Cabbacis Files Annual Report and Closes First Tranche of IPO
23 Abril 2024 - 4:07PM
Business Wire
Cabbacis (the “Company”), a U.S. federally-licensed tobacco
product manufacturer and plant biotech company focused on harm
reduction products, announced today that it has filed its Annual
Report on Form 1-K for the fiscal year ended December 31, 2023 with
the U.S. Securities and Exchange Commission (the “SEC”).
The Company’s net loss from operations was $380,174. Basic and
diluted earnings per share (EPS) were negative seven cents ($0.07).
As a development company, Cabbacis had no revenue for 2023. The
Company’s 2023 Annual Report includes audited financial statements
and the report can be accessed on the Company’s investor
relations website and on the SEC’s website.
As previously reported, the SEC qualified the Company’s offering
statement on Form 1-A for the Company’s initial public offering
(IPO) pursuant to Regulation A (Tier 2) on November 13, 2023 in
which the sale of up to 2.5 million shares of common stock of
Cabbacis Inc could be sold to investors at $2.00 per share over the
following year from the SEC qualification date. The Company closed
the first tranche of its IPO earlier this month in which 605,500
shares of the Company’s common stock were subscribed to by
investors for gross proceeds to the Company of $1.211 million.
Accordingly, the Company can raise up to $3.789 million of
additional equity by November 13, 2024.
About Cabbacis
Cabbacis is committed to developing and commercializing
reduced-nicotine cigarettes and vaporizer pods. Both types of
products in development are predominately tobacco and include hemp.
The Company stands ready to also move forward with reduced-nicotine
tobacco cigarettes without hemp.
Reduced-nicotine cigarettes without hemp have been evaluated in
dozens of independent studies and contain about 95 percent less
nicotine than conventional cigarettes. Results demonstrate that
subjects smoked fewer cigarettes per day, reduced their nicotine
dependence and exposure, doubled their quit attempts, and/or
increased their number of smoke-free days. The Company believes
including hemp flower into reduced-nicotine cigarettes improves
sensory characteristics and may potentially improve effectiveness
due to the presence of non-THC cannabinoids.
The Company’s worldwide patent portfolio includes 32 issued
patents and various pending patent applications across the United
States, Europe, China, India, Japan, Indonesia, Russia, South
Korea, Canada, Australia, New Zealand, Mexico, Brazil and other
countries — where approximately two-thirds of the world’s smokers
reside. The Company holds 6 U.S. patents. Cabbacis Inc wholly owns
Cabbacis LLC.
To learn more about Cabbacis, please visit
www.cabbacis.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the federal securities law. All statements other
than statements of historical or current facts made in this
document are forward-looking. We identify forward-looking
statements in this document by using words or phrases such as
"anticipate," "believe," “consider,” "continue," "could,"
"estimate," "expect," “foresee,” "intend," “likely,” "may,"
"objective," "potential," "plan," "predict," "project," "seek,"
“should,” "will" and similar words or phrases and their negatives.
Forward-looking statements reflect our current expectations and are
inherently uncertain. Actual outcomes or results could differ
materially for a variety of reasons. Factors that could cause
actual results to differ materially are described in “Risk Factors”
in our Regulation A Offering Circular filed with the SEC and in our
Annual Report on Form 1-K for the period ended December 31, 2023
filed with the SEC. We undertake no responsibility to publicly
update or revise any forward-looking statement except as required
by applicable law.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the Company’s securities, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of that
state or jurisdiction.
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version on businesswire.com: https://www.businesswire.com/news/home/20240423582469/en/
Tracy Witman support@cabbacis.com