Summary by Moomoo AI
On September 29, 2024, 180 Life Sciences Corp. entered into an Asset Purchase Agreement with Elray Resources, Inc., acquiring source code and intellectual property for an online blockchain casino. The deal, closed on September 30, 2024, involved the issuance of 1,000,000 shares of Series B Convertible Preferred Stock and warrants to purchase 3,000,000 shares of common stock. The agreement included various representations, warranties, and covenants, along with confidentiality and indemnification requirements. Post-closing, Elray will provide support for the development of a fully operational casino for six months. 180 Life Sciences also committed to filing a proxy statement to seek shareholder approval for the issuance of the Conversion Shares and Warrant Shares. The acquisition is part of 180 Life Sciences' strategic shift towards the iGaming market, with the company expecting to meet Nasdaq's continued listing requirement of maintaining stockholders' equity of at least $2.5 million. The company also announced positive study results on a new CBD pill formulation and has strengthened its balance sheet by settling legacy liabilities and resolving litigation matters.
