ITEM 1.01. Entry into a Material Definitive Agreement
On March 29, 2021, Healthier Choices Management Corp. (the "Company") entered
into agreements (each an "Exchange Agreement") with certain holders (the
"Holders") of the Company's indebtedness (the "Notes") in an aggregate amount of
$1,290,260.64 to exchange the Notes for 1,172,964,218 shares of the Company's
common stock at a price per share of $0.0011 (the "Exchange"), the closing bid
price of the Company's common stock on March, 26 2021. The Notes were issued
pursuant to that Loan and Security Agreement (the "Credit Agreement"), dated as
of August 18, 2020, among The Vape Store, Inc., the Company, Healthy Choice
Markets, Inc., Sabby Healthcare Master Fund, Ltd., and Sabby Volatility Warrant
Master Fund, Ltd. In connection with the Exchange, the Credit Agreement and all
related loan documents will be terminated and the Holder's on the assets of the
Company and its subsidiaries will be cancelled.
The foregoing description of the Exchange Agreements does not purport to be
complete and is qualified in its entirety by reference to the full text of the
agreement. A form of Exchange Agreement is attached as Exhibit 10.1 to this
Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 Form of Exchange Agreement, dated as of March 29, 2021, by and between
Healthier Choices Management Corp. and the holder of indebtedness
named therein
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