NIAGARA FALLS, N.Y.--(BUSINESS WIRE)--Cabbacis (the “Company”), a U.S. federally-licensed tobacco product manufacturer and plant biotech company focused on harm reduction products, announced today that it has filed its Annual Report on Form 1-K for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (the “SEC”).
The Company’s net loss from operations was $380,174. Basic and diluted earnings per share (EPS) were negative seven cents ($0.07). As a development company, Cabbacis had no revenue for 2023. The Company’s 2023 Annual Report includes audited financial statements and the report can be accessed on the Company’s investor relations website and on the SEC’s website.
As previously reported, the SEC qualified the Company’s offering statement on Form 1-A for the Company’s initial public offering (IPO) pursuant to Regulation A (Tier 2) on November 13, 2023 in which the sale of up to 2.5 million shares of common stock of Cabbacis Inc could be sold to investors at $2.00 per share over the following year from the SEC qualification date. The Company closed the first tranche of its IPO earlier this month in which 605,500 shares of the Company’s common stock were subscribed to by investors for gross proceeds to the Company of $1.211 million. Accordingly, the Company can raise up to $3.789 million of additional equity by November 13, 2024.
About Cabbacis
Cabbacis is committed to developing and commercializing reduced-nicotine cigarettes and vaporizer pods. Both types of products in development are predominately tobacco and include hemp. The Company stands ready to also move forward with reduced-nicotine tobacco cigarettes without hemp.
Reduced-nicotine cigarettes without hemp have been evaluated in dozens of independent studies and contain about 95 percent less nicotine than conventional cigarettes. Results demonstrate that subjects smoked fewer cigarettes per day, reduced their nicotine dependence and exposure, doubled their quit attempts, and/or increased their number of smoke-free days. The Company believes including hemp flower into reduced-nicotine cigarettes improves sensory characteristics and may potentially improve effectiveness due to the presence of non-THC cannabinoids.
The Company’s worldwide patent portfolio includes 32 issued patents and various pending patent applications across the United States, Europe, China, India, Japan, Indonesia, Russia, South Korea, Canada, Australia, New Zealand, Mexico, Brazil and other countries — where approximately two-thirds of the world’s smokers reside. The Company holds 6 U.S. patents. Cabbacis Inc wholly owns Cabbacis LLC.
To learn more about Cabbacis, please visit www.cabbacis.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as "anticipate," "believe," “consider,” "continue," "could," "estimate," "expect," “foresee,” "intend," “likely,” "may," "objective," "potential," "plan," "predict," "project," "seek," “should,” "will" and similar words or phrases and their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual outcomes or results could differ materially for a variety of reasons. Factors that could cause actual results to differ materially are described in “Risk Factors” in our Regulation A Offering Circular filed with the SEC and in our Annual Report on Form 1-K for the period ended December 31, 2023 filed with the SEC. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company’s securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
