certificate of Designation of Series N Preferred Stock of Blum Holdings, Inc., a Delaware corporation, effective January 11, 2024.

3.4

 

Amended and Restated Bylaws of Blum Holdings, Inc., a Delaware corporation, dated January 11, 2024.

4.1

 

Form of Common Stock Purchase Warrant (incorporated by reference to exhibit 4.3 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on January 25, 2021).

4.2

 

Form of Common Stock Purchase Warrant (“A Warrant”) (incorporated by reference to exhibit 4.5 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on January 25, 2021).

4.3

 

Form of Common Stock Purchase Warrant (“B Warrant”) (incorporated by reference to exhibit 4.6 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on January 25, 2021).

4.4

 

Common Stock Purchase Warrant (incorporated by reference to exhibit 4.12 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on March 30, 2021).

10.1†

 

2016 Equity Incentive Plan (incorporated by reference to exhibit 10.23 of Annual Report on Form 10-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on March 29, 2016).

10.2†

 

Form of Terra Tech Corp. Amended and Restated 2018 Equity Incentive Plan (incorporated by reference to exhibit 10.1 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on June 26, 2019).

10.2(a) †

 

Amendment to Terra Tech Corp. Amended and Restated 2018 Equity Incentive Plan, dated as of February 14, 2020 (incorporated by reference to exhibit 10.5 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on February 18, 2020).

10.3†

 

2019 Equity Incentive Plan of UMBRLA, Inc. (incorporated by reference to exhibit 10.22 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on August 16, 2021).

10.3(a) †

 

Amendment to 2019 Equity Incentive Plan of UMBRLA, Inc., dated March 1, 2020 (incorporated by reference to exhibit 10.23 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on August 16, 2021).

10.3(b) †

 

Amendment to 2019 Equity Inventive Plan of UMBRLA, Inc., dated October 22, 2020 (incorporated by reference to exhibit 10.24 of Current Report on Form 8-K filed by Unrivaled Brands, Inc. (File No. 000-54258) with the SEC on August 16, 2021).

99.1  

 

Press release dated January 16, 2024

99.2

 

Press release dated January 16, 2024

104  

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)  

 

† Indicates a management contract or compensatory plan or arrangement.

 

 
5

 

 

SIGNATURES

 

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.

 

BLUM HOLDINGS, INC.

 

 

 

 

 

Date: January 16, 2024

By:

/s/ Sabas Carrillo

 

 

 

Sabas Carrillo

Chief Executive Officer  

 

  

 
6

 


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K12G3’ Filing    Date    Other Filings
Filed on:1/16/24
1/12/24
For Period end:1/11/24
12/5/23
10/23/23424B3,  EFFECT
10/9/23
 List all Filings 


4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 1/16/24  Unrivaled Brands, Inc.            S-8 POS     1/16/24    3:81K                                    Discount Edgar/FA
 1/16/24  Unrivaled Brands, Inc.            S-8 POS     1/16/24    3:81K                                    Discount Edgar/FA
 1/16/24  Unrivaled Brands, Inc.            S-8 POS     1/16/24    3:81K                                    Discount Edgar/FA
 1/16/24  Unrivaled Brands, Inc.            S-8 POS     1/16/24    3:81K                                    Discount Edgar/FA


7 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/10/23  Unrivaled Brands, Inc.            8-K:1,5,9  10/09/23   14:269K                                   Discount Edgar/FA
 8/16/21  Unrivaled Brands, Inc.            10-Q        6/30/21   88:6.7M                                   Discount Edgar/FA
 3/30/21  Unrivaled Brands, Inc.            10-K       12/31/20  110:6.7M                                   Discount Edgar/FA
 1/25/21  Unrivaled Brands, Inc.            8-K:1,2,3,5 1/25/21   16:1M                                     Discount Edgar/FA
 2/18/20  Unrivaled Brands, Inc.            8-K:1,2,3,5 2/14/20    8:191K                                   Discount Edgar/FA
 6/26/19  Unrivaled Brands, Inc.            8-K:1,5,9   6/20/19    5:259K                                   Discount Edgar/FA
 3/29/16  Unrivaled Brands, Inc.            10-K       12/31/15   86:5.3M                                   Discount Edgar/FA
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