M&A - C-Bond Systems, Inc

Form Type: 8-K

Filing Date: 2025-03-06

Corporate Action: Acquisition

Type: Update

Accession Number: 000121390025021204

Filing Summary: C-Bond Systems, Inc. reported the termination of a non-binding term sheet to acquire the assets of Gummy USA, LLC, Creative Manufacturing, LLC, and SureDose, LLC. This decision was made by the Board of Directors on February 25, 2025, based on the inability to complete sufficient due diligence on the companies involved. On March 4, 2025, notice was received from the potential funding source indicating that they would not proceed with funding the acquisition. The Company also mentioned its ongoing efforts to file the annual report on Form 10-K for the year ending December 31, 2024, but faces challenges due to a lack of capital.

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Form Type: 8-K

Filing Date: 2025-02-04

Corporate Action: Acquisition

Type: New

Accession Number: 000121390025009699

Filing Summary: On January 30, 2025, C-Bond Systems, Inc. entered into a Debt Forgiveness, Equity Redemption and Strict Foreclosure Agreement with several parties including C-Bond Systems, LLC and Patriot Glass Solutions, LLC. The Agreement involved a voluntary transfer of all assets of the Debtors, including 80% of the Membership Interest of Patriot, 100% membership interests of C-Bond LLC, accounts receivable, and certain patents. The Company will continue marketing Patriot's products under a Representative Agreement. C-Bond redeemed various shares from multiple entities for a nominal total payment of $1.00, resulting in changes in ownership rights. Additionally, effective as of the Closing, Scott Silverman and Allison Tomek resigned from all positions held in C-Bond LLC. The Board of Directors of C-Bond will reduce its size from three to two directors following the resignation of Barry M. Edelstein, who indicated his intention to resign effective December 31, 2024.

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