UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Item 8.01. Other Events.
On December 3, 2024, Psychemedics Corporation (the “Company”) closed the transactions contemplated by the previously announced stock purchase agreement, by and among the Company, 3K Limited Partnership, a Delaware limited partnership (“3K”), Peter H. Kamin, the Peter H. Kamin Revocable Trust dated February 2003, the Peter H. Kamin Childrens Trust dated March 1997, the Peter H. Kamin GST Trust and the Peter H. Kamin Family Foundation, pursuant to which 3K purchased 1,409,712 shares of the Company’s common stock at a purchase price of $2.35 per share based on available estimates of the funds required for the Company to purchase all of the fractional share interests that resulted from the Company’s previously announced reverse stock split of its common stock, and thereafter, the Company repurchased on December 10, 2024 320,708 of such shares of common stock from 3K at the same price once confirmation of the total required funds was available from the Company’s transfer agent. 3K provided the Company sufficient funds to purchase all of the fractional share interests that resulted from the reverse stock split and $500,000 for working capital and general corporate purposes.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PSYCHEMEDICS CORPORATION | ||
| Date: December 10, 2024 | ||
| By: | /s/ Brian Hullinger | |
| Name: | Brian Hullinger | |
| Title: | President and Chief Executive Officer | |