Corporate ActionMay 4, 2026, 04:24 PM
AMASS Brands Files for Nasdaq Direct Listing; Faces Going Concern Doubt
AI Summary
AMASS Brands Inc. filed an S-1/A amendment for a direct listing of up to 14,293,298 shares of common stock on the Nasdaq Global Market under the symbol "AMSS." The company's independent auditors raised substantial doubt about its ability to continue as a going concern due to operating losses and liquidity issues. To address capital needs, AMASS secured a prepaid preferred purchase of up to $30 million in Series C Convertible Preferred Stock from Streeterville Capital, LLC, and also sold its AMASS® trademark for $2.5 million, retaining an exclusive, royalty-free license.
Key Highlights
- Filed S-1/A for direct listing of up to 14,293,298 common shares on Nasdaq under "AMSS".
- Independent auditors raised substantial doubt about the company's ability to continue as a going concern.
- Secured up to $30,000,000 in Series C Convertible Preferred Stock financing from Streeterville Capital, LLC.
- Issued 28,125 common shares as a commitment fee and a warrant for 3,500,000 shares to Streeterville.
- Sold AMASS® trademark for $2.5 million, retaining an exclusive, royalty-free license for continued use.
- Reported 2025 net revenues of $17.8 million and a net loss of $17.2 million.
- Reported 2024 net revenues of $21.7 million and a net loss of $15.2 million.
- Effected a 1-for-3 reverse stock split and converted all non-voting common stock to common stock.