Filing Details
- Accession Number:
- 0001062993-21-008551
- Form Type:
- 13D Filing
- Publication Date:
- 2021-09-13 20:00:00
- Filed By:
- Sol Global Investments Corp.
- Company:
- Simply Inc. (NASDAQ:SIMP)
- Filing Date:
- 2021-09-14
- SEC Url:
- 13D Filing
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
SOL Global Investments Corp | 1,824,194, | 1,824,194, | 1,824,194, | 13.696% | ||
SOL Verano Blocker | 1,623,305, | 1,623,305, | 1,623,305, | 11.901% |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
(Amendment No. 5)
Under the Securities Exchange Act of 1934
Simply Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
82901A105
(CUSIP Number)
Andrew DeFrancesco
Suite 5600, 100 King Street West, Toronto, ON, Canada, M5X 1C9, 1-646-508-1721
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
August 26, 2021
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D/A, and is filing this schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [ ].
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See 240.13d-7(b) for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] | ||
3 | SEC USE ONLY | ||
4 | SOURCE OF FUNDS (See Instructions) WC | ||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Ontario, Canada | ||
NUMBER OF | 7 | SOLE VOTING POWER 1,824,194, which includes 800,000 shares of Common Stock initially issuable on conversion of the Convertible Notes; and (ii) 800,000 shares of Common Stock issuable on exercise of the Warrants (in each case as defined in Item 4 below).* | |
8 | SHARED VOTING POWER - | ||
9 | SOLE DISPOSITIVE POWER 1,824,194, which includes 800,000 shares of Common Stock initially issuable on conversion of the Convertible Notes; and (ii) 800,000 shares of Common Stock issuable on exercise of the Warrants.* | ||
10 | SHARED DISPOSITIVE POWER - | ||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,824,194, which includes 800,000 shares of Common Stock initially issuable on conversion of the Convertible Notes; and (ii) 800,000 shares of Common Stock issuable on exercise of the Warrants.* | ||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.696%** | ||
14 | TYPE OF REPORTING PERSON (See Instructions) CO | ||
* Shares of Common Stock is based on the conversion of the full principal amount of the Convertible Notes and the exercise of all Warrants. Shares of Common Stock is subject to change as a result of (i) any increase in the principal amount of the Convertible Notes arising from capitalized interest; (ii) any conversion of interest due and owing under the Convertible Notes; or (iii) the exercise of less than all Warrants.
**Based on (i) 11,718,790 shares of Common Stock issued and outstanding as of June 15, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on June 15, 2021; (ii) 800,000 shares of Common Stock initially issuable upon conversion of the Convertible Notes; and (iii) 800,000 shares of Common Stock issuable upon exercise of the Warrants.
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | ||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] | ||
3 | SEC USE ONLY | ||
4 | SOURCE OF FUNDS (See Instructions) WC | ||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ] | ||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | ||
NUMBER OF | 7 | SOLE VOTING POWER 1,623,305, which includes the Newly Issued Shares (as defined in Item 4 below). | |
8 | SHARED VOTING POWER - | ||
9 | SOLE DISPOSITIVE POWER 1,623,305, which includes the Newly Issued Shares. | ||
10 | SHARED DISPOSITIVE POWER - | ||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,623,305, which includes the Newly Issued Shares. | ||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions) [ ] | ||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 11.901%* | ||
14 | TYPE OF REPORTING PERSON (See Instructions) CO | ||
* Based on (i) 11,718,790 shares of Common Stock issued and outstanding as of June 15, 2021, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on June 15, 2021; (ii) 800,000 shares of Common Stock initially issuable upon conversion of the Convertible Notes; (iii) 800,000 shares of Common Stock issuable upon exercise of the Warrants; and (iv) the Newly Issued Shares.
Item 2. Identity and Background
Item 2 is amended as follows:
This statement on Schedule 13D/A is being filed by SOL Global Investments Corp. ("SOL") and SOL Verano Blocker 1 LLC, a Delaware limited liability company ("SVB1", and together with SOL, the "Reporting Persons"). SOL is in the business of investing in various businesses and SVB1 is a wholly-owned subsidiary of SOL. The Reporting Persons' principal business and principal office address is Suite 5600, 100 King Street West, Toronto, ON, Canada, M5X 1C9.
SOL is the sole member of SVB1.
Andrew DeFrancesco is the Chairman and CEO of SOL and the sole Manager of SVB1. Mr. DeFrancesco is a citizen of Bahamas and resident in the Bahamas. Paul Kania is the Chief Financial Officer of SOL. Mr. Kania is a citizen of Canada and resident in Toronto, Ontario, Canada.
Olivier Centner is a Board Member of SOL. Mr. Centner is a citizen of Canada and resident in Toronto, Ontario, Canada.
Arena Prado-Acosta is a Board Member of SOL. Mr. Prado-Acosta is a citizen of the United States and resident in Miami, Florida.
During the last five years, none of the Reporting Persons have been convicted in a criminal proceeding or been a party to a civil proceeding of any judicial or administrative body of competent jurisdiction as a result of which neither it nor either of them was or is subject to a judgment, decree or final order enjoining future violations at, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Considerations
Item 3 is amended as follows:
The securities of the Issuer purchased by each of the Reporting Persons were purchased with working capital. The total consideration for such purchases was $7,817,419.
Item 4. Purpose of Transaction
Item 4 is amended and supplemented as follows:
The Issuer executed two unsecured convertible notes dated July 6, 2021 and August 5, 2021, respectively (together, the "Convertible Notes"), whereby, in each case, the Issuer agreed to pay SOL the principal sum of $1,000,000 plus accrued and unpaid interest. Pursuant to the terms of the Convertible Notes, SOL may opt to convert principal and accrued and unpaid interest into shares of Common Stock at a conversion price of $2.50 per share. The maturity date of the Convertible Notes is January 6, 2022 and February 5, 2022, respectively.
Additionally, the Issuer and SOL entered into two warrant agreements on July 6, 2021 and August 5, 2021, respectively (together, the "Warrant Agreements") granting SOL, in each case, 400,000 warrants, which it may exercise for up to 400,000 shares of Common Stock at an exercise price of $2.75 per share (the "Warrants").
The Issuer executed the Convertible Notes and entered into the Warrant Agreements in exchange for payment to the Issuer by SOL of $2,000,000 in aggregate.
On August 26, 2021 and September 2, 2021, the Issuer issued to SVB1 193,050 shares of Common Stock and 128,370 shares of Common Stock, respectively (together, the "Newly Issued Shares"), in each case in exchange for consideration of $500,000.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: September 13, 2021
SOL Global Investments Corp. | ||
By: | /s/ Andrew DeFrancesco | |
Andrew DeFrancesco | ||
Chief Executive Officer | ||
SOL Verano Blocker 1 LLC | ||
By: | /s/ Andrew DeFrancesco | |
Andrew DeFrancesco | ||
Manager |
The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative (other than an executive officer or general partner of this filing person), evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature.
Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).