Item 8.01. Other Events.
On April 12, 2023, SmileDirectClub, Inc. (the "Company") entered into a stock
purchase agreement (the "Stock Purchase Agreement") with a certain investor (the
"Purchaser"), pursuant to which the Company issued to the Purchaser 600,000
shares (the "Shares") of the Company's Class A common stock, par value $0.0001
per share.
On January 9, 2023, the Company's wholly-owned subsidiary, SmileDirectClub, LLC,
entered into an agreement with the Purchaser, pursuant to which we agreed to buy
all of the Purchaser's rights, title and interest in certain assets. On April
12, 2023, the parties desired to amend the agreement with the Purchaser (the
"Amendment"). As consideration for the Amendment, the Company agreed to issue
the Shares to the Purchaser.
The Shares are being issued pursuant to the Company's registration statement on
Form S-3 (File No. 333-267370), as amended, which was declared effective by the
Securities and Exchange Commission on October 4, 2022, a base prospectus dated
October 4, 2022 and a prospectus supplement dated April 13, 2023.
The Stock Purchase Agreement contains customary representations, warranties and
covenants made by the Company. The representations, warranties and covenants
contained in the Stock Purchase Agreement were made only for purposes of such
agreement and as of specific dates, were solely for the benefit of the parties
to the Stock Purchase Agreement, and may be subject to limitations agreed upon
by the contracting parties.
A copy of the opinion of Foley & Lardner LLP, counsel to the Company, relating
to the validity of the issuance of the Shares is filed with this Current Report
on Form 8-K as Exhibit 5.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
5.1 Opinion of Foley & Lardner LLP.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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