In a recent 8-K filing with the SEC, 180 Life Sciences Corp., a pharmaceutical company specializing in drug development, announced the conclusion of a separation agreement with Sir Marc Feldmann, a former executive of the company. The agreement, effective September 5, 2024, involves the issuance of 57,328 shares of common stock and options for 20,000 shares to Sir Feldmann as compensation for his prior services.
The separation agreement between 180 Life Sciences Corp. and Sir Feldmann includes a general release of claims by both parties, with certain exceptions, and adherence to confidentiality and non-disparagement clauses. Additionally, the agreement establishes Sir Feldmann's rights to indemnification under Delaware law, as detailed in an indemnification agreement, which obligates the company to cover expenses and liabilities related to his service to the company.
Upon the completion of this transaction, 180 Life Sciences Corp. will have 1,026,930 shares of common stock issued and outstanding. The shares are expected to be issued to Sir Feldmann today.
This corporate update, based on the company's SEC filing, reflects the ongoing adjustments within 180 Life Sciences Corp.'s executive structure and the fulfillment of contractual obligations associated with such changes. The company trades on The NASDAQ Stock Market LLC under the ticker symbols ATNF for common stock and ATNFW for warrants.
In other recent news, 180 Life Sciences Corp., a biotechnology company, announced preliminary findings of a clinical pharmacology study which showed that one of its solid cannabidiol (CBD) formulations outperformed the FDA-approved epilepsy drug, Epidiolex, in terms of absorption speed and maximum levels achieved.
The study, conducted in collaboration with Prof. Avi Domb from the Hebrew University and Prof. Elyad Davidson from Hadassah Hospital, involved twelve male volunteers.
The company anticipates that these trial results will be submitted for scientific publication at a later date, but does not expect the trial's outcome to impact its financial results for the year ended December 31, 2024.
In other developments, 180 Life Sciences has been granted an extension by the Nasdaq Listing Qualifications Panel to remain listed on The Nasdaq Stock Market, provided it meets specific conditions by July 31, 2024. These conditions include a detailed public disclosure of actions taken to comply with Nasdaq’s listing rules and evidence of sustained compliance with the minimum stockholders’ equity requirement.
The company had previously been notified of its non-compliance with Nasdaq Listing Rule 5550(b)(1), which requires maintaining a minimum stockholders’ equity of $2.5 million.
Interim CEO Blair Jordan expressed confidence that the extension will allow adequate time for the company to execute its plan to meet Nasdaq’s requirements.
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