Item 1.02 Termination of a Material Definitive Agreement.

As previously reported in the Current Report on Form 8-K dated April 29, 2020 by Reed's, Inc., a Delaware corporation ("Reed's"), on April 20, 2020, Reed's entered into a promissory note evidencing an unsecured loan (the "PPP Loan") in the amount of $769,816 made to Reed's through City National Bank (the "Lender"), under the Paycheck Protection Program (the "PPP"). The PPP was established under the Coronavirus Aid, Relief, and Economic Security Act and is administered by the U.S. Small Business Administration ("SBA").

On May 21, 2021, the Company received a notification from the Lender that the SBA approved Reed's PPP Loan forgiveness application for the entire PPP Loan balance of $769,816 and that the remaining PPP Loan balance is zero.

© Edgar Online, source Glimpses