Item 1.01 Entry into a Material Definitive Agreement.
On April 29, 2020, Pressure BioSciences, Inc. (the "Company") entered into a
binding letter of intent to merge with Cannaworx Holdings, Inc. (the "Binding
LOI"). The Binding LOI had a June 30, 2020 deadline for the (i) negotiation of
definitive documentation regarding the merger transaction and (ii) exclusivity
period with regard to each of the Company and Cannaworx Holdings, Inc ("CWX")
being prohibited from negotiating a controlling interest transaction with any
third party.
On July 6, 2020, the Company and CWX entered into the First Amendment to the
Binding LOI (the "First Amendment"). Pursuant to the First Amendment, the
parties extended the June 30, 2020 deadline to July 31, 2020 followed by two
30-day automatic extensions.
The foregoing description of the First Amendment does not purport to be complete
and is qualified in its entirety by its full text, which will be filed as an
exhibit to the Company's Quarterly Report on Form 10-Q for the period that ended
on June 30, 2020.
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