Item 1.02 Termination of a Material Definitive Agreement.

The disclosures under Item 8.01 below concerning forgiveness of the full amount of the PPP Loan and the Note are incorporated herein by reference into this Item.




Item 8.01 Other Events.

On April 13, 2020, Adamis Pharmaceuticals Corporation (the "Company") received $3,191,700 in loan funding from the Paycheck Protection Program (the "PPP"), established pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and administered by the U.S. Small Business Administration. The unsecured loan (the "PPP Loan") is evidenced by a promissory note of the Company in the principal amount of $3,191,700 (the "Note"), to Arvest Bank (the "Bank"), the lender. As the Company has previously reported, pursuant to the CARES Act and the PPP, the Company applied for forgiveness of the full amount of the PPP Loan.

On August 12, 2021, the Company received notification through the Bank that the PPP Loan, including principal and interest thereon, has been fully forgiven by the SBA and that the remaining PPP Loan balance is zero.

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, on March 15, 2021, the Company entered into a promissory note in favor of the Bank in the principal amount of $1,765,495 relating to funding under a Second Draw loan (the "Second Draw Loan") pursuant to the terms of the PPP, the CARES Act, and the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act enacted in December 2020. The Company intends to apply for forgiveness of the full amount of the Second Draw Loan eligible for forgiveness, but there are no assurances that the Company will obtain forgiveness of the Second Draw Loan in whole or in part.

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