Skye Bioscience, Inc. (OTCPK:SKYE) entered into an agreement to acquire Bird Rock Bio, Inc. for $15.6 million on August 15, 2023. Pursuant to the agreement, Skye Bioscience issued to certain former stockholders of Bird Rock, an aggregate of 968,973,005 shares of the common stock. The former equity holders of Bird Rock owned approximately 31.4% of the outstanding shares of Common Stock of Skye Bioscience. In case of termination of the transaction under certain specified circumstances, Skye Bioscience and Bird Rock will be required to pay the other party a termination fee of $0.5 million. Upon the closing of the Merger, Andrew Schwab and Paul Grayson were appointed to the Board of Directors of Skye Bioscience. Skye?s management team will continue to lead the combined company following the transactions, with Punit Dhillon as Chief Executive Officer and Chairman of the Board of Directors. The transaction is subject to Bird Rock shareholder approval, completion of Skye Bioscience private placement and resignation of certain directors and officers of Bird Rock. The Board of Directors of Skye Bioscience and Bird Rock unanimously approved the Merger Agreement and the consummation of the Merger was not subject to approval of Skye Bioscience's stockholders. Steven Rowles of Morrison & Foerster LLP acted as legal advisor to Skye Bioscience. Cooley LLP acted as legal advisor to Bird Rock. Scalar Partners, LLC acted as financial advisor and fairness opinion provider to Skye Bioscience.

Skye Bioscience, Inc. (OTCPK:SKYE) completed the acquisition of Bird Rock Bio, Inc. on August 18, 2023.