cbdMD, Inc. announced on January 8, 2025, that it has substantially reduced the principal amount outstanding on its Senior Secured Convertible Notes to approximately $56,000. This reduction was achieved as certain noteholders converted their amounts into common stock.
Since the beginning of the year, the company issued an aggregate of 609,717 shares of common stock as a result of these conversion requests. This process reduced the aggregate balances under the notes by approximately $309,000 of principal, in addition to accrued interest.
Ronan Kennedy, CEO and CFO of cbdMD, stated that this debt reduction improves the company's balance sheet and, combined with trending financials, positions cbdMD with a strong liquidity position to start calendar year 2025. The company reported cash and cash equivalents of approximately $2.1 million at the end of the first fiscal quarter.
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