Registration
No. 333-282315
As
filed with the Securities and Exchange Commission on October 11, 2024
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Amendment No. 1
FORM
S-3
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
SAFETY
SHOT, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
2844 |
|
83-2455880 |
(State
or jurisdiction of |
|
(Primary
Standard Industrial |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
Classification
Code Number) |
|
Identification
No.) |
1061
E. Indiantown Rd., Ste. 110
Jupiter,
FL 33477
(561)
244-7100
(Address,
including zip code, and telephone number, including area code of registrant’s principal executive offices)
Jarrett
Boon
Chief
Executive Officer
Safety
Shot, Inc.
1061
E. Indiantown Rd., Ste. 110
Jupiter,
FL 33477
(561)
244-7100
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Arthur
S. Marcus, Esq. |
Sichenzia
Ross Ference Carmel LLP |
1185
Avenue of the Americas, 31 FL |
New
York, NY 10036 |
Telephone:
(212) 930-9700 |
Facsimile:
(212) 930-9725 |
Approximate
date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement.
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box. ☐
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 check the following box. ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”,
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933, or until this registration statement shall become effective on such date
as the Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.
THE
INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. THE SELLING SHAREHOLDERS MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION
STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND
IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.
Subject
to Completion, dated October 11, 2024
PROSPECTUS
SAFETY
SHOT, INC.
1,898,029
Shares of Common Stock
This
prospectus relates to the resale or other disposition from time to time in one or more offerings of up to 1,898,029 shares of our common
stock, par value $0.001, by the selling stockholder named herein. The shares that may be offered and sold from time to time pursuant
to this prospectus include (i) up to 798,029 previously issued shares of common stock; (iii) up to 300,000 shares of common
stock issuable upon the exercise of stock options (the “Options”); and (ii) up to 800,000 shares of common stock issuable
upon the exercise of common stock purchase warrants (the “Warrants”).
The
terms of the Warrants and Options are described in greater detail under “Description of Capital Stock”, beginning
on page 10.
We
will not receive any proceeds from the sale of shares of common stock by the selling stockholder pursuant to this prospectus. However,
we will receive proceeds from the exercise of the Options and Warrants.
The
selling stockholder identified in this prospectus, or its permitted transferees or other successors-in-interest, may offer the shares
of our common stock from time to time through public or private transactions at prevailing market prices, at prices related to prevailing
market prices, or at privately negotiated prices. We provide additional information about how the selling stockholder may sell its shares
of common stock in the section entitled “Plan of Distribution” in this prospectus.
Our
common stock is listed on the NASDAQ Capital Market under the symbol “SHOT.” On September 23, 2024, the last reported sale
price of our common stock was $1.21 per share.
Investing
in our securities involves a high degree of risk. Before making any investment decision, you should carefully review and consider all
the information in this prospectus and the documents incorporated by reference herein, including the risks and uncertainties described
under “Risk Factors” beginning on page 8.
NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED
IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The
date of this prospectus is _______________, 2024.
SAFETY
SHOT, INC.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is a part of a registration statement that we have filed with the U.S. Securities and Exchange Commission (the “SEC”
or the “Commission”) pursuant to which the selling stockholder named herein may, from time to time, offer and sell or otherwise
dispose of the shares of our common stock covered by this prospectus.
This
prospectus and the documents incorporated by reference into this prospectus include important information about us, the securities being
offered and other information you should know before investing in our common stock. Before purchasing any common stock, you should carefully
read both this prospectus and any applicable prospectus supplement, together with the additional information described under the heading
“Where You Can Find More Information” and “Incorporation of Certain Information by Reference.”
Neither
we, nor the selling stockholder, have authorized anyone to provide you with any information or to make any representations other than
those contained in this prospectus or in any applicable prospectus supplement prepared by or on behalf of us or to which we have referred
you. We and the selling stockholder take no responsibility for, and can provide no assurance as to the reliability of, any other information
that others may give you. The selling stockholder will not make an offer to sell these securities in any jurisdiction where the offer
or sale is not permitted. You should assume that the information appearing in this prospectus and in any applicable prospectus supplement
to this prospectus is accurate only as of the date on its respective cover, that the information appearing in any applicable free writing
prospectus is accurate only as of the date of that free writing prospectus, and that any information incorporated by reference is accurate
only as of the date of the document incorporated by reference, unless we indicate otherwise. Our business, financial condition, results
of operations and prospects may have changed since those dates. This prospectus incorporates by reference, and any prospectus supplement
or free writing prospectus may contain and incorporate by reference, market data and industry statistics and forecasts that are based
on independent industry publications and other publicly available information. Although we believe these sources are reliable, we do
not guarantee the accuracy or completeness of this information and we have not independently verified this information. In addition,
the market and industry data and forecasts that may be included or incorporated by reference in this prospectus, any prospectus supplement
or any applicable free writing prospectus may involve estimates, assumptions and other risks and uncertainties and are subject to change
based on various factors, including those discussed under the heading “Risk Factors” contained in this prospectus, the applicable
prospectus supplement and any applicable free writing prospectus, and under similar headings in other documents that are incorporated
by reference into this prospectus. Accordingly, investors should not place undue reliance on this information.
All
references in this prospectus to the “Company”, “we”, “us”, or “our”, are to Safety Shot,
Inc., a Delaware corporation, and its consolidated subsidiaries unless the context dictates otherwise.
WHERE
YOU CAN FIND MORE INFORMATION
This
prospectus is part of the registration statement on Form S-3 filed with the SEC under the Securities Act of 1933, as amended, or the
Securities Act, and does not contain all the information set forth in the registration statement. Whenever a reference is made in this
prospectus to any of our contracts, agreements, or other documents, the reference may not be complete and you should refer to the exhibits
that are a part of the registration statement or the exhibits to the reports or other documents incorporated herein by reference for
a copy of such contract, agreement, or other document.
We
are currently subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and in accordance
therewith files periodic reports, proxy statements, and other information with the SEC. Our SEC filings are available to you on the SEC’s
website at www.sec.gov.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus includes statements and information that may constitute forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. Statements that are “forward-looking statements” include any projections
of earnings, revenue or other financial items, any statements of the plans, strategies or objectives of management for future operations,
any statements concerning proposed new projects or other developments, any statements regarding future economic conditions or performance,
any statements of management’s beliefs, goals, strategies, intentions and objectives, any statements concerning potential acquisitions,
and any statements of assumptions underlying any of the foregoing. Words such as “may,” “will,” “should,”
“could,” “would,” “predicts,” “potential,” “continue,” “expects,”
“anticipates,” “future,” “outlook,” “strategy,” “positioned,” “intends,”
“plans,” “believes,” “projects,” “estimates” and similar expressions, as well as statements
in the future tense, identify forward-looking statements.
These
statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause
our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements
described in or implied by such statements. Actual results may differ materially from expected results described in our forward-looking
statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their
likely impact, the accuracy and completeness of the publicly available information with respect to the factors upon which our business
strategy is based or the success of our business. In addition, even if results are consistent with the forward-looking statements contained
in this prospectus, those results may not be indicative of results or developments in subsequent periods. Furthermore, industry forecasts
are likely to be inaccurate, especially over long periods of time and in industries particularly sensitive to market conditions, such
as the seafood industry.
Forward-
looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications
of whether, or the times by which, our performance or results may be achieved. Forward-looking statements are based on information available
at the time those statements are made and management’s belief as of that time with respect to future events, and are subject to
risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the
forward-looking statements.
Should
one or more of the risks or uncertainties described above or elsewhere in this prospectus occur, or should underlying assumptions prove
incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. Readers are cautioned
not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required by law,
we disclaim all responsibility to publicly update any information contained in a forward-looking statement or any forward-looking statement.
All
forward-looking statements attributable to us or to persons acting on our behalf, including any such forward-looking statements made
subsequent to the publication of this prospectus, are expressly qualified in their entirety by this cautionary statement.
PROSPECTUS
SUMMARY
This
summary highlights information contained elsewhere or incorporated by reference into this prospectus. Because it is a summary, it does
not contain all of the information that you should consider before investing in our common stock. You should read this entire prospectus
carefully, including the section entitled “Risk Factors,” any applicable prospectus supplement and the documents that we
incorporate by reference into this prospectus and any applicable prospectus supplement, before making an investment decision.
Overview
Safety
Shot Inc. (NASDAQ: SHOT) was formerly known as Jupiter Wellness Inc. In August 2023, the Company successfully completed the asset purchase
of the Safety Shot Dietary Supplement from GBB Drink Lab, Inc. (“GBB”), thereby gaining ownership of various assets, including
the intellectual property, trade secrets, and trademarks associated with its dietary supplement (the “Safety Shot Dietary Supplement”).
Concurrently with the asset purchase, the Company changed its name to Safety Shot, Inc. and changed its NASDAQ trading symbol to SHOT.
The Company launched its e-commerce sale of the Safety Shot Dietary Supplement in December 2023. On October 9, 2024, the Company renamed the Safety Shot Dietary Supplement as the “Sure Shot Dietary Supplement”
The
Sure Shot Dietary Supplement has been formulated to reduce the accumulation of blood alcohol. Noteworthy is the fact
that the Sure Shot Dietary Supplement comprises 28 active ingredients, all falling under the Generally Regarded As
Safe (GRAS) category. Under sections 201(s) and 409 of the Federal Food, Drug, and Cosmetic Act (the Act), any substance that is intentionally
added to food is a dietary supplement, that is subject to premarket review and approval by the FDA, unless the substance is generally
recognized, among qualified experts, as having been adequately shown to be safe under the conditions of its intended use, or unless the
use of the substance is otherwise excepted from the definition of a dietary supplement.
It’s
crucial to note that the Sure Shot Dietary Supplement is currently manufactured in a facility adhering to Good Manufacturing
Practices (GMP), ensuring the highest standards of quality and safety throughout its production process. The Company currently maintains
a workforce comprising eight full-time employees of its own.
Specializing
in Consumer Packaged Goods, our focus centers on the commercialization of a 12-ounce product positioned as a dietary supplement. Beyond
our existing product, we are actively pursuing a future product line, including a convenient powdered stick pack version and a 4-ounce
version of the Sure Shot Dietary Supplement.
The
Company has discontinued the historical product lines of Jupiter Wellness which included a diverse range of products, such as hair loss
treatments, vitiligo solutions, and sexual wellness products, that catered to different health and wellness needs and our commitment
to supporting health and wellness by developing innovative solutions to a range of conditions. In connection therewith, on September
24, 2024 the Company entered into a Separation and Exchange Agreement with its subsidiary Caring Brands, Inc. whereby Caring Brands will
seek to commercialize this product line. Caring Brands will be responsible for all costs associated with the operation of that line of
business. The Company will focus its efforts on the commercialization of the Sure Shot Dietary Supplement. The Company
will retain ownership of 3,000,000 shares of Caring Brands, Inc.
The
Company entered into a stock exchange agreement (the “Exchange Agreement”) with SRM Entertainment, Inc. (“SRM”)
to govern the separation of SRM and the Company. On May 26, 2023, we amended and restated the Exchange Agreement (the “Amended
and Restated Exchange Agreement”) to include additional information regarding the distribution and the separation of SRM and the
Company. The separation as set forth in the Amended and Restated Exchange Agreement with the Company closed August 14, 2023. Pursuant
to the Amended and Restated Exchange Agreement, on May 31, 2023, SRM issued to the Company 6,500,000 shares of SRM Common Stock (representing
79.3% of SRM’s outstanding shares of Common Stock) in exchange for 2 ordinary shares of SRM Ltd owned by the Company (representing
all of the issued and outstanding ordinary shares of SRM) (the “Share Exchange”). On August 14, 2023, SRM consummated its
Initial Public Offering (“IPO”), pursuant to which it sold 1,250,000 shares of its common stock at a price of $5.00 per share.
In connection with the Share Exchange and SRM’s IPO, the Company distributed 2,000,000 shares of SRM’s common stock to the
Company’s stockholders and certain warrant holders (out of the 6.5 million shares issued in May 2023) which occurred on the effective
date of the Registration Statement but prior to the closing of the IPO. Following such distribution, the Company owns 4.0 million of
the 9,450,000 shares of common stock outstanding and SRM is now a minority owned subsidiary of the Company.
To
achieve our mission, we rely on our team of highly skilled and experienced professionals who are committed to advancing our vision of
health and wellness. Our team includes individuals with scientific backgrounds, an experienced researcher, product developers,
and business experts who collaborate to create new products and enhance existing ones. We also seek to partner with industry leaders
and organizations to gain access to the latest technologies and expand our reach.
The
Sure Shot Dietary Supplement is currently sold through e-commerce and in stores such as BevMo!. In addition, we are
seeking to collaborate with other companies to license our intellectual property, to create additional revenue streams and expand our
global presence. At present, we do not experience concentration risk or dependence on major customers.
We
maintain a diverse network of raw material suppliers integral to our production processes. Acquisition strategies encompass both direct
procurement and collaborative efforts with our co-packers. The selection of suppliers is contingent upon various factors, including ingredient
specificity, availability, and other essential considerations. Notably, these suppliers coincide with those currently providing materials
to other facilities engaged in the manufacturing of drinks, powders, tablets, and capsules. Our roster of suppliers comprises reputable
entities such as Jiaherb, Compound Solutions, Kyowa-Hakko, Mitsubishi Ingredients, Nura, Sensapure Flavors, Brenntag, E3 Ingredients,
Ingredients Online, among others. This strategic alliance with established industry players underscores our commitment to sourcing high-quality
raw materials essential for the production of our innovative product line. Furthermore, our approach to supplier relationships reflects
a dedication to maintaining a seamless and reliable supply chain. We believe that this not only ensures the consistency of our current
offerings but also positions us favorably for future developments. The Management believes that as we continue to expand our product
portfolio, we believe that these partnerships with trusted suppliers play a pivotal role in upholding the standards that we expect of
our brand.
Products
Roadmap
The Sure
Shot Dietary Supplement was launched on our own website and through Amazon in December 2023 and with several Big Box
stores. The Company is advancing several product formats and formulations to continue to offer a wide array of products that can be
purchased at various locations that coincide with consumer shopping habits. In particular, the Company plans to continue to develop
new flavors for each of its current SKUs (12oz., 4 oz. and “Stick Pack”. In addition, the current formula will be
offered at various dosages and the Company plans to conduct additional research studies as follows: assessing varying dosages of the
Sure Shot Dietary Supplement against body weight, gender and age, examining several current and proposed ingredients with respect to
their specific role in reducing BAC and how they affect the enzymatic activity associated with the metabolism of alcohol, and
finally, examining additional markers with respect to improving post-alcohol consumption symptoms and feelings.
Research
and Development
Our
research and development team in continually looking to develop new therapeutic products, while continually improving and enhancing our
existing products and product candidates to address customer demands and emerging trends.
We
have conducted extensive research and experimentation involving a substantial number of volunteers under the influence of alcohol. Our
findings indicate that the Sure Shot Dietary Supplement can reduce a person’s Blood Alcohol Content, as measured by the premier
Breathalyzer on the market. We have recently completed our clinical trials of the Sure Shot Dietary Supplement which have shown
a statistically significant reduction in the Blood Alcohol Content (“BAC”) of the participants. The observable enhancements
in cognitive abilities among the test subjects have been carefully documented.
The
clinical trials took place from January 29, 2024, through June 10, 2024, at the Center for Applied Health Sciences
(“CAHS”) located at 6570 Seville Drive, Canfield, OH 44406. The clinical trials were sponsored and paid for by the
Company and consisted of 36 participants that were selected through advertising of the study. The participants had to qualify based
upon a complete medical history questionnaire, release from physicians and submitting to a standard bloodwork panel. The
participants were not employees of the Company, nor were they affiliated with the Company in any way. The clinical trials were a
double-blind, randomized, placebo-controlled study that found that within 30 minutes of the consumption of the Sure Shot Dietary
Supplement, the monitored participants saw a statistically significant drop of p=.002 in BAC and continued to see measurable drops
in successive 30-minute increments. The results were measured by using a DOT-approved BACtrack S80 Breathalyzer on the participants
to determine their BAC after ingesting several alcoholic beverages, followed by drinking 12 ounces of the Sure Shot Dietary
Supplement and then measuring the participants’ BAC 30 minutes later. The key assumptions in the study were that the
participants would demonstrate a marked decrease in BAC following the consumption of the Sure Shot Dietary Supplement versus that of
the placebo. In addition, the study assumed that the participants would feel better and demonstrate marked improvement in cognitive
skills and physical function following the consumption of the Sure Shot Dietary Supplement versus that of the placebo. There were
five adverse events amongst the participants in the study. Four of the adverse events were associated with the Sure Shot Dietary
Supplement (three felt nauseous and one developed a rash) and none of the adverse events were serious. The final adverse event was
associated with congestion of the placebo.
The
Company incurred research and development expenses of $100,591 and $1,637,117 for the years ended December 31, 2023 and 2022, respectively.
Sales
and Marketing
We
primarily sell our products through e-commerce websites including Amazon and through retail stores such as BevMo!. To drive loyalty,
word-of-mouth marketing, and sustainable growth, we invest in customer experience and customer relationship management. Our marketing
investments are directed towards driving profitable growth through advertising, public relations, and brand promotion activities, including
digital platforms, sponsorships, collaborations, brand activations, and channel marketing. Additionally, we continue to invest in our
marketing and brand development efforts by investing capital expenditures on product displays to support our channel marketing via our
retail partners. We launched the Sure Shot Dietary Supplement in stores such as BevMo! in the second quarter of 2024.
Manufacturing,
Logistics and Fulfillment
We
outsource the manufacturing of our products to contract manufacturers, who produce them according to our formulation specifications.
Our products are manufactured by contract manufacturers in India and the US. The majority of our products will then be shipped to third-party
warehouses and to our corporate offices, which can either transport them to our distributors, retailers, or directly to our customers.
Our third-party warehouses are located in the US. We use a limited number of logistics providers to deliver our products to both distributors
and retailers, which allows us to lessen order fulfillment time, cut shipping costs, and improve inventory flexibility.
Our
Competitive Strengths
We
are committed to driving continuous improvement through innovation. Since our inception, we have made significant investments in research
and development and have acquired a substantial portfolio of intellectual property, which continues to grow each year. Our commitment
to innovation has allowed us to create unique products that address unmet needs in the market, all backed by rigorous clinical research.
We believe that our focus on research and development is designed to enable us to stay ahead of the curve and provide our customers with
products that are not only effective but also innovative. We take pride in our patent portfolio and the continuous growth we have achieved,
as we believe that it showcases our dedication to creating new and unique solutions for our customers. By staying committed to innovation,
we are confident in our ability to meet the ever-changing needs of the health and wellness market. We believe that the Sure Shot Dietary Supplement stands as a unique product in the liquid dietary supplement market. Nevertheless, our competitive landscape
includes many companies involved in the production of health and welfare products, including beverages.
Background
of Securities Being Registered Herein
On September 20, 2024, the Company
entered into a Securities Purchase Agreement (the “September SPA”) with one accredited investor for the purchase of 448,029
shares (the “PIPE Shares”) for gross proceeds of $500,000 at a price of $1.12 per share, which reflects a 10% discount from
the closing price of the common stock on September 20, 2024. The PIPE Shares were issued to the investor without prior registration in
reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D thereunder.
These shares are being registered herein. A copy of the September SPA has been filed herein as Exhibit 10.20.
On
September 06, 2024, the Company issued entered into a stock option agreement (the “WBC Agreement”) with Wall and Broad Capital,
LLC, a Florida limited liability company (“WBC”), pursuant to which the Company issued WBC 300,000 options to purchase
Company’s shares of common stock (the “Options”) with an exercise price of $1.00 per share. A copy of the WBC Agreement
has been filed herein as Exhibit 10.21.
On September
11, 2023, the Company, entered into certain amendments to 2021 Loan Agreements, 2022 Loan Agreements, the 2021 Notes, 2021 Warrants,
2022 Notes and 2022 Warrants (collectively as the “Amendment No. 2”), pursuant to which the parties thereto amended the transaction
documents: (i) to change the maturity date of the 2022 Note to January 31, 2024; (ii) to change the interest rate of the 2022 Note to
11% annual interest rate, effective on August 1, 2023 until the entire principal amount is paid in full; (iii) to change the exercise
price of the 2021 Warrants and 2022 Warrant to $0.93; (iv) change the conversion price of the 2022 Note to $0.93; (iv) issued Greentree
262,500 shares of its common stock as the incentive shares; and (v) issued L&H 87,500 shares of its common stock as the incentive
shares. The Company also adjusted the exercise price of the 2021 Warrants and 2022 Warrants to $0.932 per share in accordance with the
anti-dilution provisions of such warrants. The 600,000 shares underlying the Greentree Warrants and the 200,000 shares issuable upon exercise
of the L & H Warrants are being registered herein.
Intellectual
Property
As
of the date hereof, the Company owns five patents, including the patent (US 9,186,350 B2) and patent (US 10,028,991 B2) for the composition
of the Sure Shot Dietary Supplement used for minimizing the harmful effects associated with alcohol consumption by supporting the metabolism
of alcohol. US 9,186,350 B2 (the “350 Patent”), relates to an early version of the Sure Shot Dietary Supplement and is owned
by the Company. The 350 Patent is a utility patent that covers the United States jurisdiction and expired on December 25, 2023. US 10,028,991
B2 (the “991 Patent”) is a continuation of the 350 Patent and relates to the Sure Shot Dietary Supplement and is owned by
the Company. The 991 Patent is a utility patent that covers the United States jurisdiction and expires on November 5, 2035. In and around
September of 2024, the Company received a Notice of Allowance for a new patent U.S. Patent Application No. 18/395,565 that relates to current
version of the Sure Shot Dietary Supplement. This patent will be a utility patent and cover the United States jurisdiction. The Company
owns three additional patents that relate to legacy products that the Company neither currently sells nor has any plans to sell in the
future.
Government
Regulation
The
Sure Shot Dietary Supplement:
The
production, distribution and sale in the United States of the Sure Shot Dietary Supplement is subject to various U.S.
federal, state and local regulations, including but not limited to: the Federal Food, Drug and Cosmetic Act (“FD&C Act”);
the Occupational Safety and Health Act and various state laws and regulations governing workplace health and safety; various environmental
statutes; the Safe Drinking Water and Toxic Enforcement Act of 1986 (“California Proposition 65”); data privacy and personal
data protection laws and regulations, including the California Consumer Privacy Act of 2018 (as modified by the California Privacy Rights
Act) and a number of other federal, state and local statutes and regulations applicable to the production, transportation, sale, safety,
advertising, marketing, labeling, packaging, and ingredients of the Sure Shot Dietary Supplement.
We
also may in the future be affected by other existing, proposed and potential future regulations or regulatory actions, including those
described below, any of which could adversely affect our business, financial condition and results of operations.
Furthermore,
legislation and regulation may be introduced in the United States at the federal, state, municipal and supranational level in respect
of each of the subject areas discussed below. Public health officials and health advocates are increasingly focused on the public health
consequences associated with obesity and alcohol consumption, especially as they may affect children, and are seeking legislative change
to reduce the consumption of sweetened and alcohol beverages.
We
are subject to a number of regulations applicable to the formulation, labeling, packaging, and advertising (including promotional campaigns)
of our products. In California, we are subject to California Proposition 65, a law which requires that a specified warning be provided
before exposing California consumers to any product that contains in excess of threshold amounts of a substance listed by California
as having been found to cause cancer or reproductive toxicity. California Proposition 65 does not require a warning if the manufacturer
of a product can demonstrate that the use of the product in question exposes consumers to an average daily quantity of a listed substance
that is below that threshold amount, which is determined either by scientific criteria set forth in applicable regulations or via a “safe
harbor” threshold that may be established by the state, or the substance is naturally occurring, or is subject to another applicable
exception. As of the date of this registration statement, we are not required to put a warning label on our product and our products
are perfluoroalkyl and polyfluoroalkyl substances (“PFAS”) free. We are unable to predict whether a component found in our
product might be added to the California list in the future. Furthermore, we are also unable to predict when or whether the increasing
sensitivity of detection methodology may become applicable under this law and related regulations as they currently exist, or as they
may be amended. If we are required to add warning labels to any of our products or place warnings in certain locations where our products
are sold, it will be difficult to predict whether, or to what extent, such a warning would have an adverse impact on sales of our products
in those locations or elsewhere. In addition, there has been increasing regulatory activity globally regarding constituents in packaging
materials, including PFAS. Regardless of whether perceived health consequences of these constituents are justified, such regulatory activity
could result in additional government regulations that impact the packaging of our beverages.
In
addition, the U.S. Food and Drug Administration (the “FDA”) has regulations with respect to serving size information and
nutrition labeling on food and beverage products, including a requirement to disclose the amount of added sugars in such products and
regulations about whether a product qualifies as a drug. Further, the U.S. Department of Agriculture promulgated regulations requiring
that, by January 1, 2022, the labels of certain bioengineered foods include a disclosure that the food is bioengineered. These regulations
may impact, reduce and/or otherwise affect the purchase and consumption of our products by consumers.
All
ingredients in the Sure Shot Dietary Supplement are deemed Generally Recognized as Safe (GRAS) and align with FDA
standards, permitting their inclusion in supplements. In the event that the FDA or any governmental agency identifies an ingredient or
aspect of our product as unsafe, we commit to promptly withdrawing that component in accordance with regulatory directives. From a product
and sales perspective, there are no impediments or concerns raised by any governmental agency. It is essential to note that the Sure Shot Dietary Supplement is classified as a dietary supplement, exempt from the approval or filing requirements mandated
for pharmaceutical drugs by the FDA or other regulatory authorities.
Employees
As
of this prospectus, we had eight full-time employees. We believe our relations with our employees to be good.
Properties
Currently,
we do not own any real property. We rent office space at 1061 E. Indiantown Rd., Ste. 110, Jupiter, FL 33477 for $15,038 per month. The
Company entered into the office lease effective July 1, 2021, which has a primary term of the lease of five years with one renewal option
for an additional three years. As part of the Separation Agreement, Caring Brands, Inc. has agreed to assume to lease obligations upon
it reaching certain milestones.
THE
OFFERING
Common
stock outstanding |
|
60,396,074
shares. (1) |
|
|
|
Common
stock being offered |
|
798,029
shares of common stock that has already been
issued, 300,000 shares of common stock issuable
upon the exercise of the Options and 800,000 shares issuable upon the exercise of outstanding Warrants. |
|
|
|
Use
of proceeds |
|
The
gross proceeds if all the warrant and options holders, as of the date of this prospectus, exercise their Warrants will be
approximately $744,000; however, we are unable to predict the timing or amount of potential warrant exercises. All of such proceeds
will be used for research and development studies and the patent and legal costs associated thereto, and for general working capital
purposes. It is possible that some of the Warrants and/or Options may expire and never be exercised. |
|
|
|
Nasdaq
symbols |
|
Our
common stock are listed on the Nasdaq Capital Market under the symbols “SHOT.” |
|
|
|
Risk
factors |
|
You
should carefully consider the information set forth in this prospectus and, in particular, the specific factors set forth in the
“Risk Factors” section in the Form 10-K and Form S-1 incorporated herein by reference before deciding whether or not
to invest in common stock. |
(1) |
As
of September 24, 2024, this number excludes the approximately 22,192,666 shares of common stock issuable upon exercise
of outstanding warrants and options. |
RISK
FACTORS
Investing
in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider any risk factors
set forth in the applicable prospectus supplement and the documents incorporated by reference in this prospectus, including the factors
discussed under the heading “Risk Factors” in our (i) most recent Form 10-K for the year ended December 31, 2023, as filed
with the SEC on April 01, 2024 ; (ii) most recent quarterly report on Form 10-Q for the six months ended June 30, 2024, as filed
with the SEC on August 14, 2024 and (ii) the Registration Statement on Form POS-AM, filed with SEC on February 09, 2024, as updated by
our subsequent annual, quarterly and other reports and documents that are incorporated by reference into this prospectus. See “Where
You Can Find More Information” and “Information We Incorporate By Reference.” Each of the risks described in these
documents could materially and adversely affect our business, financial condition, results of operations and prospects, and could result
in a partial or complete loss of your investment. Additional risks and uncertainties not presently known to us, or that we currently
deem immaterial, may also adversely affect our business. In addition, past financial performance may not be a reliable indicator of future
performance and historical trends should not be used to anticipate results or trends in future periods.
USE
OF PROCEEDS
All
shares of our common stock offered by this prospectus are being registered for the account of the selling stockholder and we will not
receive any proceeds from the sale of shares of our common stock by the selling stockholder. However, we will receive proceeds from the
exercise of the Warrants and Options. Unless otherwise specified in the applicable prospectus supplement, we intend
to use these proceeds, if any, for general working capital purposes.
SELLING
STOCKHOLDER
This
prospectus relates to the possible resale by the selling stockholder from time to time of up to an aggregate of 1,898,029 shares of our
common stock. When we refer to the “selling stockholder” in this prospectus, we mean the stockholder listed in the table
below and the donees, pledgees, transferees, assignees or other successors-in-interest and others who later come to hold any of the selling
stockholder’s interest in shares of our common stock covered by this prospectus.
The
following table sets forth, as of the date of this prospectus, the name of the selling stockholder and the aggregate amount of shares
of common stock that the selling stockholder may offer pursuant to this prospectus. Information with respect to beneficial ownership
is based on information obtained from such selling stockholder and publicly available information. Information with respect to shares
beneficially owned after the offering assumes the sale of all of the shares offered and no other purchases or sales of common stock.
Name of Selling Stockholder | |
Number of shares of Common Stock Owned
Prior to Offering (1) | | |
Maximum Number of shares of Common Stock to be Sold Pursuant to this Prospectus | | |
Number of shares of Common Stock Owned After Offering | |
Wall and Broad Capital, LLC (2) | |
| 300,000 | | |
| 300,000 | | |
| 0 | |
Greentree Financial Group, Inc.(3) | |
| 1,889,167 | | |
| 862,500 | (4) | |
| 1,026,167 | |
L&H, Inc.(5) | |
| 416,135 | | |
| 287,500 | (6) | |
| 128,635 | |
Todd Gibson | |
| 448,029 | (7) | |
| 448,029 | | |
| 0 | |
(1) |
Includes
shares of common stock issuable upon the exercise of the outstanding warrants, as applicable. |
(2) |
Robert
Kurlandr, is the principal of Wall and Broad Capital, LLC (“W&B”), has voting control and investment discretion over
the securities reported herein that are held by W&B. |
(3) |
Robert
C Cottone, vice president of Greentree Financial Group, Inc. (“Greentree”), has voting control and investment discretion
over the securities reported herein that are held by Greentree. |
(4) |
Includes
600,000 shares of common stock issuable upon the exercise of the Warrants. |
(5) |
Linwen
Huang, president of L&H, Inc. (“L&H”), has voting control and investment discretion over the securities reported
herein that are held by L&H. |
(6) |
Includes
200,000 shares of common stock issuable upon the exercise of the Warrants. |
(7) |
The shares were issued pursuant to a securities purchase
agreement dated September 20, 2024 (the “September SPA”) entered into by and between the Company and Todd Gibson for
gross proceeds of $500,000 at a $1.12 per share price, which was the closing price of the common stock on September 20, 2024
with a 10% discount. |
DESCRIPTION
OF CAPITAL STOCK
The
following description of the Company’s capital stock is a summary and does not purport to be complete. It is subject to and qualified
in its entirety by reference to the Company’s Amended and Restated Certificate of Incorporation and Amended and Restated By-laws,
copies of which are incorporated by reference as exhibits to the registration statement of which this prospectus is a part.
Authorized
Capital
Our
authorized capital stock consists of 250,000,000 shares of common stock, par value $0.001 per share, and 100,000 shares of preferred
stock, par value $0.001 per share.
Common
Stock
Common
stock outstanding
As
of September 24, 2024, there were 60,396,074 shares of our common stock outstanding.
Voting
rights
Subject
to the rights granted to holders of any preferred stock issued by us, each share of common stock entitles the holder to one vote, either
in person or by proxy, at meetings of stockholders. The holders are not permitted to vote their shares cumulatively.
Dividend
rights
Subject
to the rights granted to holders of any preferred stock issued by us, holders of common stock are entitled to receive ratably such dividends,
if any, as may be declared by the Board out of funds legally available.
Rights
upon liquidation
Subject
to the rights granted to holders of any preferred stock issued by us, upon our liquidation, dissolution or winding up, the holders of
our common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment
of all of our debts and other liabilities.
Other
rights
Holders
of our common stock do not have any pre-emptive rights or other subscription rights, conversion rights, redemption or sinking fund provisions.
Preferred
Stock
Under
the terms of our second amended and restated certificate of incorporation, our Board is authorized to issue shares of preferred stock
in one or more series without stockholder approval. Our Board has the discretion to determine the rights, preferences, privileges and
restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each
series of preferred stock.
The
purpose of authorizing our Board to issue preferred stock and determination its rights and preferences is to eliminate delays associated
with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible
acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to
acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock.
Warrants
During
2020, the Company issued a total of 1,123,333 warrants, with each warrant to purchase one share of common stock, consisting of 1,073,333
warrants issued in connection with the Company’s initial public offering at an exercise price of $8.50 per share, expiring in October
2025, and 50,000 warrants issued in connection with the Endorsement Agreement with Tee-2-Green at an exercise price of $3.90, expiring
in November 2025.
During
2021, the Company issued 525,001 warrants in relation to loans amounting to $3,150,000 to the Company issued by the investors. As of
the date of this prospectus there are 1,648,334 warrants outstanding. The exercise price of these warrants was later adjusted to
$0.93 per share. In addition, the Company issued 11,607,142 warrants to purchase common stock of the under public offering on July
21, 2021. These are the warrants for which the underlying shares are being re-registered hereunder. The exercise price of these
warrants was later adjusted to $1.40 per share.
During
the year ended December 31, 2022, the Company issued a total of 2,260,000 warrants with an exercise price of between $1.00 and $2.79
and five year terms in connection with two convertible promissory notes of which 1,200,000 were exercised in September 2023. During
2021 in connection with the issuance of three convertible promissory notes, the Company issued 525,000 warrants with an exercise
price of $6.00 and five-year term. The exercise price of all of these warrants was later adjusted to $0.93 per share with the
exception of 25,000 warrants which remain at $6.00 per share.
Options
During
2020, certain Directors and a consultant were granted stock options to purchase a total of 211,330 additional shares of the Company’s
common stock. The options have a three-year term with an exercise price between $0.25 and $4.49. The relative fair value of the 2020
options using the Black-Scholes valuation model totals $251,526.
During
the year ended December 31, 2021, the Company issued a total of 4,383,950 options with an exercise price between $0.25 and $5.59 each
with a three-year term to its Officers and Directors. The relative fair value of the 2021 options using the Black-Scholes valuation model
totals $5,043,730.
On
December 30, 2022, the Company, in connection with the 2022 Equity Incentive Plan, granted the directors and officers of the Company
options to purchase shares of common stock. The table below shows the options granted to each director and officers, and their respective
terms.
Name | |
Options | | |
Exercise Price | | |
Term |
Brian S John | |
| 1,050,000 | | |
$ | 0.836 | | |
Five years from the grant date |
Dr. Glynn Wilson | |
| 1,050,000 | | |
$ | 0.7600 | | |
Five years from the grant date |
Doug McKinnon | |
| 500,000 | | |
$ | 0.7600 | | |
Five years from the grant date |
Christopher Melton | |
| 50,000 | | |
$ | 0.7600 | | |
Five years from the grant date |
Dr. Skander Fani | |
| 50,000 | | |
$ | 0.7600 | | |
Five years from the grant date |
Nancy Torres Kauffman | |
| 50,000 | | |
$ | 0.7600 | | |
Five years from the grant date |
Gary Hermann | |
| 50,000 | | |
$ | 0.7600 | | |
Five years from the grant date |
In
addition to the directors and officers, on December 30, 2022, the Company granted 100,000 options to purchase shares of common stock,
at an exercise price of $0.7600 and a five year term, to Mesers. Markita Russell, Paul Jones and Zachary Greave, each. The company also
granted 50,000 options to purchase shares of common stock, at an exercise price of $0.7600 and a five year term, to Mesers. Michelle
Basantes, George Hall, and Dr. Hector Alia.
During
the year ended December 31, 2022 the Company entered into an Investor Relations Consulting Agreement under the terms of which the Company
issued 300,000 two-year options, immediately vested, with an exercise price of $1.00. The Company recorded an expense of $142,169 in
connection with this issuance.
During
the year ended December 31, 2023, the Company entered into five employment and director agreements under the terms of which the Company
issued 400,000 five-year options, with quarterly vesting, with an exercise price between $0.49 and $1.13 and 50,000 three-year options,
immediately vesting with an exercise price of $0.46. The total fair value of the options was $202,638. The fair value of the options
is being amortized over the vesting period. The Company recognized $39,444 expense for the year ended December 31, 2023.
Subsequent
to December 31, 2023, Mr. Guylas and Mr. Boon each purchased 1,050,000 of the above referenced options each from Mr. John and Dr. Wilson.
During
the six months ended June 30, 2024, the Company entered into nine consulting agreements under the terms of which the Company issued 4,820,000options
with vesting periods from immediate to one year with an exercise price between $ 1.17 and $ 2.37 and terms from five to ten years. The
total fair value of the options totals $10,359,336. The Company recognized $4,433,804 expense for the six months ended June 30, 2024.
Also
during the six months ended June 30, 2024, the Company granted 5,555,000 options to officers, director and employees of the Company.
These options have vesting periods from immediate to three years with an exercise price between $1.06 and $2.01 and terms of five years.
The total fair value of the options totals $6,734,614. The Company recognized $5,834,966 expense for the six months ended June 30, 2024.
On
September 06, 2024, the Company issued entered into a stock option agreement (the “WBC Agreement”) with Wall and Broad
Capital, LLC, a Florida limited liability company (“WBC”), pursuant to which the Company issued WBC 300,000 options
to purchase Company’s shares of common stock (the “Options”) with an exercise price of $1.00 per share. A copy of
the WBC Agreement has been filed herein as Exhibit 10.21.
The
fair value of these options was measured using the Black-Scholes valuation model at the grant date. The table below sets forth
the assumptions for Black-Scholes valuation model on the respective reporting date.
| |
| |
| |
| |
Market | |
|
|
| |
| |
Number | |
| |
| |
Price | |
|
|
| |
Reporting | |
of | |
Term | |
Exercise | |
on
Grant | |
Volatility |
|
Fair | |
Date | |
Options | |
(Years) | |
Price | |
Date | |
Percentage |
|
Value | |
| |
| |
| |
| |
| |
|
|
| |
1/01/21
– 6/30/21 | |
| 306,730 | |
| 3 | |
$ | 0.25-5.59 | |
$ | 3.78-5.59 | |
| 148
209 |
% |
$ | 1,244,179 | |
7/1/21-9/30/21 | |
| 777,220 | |
| 5 | |
$ | 1.77 | |
$ | 1.58 | |
| 127 |
% |
$ | 816,158 | |
10/01/21
– 12/31/21 | |
| 3,300,000 | |
| 3 | |
$ | 1.30 | |
$ | 1.30 | |
| 129 |
% |
$ | 2,983,393 | |
01/01/22 | |
| 300,000 | |
| 2 | |
$ | 1.00 | |
$ | 0.80 | |
| 126 |
% |
$ | 142,169 | |
12/30/2022 | |
| 3,250,000 | |
| 3 | |
$ | 0.76 | |
$ | 0.76 | |
| 166 |
% |
$ | 2,026,122 | |
7/10
– 8/18/23 | |
| 450,000 | |
| 3-5 | |
$ | 0.46-1.13 | |
$ | 0.46-1.13 | |
| 158-160 |
% |
$ | 271,547 | |
1/17
- 3/27/24 |
|
|
4,745,000 |
|
|
5-10 |
|
$ |
2.19
- 2.37 |
|
$ |
2.19
- 2.37 |
|
|
155–162 |
% |
$ |
10,278,150 |
|
1//16
- 3/11/24 |
|
|
5,420,000 |
|
|
2.5 |
|
$ |
1.57
– 1.96 |
|
$ |
1.57
– 1.96 |
|
|
119-121 |
% |
$ |
6,633,848 |
|
6/14
– 6/14/24 |
|
|
75,000 |
|
|
5 |
|
$ |
1.17 |
|
$ |
1.17 |
|
|
155 |
% |
$ |
81,186 |
|
5/16/
- 6/26/24 |
|
|
135,000 |
|
|
2.5 |
|
$ |
1.06
– 1.44 |
|
$ |
1.06
– 1.44 |
|
|
120 |
% |
$ |
100,765 |
|
During
the year ended December 31, 2022, the Company cancelled a total of 211,000 options to management and reallocated these to cover shares
of the Company’s stock to be issued under the Company’s Incentive Stock Plan.
During
the year ended December 31, 2022, the Company recognized $2,048,270 as compensation expense related to the option grants. At December
31, 2022 and 2021, the Company had 8,134,280 and 4,584,280 options outstanding, respectively.
2021
Private Placement Notes and Warrants
On
May 11, 2021, we entered into a loan agreement (the “May 11 Loan Agreement”) with Greentree Financial Group, Inc. (“Greentree”),
pursuant to which we sold approximately $2,500,000 of notes (the “May 11 Notes”) and 416,667 warrants at an exercise
price of $6.00.
On
May 24, 2021, we entered into a loan agreement (the “May 24 Loan Agreement”) with L&H Inc. (“L&H”),
pursuant to which we sold approximately $150,000 of notes (the “May 24 Notes”) and 25,000 warrants at an exercise price
of $6.00 per share.
On
May 28, 2021, we entered into a loan agreement (the “May 28 Loan Agreement, with the May 11 Loan Agreement and the May 24 Loan
Agreement, collectively as “2021 Loan Agreements”), pursuant to which we sold approximately $500,000 of notes (the “May
28 Notes,” collectively with May 11 Notes and May 24 Notes as the “2021 Notes”) and 83,334 warrants at an exercise
price of $6.00 per share.
The
2021 Notes have a six months term and are convertible into shares of Common Stock of the Company at $6.00 per share. Interest shall accrue
on the notes at 8% annually, payable on a quarterly basis. The 2021 Notes held by a particular holder will not be convertible to the
extent such conversion would result in such holder owning more than 4.99% of the number of Common Stock outstanding after giving effect
to the issuance of Common Stock issuable upon conversion of such note calculated in accordance with Section 13(d) of the Exchange Act.
Upon not less than sixty-one (61) days advance written notice, at any time or from time to time, the holder at its sole discretion, may
waive the 4.99% conversion limit. However, under any circumstance, the holder may not convert the 2021 Note if such conversion would
cause holder’s beneficial ownership (as defined by Section 13(d) of the Securities Exchange Act of 1934, as amended) of the Company
to exceed 9.99% of its total issued and outstanding common or voting shares. Any common shares converted under the 2021 Note need to
be delivered to the holder within three (3) business days of the receipt of conversion notice.
The
warrants are exercisable immediately for a period of five years for cash, at an exercise price of $6.00 per share of Common Stock. The
warrants held by a particular holder will not be exercisable to the extent such conversion would result in such holder owning more than
4.99% of the number of shares of Common Stock outstanding after giving effect to the issuance of Common Stock issuable upon exercise
of such warrants calculated in accordance with Section 13(d) of the Exchange Act. Upon not less than sixty-one (61) days advance written
notice, at any time or from time to time, the warrant holder at its sole discretion, may waive the 4.99% ownership limit. However, under
any circumstance, the warrant holder may not exercise the warrant if such exercise would cause such Warrant holder’s beneficial
ownership (as defined by Section 13(d) of the Securities Exchange Act of 1934, as amended) of the Common Stock of the Company to exceed
9.99% of its total issued and outstanding Common Stock or voting shares.
Pursuant
to the 2021 Loan Agreements, 2021 Notes and warrants we agreed to file the registration statement of which this prospectus forms a part
with the SEC and to cause such registration statement to become effective as promptly as practicable after filing, and are required to
cause such registration statement to remain effective until the Common Stock offered hereby have been sold or may be freely sold without
limitations or restrictions as to volume or manner of sale pursuant to Rule 144 under the Securities Act. The exercise price of the warrants
was reduced to $0.93 per share.
2022
Private Placement Notes and Warrants
On
April 20, 2022, we entered into a $1,500,000 Loan Agreement (the “2022 Greentree Loan”) with Greentree. Pursuant
to the 2022 Greentree Loan, the Company issued a convertible promissory note in the principal amount of $1,500,000 (the “2022 Greentree
Note”) and the issuance of a Common Stock Purchase Warrant for 1,100,000 shares of the Company’s common stock (the “2022
Greentree Warrant”). The 2022 Greentree Note has a maturity date of October 20, 2022.
On
April 20, 2022, we entered into a $500,000 Loan Agreement (the “2022 L&H Loan,” collectively with Greentree Loan as
the “2022 Loan Agreements”). Pursuant to the 2022 L&H Loan the Company issued a convertible promissory note in the principal
amount of $500,000 (the “2022 L&H Note,” collectively with 2022 Greentree Note as the “2022 Notes”) and the
issuance of a Common Stock Purchase Warrant for 360,000 shares of the Company’s common stock (the “2022 L&H Warrant,”
collectively with 2022 Greentree Warrant as the “2022 Warrants”). The 2022 L&H Note has a maturity date of October 20,
2022.
The
2022 Notes have an original issuance discount of five percent (5%), an interest rate of eight percent (8%), and a conversion price
of $2.79 per share, subject to an adjustment downward if the Company is in default of the terms of the Notes. Provided, the 2022
Notes may be converted at a default price of $1.00 per share in the event of default as stated therein. The 2022 Warrants have
a five (5) year term, an exercise price of $2.79 per share, have a cashless conversion feature until such time as the shares underlying
the 2022 Warrants are included in an effective registration and certain anti-dilution protection. In connection with the 2023
private placement described immediately below the exercise price of the 2022 Warrants and the conversion price of the 2022
Notes was reduced to $0.93 per share.
Pursuant
to the Loan Agreements, 2022 Notes and 2022 Warrants we agreed to file the registration statement of which this prospectus
forms a part with the SEC and to cause such registration statement to become effective as promptly as practicable after filing, and are
required to cause such registration statement to remain effective until the Common Stock offered hereby have been sold or may be freely
sold without limitations or restrictions as to volume or manner of sale pursuant to Rule 144 under the Securities Act.
On September 11, 2023, the Company,
entered into certain amendments to 2021 Loan Agreements, 2022 Loan Agreements, the 2021 Notes, 2021 Warrants, 2022 Notes and 2022 Warrants
(collectively as the “Amendment No. 2”), pursuant to which the parties thereto amended the transaction documents: (i) to
change the maturity date of the 2022 Note to January 31, 2024; (ii) to change the interest rate of the 2022 Note to 11% annual interest
rate, effective on August 1, 2023 until the entire principal amount is paid in full; (iii) to change the exercise price of the 2021 Warrants
and 2022 Warrant to $0.93; (iv) change the conversion price of the 2022 Note to $0.93; (iv) issued Greentree 262,500 shares of its common
stock as the incentive shares; and (v) issued L&H 87,500 shares of its common stock as the incentive shares. The Company also adjusted
the exercise price of the 2021 Warrants and 2022 Warrants to $0.932 per share in accordance with the anti-dilution provisions of such
warrants. The 600,000 shares underlying the Greentree Warrants and the 200,000 shares issuable upon exercise of the L&H Warrants
are being registered herein.
2023
Private Placement of Warrants
On
January 19, 2023, the Company entered into the PIPE Agreement with certain purchasers, for the issuance of 8,631,574 common stock warrants
comprising of two common stock warrants, each to purchase up to one share of Common Stock per Common Warrant with an exercise price of
$1.00 per share, with (a) 4,315,787 warrants being immediately exercisable for two and one-half years following 6 months from the closing
of the PIPE Offering, and (b) 4,315,787 warrants being immediately exercisable for four and one-half years following 6 months from the
closing of the PIPE Offering. As a result of the spin off of SRM, these exercise price of these warrants adjusted to $0.93 per share
and the amount of warrants adjusted to an aggregate of 9,218,521 warrants. We are registering herein, 586,947 warrants issued as a result
of the spin off adjustment.
Pursuant
to the PIPE Agreements, registration rights agreement and the Warrants we agreed to file a registration statement and to cause such registration
statement to become effective as promptly as practicable after filing, and are required to cause such registration statement to remain
effective until the Common Stock offered hereby have been sold or may be freely sold without limitations or restrictions as to volume
or manner of sale pursuant to Rule 144 under the Securities Act. That registration statement became effective on July 3, 2023.
The
entire discussion regarding the securities PIPE Agreements, registration rights agreement and related agreements is qualified in its
entirety to the forms of such agreements which have been filed as exhibits to our Current Report on Form 8-K, filed with the SEC on January
25, 2023 which are incorporated by reference into the registration statement to which this prospectus forms a part.
In
addition to the warrants related to the PIPE Agreements, During the year ended December 31, 2023, the Company entered into four Investor
Relations Consulting Agreements under the terms of which the Company issued a total of 1,000,000 five-year warrants, with an exercise
price between $1.00 and $6.00.
2024
Private Placement of Warrants
On
August 30, 2024, the Company entered into a Securities Purchase Agreement with one accredited investor for the purchase of (i) 3,370,787
shares at a price of $0.89 per share which was the closing price on August 29, 2024; and (ii) 3,370,787 warrants to purchase shares of
common stock (the “2024 Warrants”) at a price of $0.125 per warrant. The 2024 Warrant are exercisable for a period of five
years from the date of issuance and have an exercise price of $1.25 per share.
Anti-Takeover
Effects
Our
second amended and restated certificate of incorporation and amended and restated bylaws will include a number of provisions that may
have the effect of delaying, deferring or preventing a party from acquiring control of us and encouraging persons considering unsolicited
tender offers or other unilateral takeover proposals to negotiate with our Board rather than pursue non-negotiated takeover attempts.
The provisions include the items described below.
Potential
Effects of Authorized but Unissued Stock
We
have shares of common stock available for future issuance without stockholder approval. We may utilize these additional shares for a
variety of corporate purposes, including future public offerings to raise additional capital, to facilitate corporate acquisitions or
payment as a dividend on the capital stock.
The
existence of unissued and unreserved common stock and preferred stock may enable our Board to issue shares to persons friendly to current
management or to issue preferred stock with terms that could render more difficult or discourage a third-party attempt to obtain control
of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity of our management. In addition,
our Board has the discretion to determine designations, rights, preferences, privileges and restrictions, including voting rights, dividend
rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock, all to the fullest extent
permissible under the Delaware General Corporation Law and subject to any limitations set forth in our second amended and restated certificate
of incorporation. The purpose of authorizing the Board to issue preferred stock and to determine the rights and preferences applicable
to such preferred stock is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock,
while providing desirable flexibility in connection with possible financings, acquisitions and other corporate purposes, could have the
effect of making it more difficult for a third party to acquire, or could discourage a third party from acquiring, a majority of our
outstanding voting stock.
Limitations
of Director Liability and Indemnification of Directors, Officers and Employees
Our
second amended and restated certificate of incorporation limits the liability of directors to the maximum extent permitted by Delaware
law. Delaware law provides that directors of a corporation will not be personally liable for monetary damages for breach of their fiduciary
duties as directors.
Our
amended and restated bylaws provide that we will indemnify our directors and officers to the fullest extent permitted by law, and may
indemnify employees and other agents. Our amended and restated bylaws also provide that we are obligated to advance expenses incurred
by a director or officer in advance of the final disposition of any action or proceeding.
We
currently do not have a policy of directors’ and officers’ liability insurance but intend to obtain such a policy in the
near future.
Our
amended and restated bylaws, subject to the provisions of Delaware Law, contain provisions which allow the corporation to indemnify any
person against liabilities and other expenses incurred as the result of defending or administering any pending or anticipated legal issue
in connection with service to us if it is determined that person acted in good faith and in a manner which he or she reasonably believed
was in the best interest of the corporation. Insofar as indemnification for liabilities arising under the Securities Act of 1933 as amended,
or the Securities Act, may be permitted to our directors, officers and controlling persons, we have been advised that in the opinion
of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable.
The
limitation of liability and indemnification provisions in our amended and restated bylaws may discourage stockholders from bringing a
lawsuit against directors for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against
directors and officers, even though an action, if successful, might provide a benefit to us and our stockholders. Our results of operations
and financial condition may be harmed to the extent we pay the costs of settlement and damage awards against directors and officers pursuant
to these indemnification provisions.
At
present, there is no pending litigation or proceeding involving any of our directors or officers as to which indemnification is required
or permitted, and we are not aware of any threatened litigation or proceeding that may result in a claim for indemnification.
Requirements
for Advance Notification of Stockholder Nominations and Proposals
Our
amended and restated bylaws establish advance notice procedures with respect to stockholder proposals and nomination of candidates for
election as directors.
Limits
on Special Meetings
Special
meetings may be called for any purpose and at any time by the Chairman of the Board, the President (if there be one) or by any member
of the Board. Business transacted at each special meeting shall be confined to the purposes stated in the notice of such meeting.
Election
and Removal of Directors
Our
Board is elected annually by our stockholders. The number of directors that shall constitute the whole Board shall not be less than three
(3) nor more than seven (7) directors.
Directors
are elected by a plurality of the votes of shares of our capital stock present in person or represented by proxy at a meeting and entitled
to vote in the election of directors. Each director shall hold office until a successor is duly elected and qualified or until his or
her earlier death, resignation or removal.
Newly
created directorships resulting from any increase in the number of directors or any vacancies in the Board resulting from death, resignation,
retirement, disqualification, removal from office or any other cause may be filled, so long as there is at least one remaining director,
only by the Board, provided that a quorum is then in office and present, or by a majority of the directors then in office, if less than
a quorum is then in office, or by the sole remaining director. Directors elected to fill a newly created directorship or other vacancies
shall hold office until such director’s successor has been duly elected and qualified or until his or her earlier death, resignation
or removal as hereinafter provided.
Any
director may be removed from office at any time for cause, at a meeting called for that purpose, but only by the affirmative vote of
the holders of at least 66-2/3% of the voting power of all outstanding shares of our capital stock entitled to vote generally in the
election of directors, voting together as a single class.
Our
second amended and restated certificate of incorporation and amended and restated bylaws do not provide for cumulative voting in the
election of directors.
Amendments
to Our Governing Documents
The
affirmative vote of the holders of at least 66-2/3% of the voting power of all outstanding shares of our capital stock entitled to vote
generally in the election of directors, shall be required to adopt any provision inconsistent with, to amend or repeal any provision
of, or to adopt a bylaw inconsistent with, Articles Two, Seven, Eight and Nine of our Second Amended and Restated Certificate of Incorporation.
Our
amended and restated bylaws may be amended or repealed and new bylaws may be adopted by the stockholders and/or the Board. Any bylaws
adopted, amended or repealed by the Board may be amended or repealed by the stockholders.
Listing
Our
Common Stock and warrants are listed on Nasdaq under the symbols “SHOT” and “SHOTW”, respectively.
Transfer
Agent, Warrant Agent and Registrar
The
transfer agent and registrar for our Common Stock offered in this Offering is ClearTrust, LLC.
PLAN
OF DISTRIBUTION
The
selling stockholder may, from time to time, sell any or all of their securities covered hereby on Nasdaq or any other stock exchange,
market or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices.
The selling stockholder may use any one or more of the following methods when selling securities:
● |
ordinary
brokerage transactions and transactions in which the broker dealer solicits purchasers; |
|
|
● |
block
trades in which the broker dealer will attempt to sell the securities as agent but may position and resell a portion of the block
as principal to facilitate the transaction; |
|
|
● |
purchases
by a broker dealer as principal and resale by the broker dealer for its account; |
|
|
● |
an
exchange distribution in accordance with the rules of the applicable exchange; |
|
|
● |
privately
negotiated transactions; |
|
|
● |
settlement
of short sales; |
|
|
● |
in
transactions through broker dealers that agree with the selling stockholder to sell a specified number of such securities at a stipulated
price per security; |
|
|
● |
through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
|
|
● |
a
combination of any such methods of sale; or |
|
|
● |
any
other method permitted pursuant to applicable law. |
The
selling stockholder may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available,
rather than under this prospectus.
Broker
dealers engaged by the selling stockholder may arrange for other brokers dealers to participate in sales. Broker dealers may receive
commissions or discounts from the selling stockholder (or, if any broker dealer acts as agent for the purchaser of securities, from the
purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction
not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup
or markdown in compliance with FINRA Rule 2121.
In
connection with the sale of the securities or interests therein, the selling stockholder may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they
assume. The selling stockholder may also sell securities short and deliver these securities to close out their short positions, or loan
or pledge the securities to broker-dealers that in turn may sell these securities. The selling stockholder may also enter into option
or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the
delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer
or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The
selling stockholder and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. The selling stockholder has informed us that it does not have any written or oral agreement or understanding,
directly or indirectly, with any person to distribute the securities.
We
are required to pay certain fees and expenses incurred by us incident to the registration of the securities. We have agreed to indemnify
the selling stockholder against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.
We
agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the selling stockholder
without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for
us to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect
or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar
effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state
securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered
or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is
complied with.
Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously
engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M,
prior to the commencement of the distribution. In addition, the selling stockholder will be subject to applicable provisions of the Exchange
Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the common
stock by the selling stockholder or any other person. We will make copies of this prospectus available to the selling stockholder and
have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including
by compliance with Rule 172 under the Securities Act).
LEGAL
MATTERS
Certain
legal matters related to the securities offered by this prospectus will be passed upon on our behalf by The Sichenzia Ross Ference Carmel
LLP. If legal matters in connection with offerings made pursuant to this prospectus are passed upon by counsel for the underwriters,
dealers or agents, if any, such counsel will be named in the prospectus supplement relating to such offering.
EXPERTS
The
consolidated financial statements of the Company as of December 31, 2023 and 2022 incorporated in this prospectus by reference from the
Company’s Annual Report on Form 10-K for the year ended December 31, 2023 have been audited by M&K CPAS, PLLC, an independent
registered public accounting firm, as stated in their report thereon, and have been incorporated by reference in this prospectus and
registration statement in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.
INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE
The
SEC allows us to “incorporate by reference” information into this prospectus, which means that we can disclose important
information about us by referring you to another document filed separately with the SEC. The information incorporated by reference is
considered to be a part of this prospectus. This prospectus incorporates by reference the documents and reports listed below (other than
portions of these documents that are either (1) described in paragraph (e) of Item 201 of Regulation S-K or paragraphs (d)(1)-(3) and
(e)(5) of Item 407 of Regulation S-K promulgated by the SEC or (2) deemed to have been furnished and not filed in accordance with SEC
rules, including Current Reports on Form 8-K furnished under Item 2.02 or Item 7.01 (including any financial statements or exhibits relating
thereto furnished pursuant to Item 9.01), unless otherwise indicated therein:
|
● |
Our
Annual Report on Form 10-K for the year ended December 31, 2023 (our “Annual Report”), filed with the SEC on April 01, 2024. |
|
|
|
|
● |
Our
Quarterly Report on Form 10-Q for the three months ended March 30, 2024, and six months ended June 30, 2023 (our “Quarterly
Report”), filed with the SEC on May 15, 2024 and August 18, 2024 respectively. |
|
|
|
|
● |
Registration
Statement on POS-AM, filed with SEC on February 09, 2024. |
|
|
|
|
● |
Our
Current Reports on Form 8-K, filed with the SEC April
5, 2024, April 09, 2024, April, 22, 2024, April
26, 2024, May 03, 2024,
May 06, 2024, May 13, 2024, May 14, 2024, May 15, 2024, May 30, 2024, June 03, 2024, June 04, 2024, June 05, 2024, June 06, 2024,
June 25, 2024, June 26, 2024, June 27, 2024, June
28, 2204, July 08, 2024, July 15, 2024, August
02, 2024, August 05, 2024, August 12, 2024, August 16, 2024, August 28, 2024, August 29, 2024, September
05, 2024, September 06, 2024, September 19, 2024, September
24, 2024, September 26, 2024, September 30, 2024, and October 09, 2024. |
|
|
|
|
● |
The
description of our Common Stock in our Registration Statement on Form S-1/A filed with the Commission on July 28, 2020, and amended
on October 26, 2020. |
We
also incorporate by reference the information contained in all other documents we file with the SEC pursuant to Sections 13(a), 13(c),
14 or 15(d) of the Exchange Act (other than portions of these documents that are either (1) described in paragraph (e) of Item 201 of
Regulation S-K or paragraphs (d)(1)-(3) and (e)(5) of Item 407 of Regulation S-K promulgated by the SEC or (2) deemed to have been furnished
and not filed in accordance with SEC rules, including Current Reports on Form 8-K furnished under Item 2.02 or Item 7.01 (including any
financial statements or exhibits relating thereto furnished pursuant to Item 9.01, unless otherwise indicated therein)) after the date
of this prospectus and prior to the completion of the offering of all securities covered by this prospectus and any applicable prospectus
supplement. The information contained in any such document will be considered part of this prospectus from the date the document is filed
with the SEC.
If
you make a request for such information in writing or by telephone, we will provide you, without charge, a copy of any or all of the
information incorporated by reference into this prospectus. Any such request should be directed to:
Safety
Shot, Inc.
1061
E. Indiantown Rd., Suite. 110
Jupiter,
FL 33477
(561)
244-7100
You
should rely only on the information contained in, or incorporated by reference into, this prospectus, in any applicable prospectus supplement
or in any free writing prospectus filed by us with the SEC. We have not authorized anyone to provide you with different or additional
information. The selling stockholder is not offering to sell or soliciting any offer to buy any securities in any jurisdiction where
the offer or sale is not permitted. You should not assume that the information in this prospectus or in any document incorporated by
reference is accurate as of any date other than the date on the front cover of the applicable document.
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
14. Other Expenses of Issuance and Distribution
The
following table sets forth the costs and expenses payable by us in connection with the sale of common stock being registered. All amounts
are estimates except for the SEC registration fee.
SEC registration fee | |
$ | 347 | |
Legal fees and expenses | |
| 60,000 | |
Accounting fees and expenses | |
| 10,000 | |
Printing and Miscellaneous Expenses | |
| 9,653 | |
Total | |
$ | 80,000 | |
Item
15. Indemnification of Directors and Officers
Safety
Shot, Inc. is incorporated under the laws of the State of Delaware. Reference is made to Section 102(b)(7) of the General Corporation
Law of the State of Delaware, as amended (the “DGCL”), which enables a corporation in its original certificate of
incorporation or an amendment thereto to eliminate or limit the personal liability of a director for violations of the director’s
fiduciary duty, except (1) for any breach of the director’s duty of loyalty to the corporation or its stockholders, (2) for acts
or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) pursuant to Section 174 of
the DGCL, which provides for liability of directors for unlawful payments of dividends or unlawful stock purchase or redemptions or (4)
for any transaction from which the director derived an improper personal benefit.
Section
145(a) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party or is threatened to be made
a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation), because he or she is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts
paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding, if he or she acted
in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation and, with
respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
Section
145(b) of the DGCL provides, in general, that a corporation may indemnify any person who was or is a party or is threatened to be made
a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor
because the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses
(including attorneys’ fees) actually and reasonably incurred by the person in connection with the defense or settlement of such
action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the corporation, except that no indemnification shall be made with respect to any claim, issue or matter as to which he or she shall
have been adjudged to be liable to the corporation unless and only to the extent that the adjudicating court determines that, despite
the adjudication of liability but in view of all of the circumstances of the case, he or she is fairly and reasonably entitled to indemnity
for such expenses which the adjudicating court shall deem proper.
Section
145(g) of the DGCL provides, in general, that a corporation may purchase and maintain insurance on behalf of any person who is or was
a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against
such person and incurred by such person in any such capacity, or arising out of his or her status as such, whether or not the corporation
would have the power to indemnify the person against such liability under Section 145 of the DGCL.
Our
bylaws, subject to the provisions of the DGCL, contain provisions which allow the corporation to indemnify any person against liabilities
and other expenses incurred as the result of defending or administering any pending or anticipated legal issue in connection with service
to us if it is determined that person acted in good faith and in a manner which he reasonably believed was in the best interest of the
corporation. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers
and controlling persons, we have been advised that in the opinion of the Securities and Exchange Commission, such indemnification is
against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.
As
permitted by the DGCL, the registrant has entered into separate indemnification agreements with each of the registrant’s directors
and certain of the registrant’s officers which require the registrant, among other things, to indemnify them against certain liabilities
which may arise by reason of their status as directors, officers or certain other employees.
The
registrant expects to obtain and maintain insurance policies under which its directors and officers are insured, within the limits and
subject to the limitations of those policies, against certain expenses in connection with the defense of, and certain liabilities which
might be imposed as a result of, actions, suits or proceedings to which they are parties by reason of being or having been directors
or officers. The coverage provided by these policies may apply whether or not the registrant would have the power to indemnify such person
against such liability under the provisions of the DGCL.
These
indemnification provisions and the indemnification agreements entered into between the registrant and the registrant’s officers
and directors may be sufficiently broad to permit indemnification of the registrant’s officers and directors for liabilities (including
reimbursement of expenses incurred) arising under the Securities Act of 1933.
Item
16. Exhibits
Exhibit
No. |
|
Description |
|
|
|
(a) |
|
Exhibits. |
1.1 |
|
Form of Underwriting Agreement, incorporated by reference to Exhibit 1.1 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
3.1 |
|
Amended and Restated Certificate of Incorporation, incorporated herein by reference to Exhibit 2.1 to Jupiter Wellness, Inc.’s Form 1-A filed with the Securities and Exchange Commission on June 21, 2019. |
3.2 |
|
Bylaws, incorporated herein by reference to Exhibit 2.2 to Jupiter Wellness, Inc.’s Form 1-A filed with the Securities and Exchange Commission on June 21, 2019. |
3.3 |
|
Amended and Restated Bylaws, incorporated by reference to Exhibit 3.3 of the Company’s Registration Statement filed with the SEC on July 14, 2020. |
3.4 |
|
Certificate of Amendment of Certificate of Incorporation, incorporated by reference to Exhibit 3.4 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
3.5 |
|
Second Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit 3.5 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
4.1 |
|
Common Stock Purchase Warrant, incorporated by reference to Exhibit 4.1 of the Company’s Registration Statement filed with the SEC on July 14, 2020. |
4.2 |
|
Representative’s Warrant, incorporated by reference to Exhibit 4.2 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
4.3 |
|
Form of Warrant included in Unit, incorporated by reference to Exhibit 4.3 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
4.4 |
|
Form of Warrant Agent Agreement, incorporated by reference to Exhibit 4.4 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
5.1* |
|
Opinion of Sichenzia Ross Ference LLP |
10.1 |
|
Common Stock and Warrant Subscription Agreement, incorporated by reference to Exhibit 10.1 of the Company’s Registration Statement filed with the SEC on July 14, 2020. |
10.2 |
|
Independent Director’s Contract between the Company and Dr. Hector Alila, dated February 25, 2019, incorporated by reference to Exhibit 10.2 of the Company’s Registration Statement filed with the SEC on July 14, 2020. |
10.3 |
|
Independent Director’s Contract between the Company and Timothy G. Glynn, dated March 13, 2019, incorporated by reference to Exhibit 10.3 of the Company’s Registration Statement filed with the SEC on July 14, 2020. |
10.4 |
|
Independent Director’s Contract between the Company and Christopher Melton, dated July 29, 2019, incorporated by reference to Exhibit 10.4 of the Company’s Registration Statement filed with the SEC on July 14, 2020). |
10.5 |
|
Employment Agreement with Douglas O. McKinnon, dated August 5, 2019, incorporated by reference to Exhibit 10.5 of the Company’s Registration Statement filed with the SEC on July 14, 2020). |
10.6 |
|
Form of Regulation A Subscription Agreement, incorporated herein by reference to Exhibit 4.1 to Jupiter Wellness, Inc.’s Form 1-A/A filed with the Securities and Exchange Commission on August 19, 2019. |
10.7 |
|
Employment Agreement with Dr. Glynn Wilson, dated October 15, 2019, incorporated by reference to Exhibit 10.7 of the Company’s Registration Statement filed with the SEC on July 14, 2020. |
10.8 |
|
Employment Agreement with Brian John, dated February 1, 2020, incorporated by reference to Exhibit 10.8 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
10.9 |
|
Employment Agreement with Richard Miller, dated February 1, 2020, incorporated by reference to Exhibit 10.9 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
10.10 |
|
2020 Equity Incentive Plan, incorporated by reference to Exhibit 10.10 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
10.11 |
|
Confidential Membership Interest Purchase Agreement dated February 20, 2020 by and between Jupiter Wellness, Inc., Magical Beasts LLC. and Krista Whitley, incorporated by reference to Exhibit 10.11 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
10.12 |
|
Sales Distribution Agreement dated February 20, 2020 between Jupiter Wellness Inc. and Ayako Holdings, Inc., incorporated by reference to Exhibit 10.12 of the Company’s Registration Statement filed with the SEC on June 17, 2020. |
10.13 |
|
Distribution Agreement, dated November 5, 2020, incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on November 9, 2020. |
10.14 |
|
Endorsement Agreement, dated November 10, 2020, incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on November 19, 2020. |
10.15 |
|
Share Exchange Agreement, dated November 30, 2020, incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on December 3, 2020. |
10.16 |
|
Independent Director’s Agreement, dated January 20, 2021, incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on January 26, 2021. |
10.17 |
|
Omnibus Amendment dated January 25, 2021, incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on January 29, 2021. |
10.18 |
|
First Amendment to Common Stock Option Agreement dated January 25, 2021, incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on January 29, 2021. |
10.19 |
|
Employment Agreement dated as of January 20, 2021, incorporated by reference to the Company’s Current Report on Form 8-K, filed with the SEC on February 3, 2021. |
10.20 |
|
Securities
Purchase Agreement dated September 20, 2024, incorporated by reference to the Company’s Current Report on Form 8-K, filed with
SEC on September 24, 2024. |
10.21 |
|
Form of Stock Option Agreement, dated between the Company and Wall and Broad Capital, LLC dated September 6, 2024. |
10.22 |
|
Loan Agreement dated May 11, 2021, by and between the Company and Greentree Financial Group, Inc., incorporated by reference to the Exhibit 10.1 of Company’s Current Report on Form 8-K, filed with the SEC on May 13, 2021. |
10.23 |
|
Form of Greentree Warrant dated May 10, 2021, incorporated by reference to the Exhibit 10.2 of Company’s Current Report on Form 8-K, filed with the SEC on May 13, 2021. |
10.24 |
|
Form of Promissory Note, incorporated by reference to the Exhibit 10.3 of Company’s Current Report on Form 8-K, filed with the SEC on May 13, 2021. |
10.25 |
|
Loan Agreement between Jupiter Wellness, Inc. and Greentree Financial Group, dated April 20, 2022, incorporated by reference to the Exhibit 10.1 of Company’s Current Report on Form 8-K, filed with the SEC on April 22, 2022. |
10.26 |
|
Promissory Note between Jupiter Wellness, Inc. and Greentree Financial Group, dated April 20, 2022, incorporated by reference to the Exhibit 10.2 of Company’s Current Report on Form 8-K, filed with the SEC on April 22, 2022. |
10.27 |
|
Warrant Agreement between Jupiter Wellness, Inc. and Greentree Financial Group, dated April 20, 2022, incorporated by reference to the Exhibit 10.3 of Company’s Current Report on Form 8-K, filed with the SEC on April 22, 2022. |
10.28 |
|
Form of Greentree - Amendment No. 2 to convertible loan agreement, convertible promissory note, and warrants, incorporated by reference to the Exhibit 10.1 of Company’s Current Report on Form 8-K, filed with the SEC on September 15, 2023. |
10.29 |
|
Form of L&H - Amendment No. 2 to convertible loan agreement, convertible promissory note, and warrants, incorporated by reference to the Exhibit 10.2 of Company’s Current Report on Form 8-K, filed with the SEC on September 15, 2023. |
10.30 |
|
Form of L&H Warrant |
10.31 |
|
Form of Greentree Warrant |
14.1 |
|
Code of Ethics, incorporated by reference to Exhibit 14.1 of the Company’s Registration Statement filed with the SEC on July 14, 2020. |
14.2 |
|
Corporate Governance Guidelines, incorporated by reference to Exhibit 14.2 of the Company’s Registration Statement filed with the SEC on July 14, 2020. |
21.1 |
|
Subsidiaries of the Registrant, incorporated by reference to Exhibit 21.1 of the annual report on Form 10-K, filed with the SEC on April 01, 2024. |
23.1 |
|
Consent of M&K CPAS |
23.2* |
|
Consent of Sichenzia Ross Ference Carmel LLP (included in Exhibit 5.1) |
24.1* |
|
Power of Attorney (included in signature page to this registration statement) |
97.1 |
|
Claw Back Policy, incorporated by reference to Exhibit 99.1 of the annual report on Form 10-K, filed with the SEC on April 01, 2024. |
99.1 |
|
Insider Trading Policy, incorporated by reference to Exhibit 99.2 of the annual report on Form 10-K, filed with the SEC on April 01, 2024. |
107* |
|
Fee table |
*Previously
filed
Item
17. Undertakings
The
Company hereby undertakes:
(a)(1) |
To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
|
i. |
To
include any prospectus required by section 10(a)(3) of the Securities Act of 1933; |
|
|
|
|
ii. |
To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set
forth in the “Calculation of Registration Fee” table in the effective registration statement. |
|
|
|
|
iii. |
To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
provided,
however, that paragraphs (1)(i), (1)(ii), and (1)(iii) above do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section
13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is
contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement. |
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof. |
|
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
the termination of the offering. |
(4)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: |
|
(i)
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and |
|
(ii)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or date of the first sale of securities in
the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at
that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities
in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior
to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such effective date. |
|
(5)
That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities, in a primary offering of securities of the undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such
purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser: |
|
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to
Rule 424; |
|
(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant; |
|
(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and |
|
(iv)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
|
(6)
That, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report
pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
|
(7)
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted against the registrant by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue. |
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Miami, State of Florida on October 10, 2024.
SAFETY
SHOT, INC. |
|
|
|
|
By: |
/s/
Jarrett Boon |
|
|
Jarrett
Boon
Chief
Executive Officer and Director (Principal Executive Officer) |
|
Pursuant
to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and
on the dates indicated.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/
Jarrett Boon |
|
Director
and Chief Executive Officer (principal executive officer) |
|
October 10, 2024 |
Jarrett
Boon |
|
|
|
|
|
|
|
|
|
/s/
* |
|
Chief
Financial Officer (principal financial and accounting officer) |
|
October 10, 2024 |
Danielle
De Rosa |
|
|
|
|
|
|
|
|
|
/s/
* |
|
Director |
|
October 10, 2024 |
David
J. Long |
|
|
|
|
|
|
|
|
|
/s/
* |
|
Director
and President |
|
October 10, 2024 |
Jordan
Schur |
|
|
|
|
|
|
|
|
|
/s/
* |
|
Director |
|
October 10, 2024 |
Christopher
Marc Melton |
|
|
|
|
|
|
|
|
|
/s/
* |
|
Director |
|
October 10, 2024 |
Richard
Pascucci |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/
* |
|
Director |
|
October 10, 2024 |
John
Gulyas |
|
|
|
|
|
|
|
|
|
/s/
Jarrett Boon |
|
|
|
|
Jarrett Boon (attorney-in-fact) |
|
|
|
|
Exhibit
10.21
NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND REASONABLY APPROVED BY THE COMPANY),
IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A
UNDER SAID ACT. ADDITIONALLY, THE SECURITIES MAY NOT BE PLEDGED IN CONNECTION WITH A MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT.
*
* * * * * * * * * * * * * * * * * * * * * *
STOCK
OPTION AGREEMENT
Number
of Options: 300,000 |
|
Issue
Date: September 6, 2024 |
|
|
|
Exercise
Price per Share: $ 1.00 |
|
Expiration
Date: September 5, 2029 |
FOR
VALUE RECEIVED, Safety Shot, Inc., a Delaware corporation (the “Company”), hereby certifies that Wall and
Broad Capital, LLC , a limited liability company (the “Option Holder”), is entitled to purchase the securities
set forth below.
This
Stock Option Agreement (the “SOA”) entitles the Option Holder to purchase from the Company at any time after the Issue
Date and before the Expiration Date, 300,000 restricted shares (the “Option Shares”) of common stock,
$0.001 par value per share (the “Common Stock”) of the Company at an exercise price of $1.00 per share of the
Company’s Common Stock (as adjusted from time to time as provided in Section 6 hereof, the “Exercise Price”)
unless the Option Holder elects a “cashless” exercise as provided for in Section 4(c), at any time and from time to time
from and after the Issue Date and through and including 5:00 p.m. New York time on the Expiration Date, as such date may be
accelerated as set forth herein.
This
Non-Qualified Stock Option (the “Option”) is being issued pursuant to the company’s Equity Incentive Plan. Capitalized
terms used herein but not otherwise defined herein, shall have the meanings given to them in the Plan. The Options shall vest immediately.
1.
Investment Representation. The Option Holder by accepting this Option represents that
the Option Holder is acquiring this Option for its own account or the account of an affiliate for investment purposes and not with the
view to any offering or distribution and that the Option Holder will not sell or otherwise dispose of this Option or the underlying Option
Shares in violation of applicable securities laws. The Option Holder acknowledges that the certificates representing any Option Shares
will bear a legend indicating that they have not been registered under the United States Securities Act of 1933, as amended (the “1933
Act”) and may not be sold by the Option Holder except pursuant to an effective registration statement or pursuant to an exemption
from registration requirements of the 1933 Act and in accordance with federal and state securities laws. If this Option was acquired
by the Option Holder pursuant to the exemption from the registration requirements of the 1933 Act afforded by Regulation S thereunder,
the Option Holder acknowledges and covenants that this Option may not be exercised by or on behalf of a Person during the one-year distribution
compliance period (as defined in Regulation S) following the date hereof. “Person” means an individual, partnership, firm,
limited liability company, trust, joint venture, association, corporation, or any other legal entity.
2.
Validity of Option and Issue of Shares. The Company represents and warrants that this
Option has been duly authorized and validly issued and warrants and agrees that all of Option Shares that may be issued upon the due
exercise of the rights represented by this Option will, when issued upon such exercise, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges with respect to the issue thereof. The Company further warrants and agrees
that during the period within which the rights represented by this Option may be exercised, the Company will at all times have authorized
and reserved a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Option.
3.
Registration of Transfers and Exchange of Options.
a.
Subject to compliance with the legend set forth on the face of this Option, the Company shall
register the transfer of this Option, or any portion of this Option, in the Option Register, upon delivery by the Option Holder to the
Company, pursuant to Section 8 of (i) this SOA, and (ii) a duly completed and executed written assignment. Upon any registration or transfer,
a new Option to purchase Common Stock, in substantially the form of this Option (any such new Option, a “New Option”), evidencing
the portion of this Option so transferred shall be issued to the transferee and a New Option evidencing the remaining portion of this
Option not so transferred, if any, shall be issued to the transferring Option Holder. The acceptance of the New Option by the transferee
thereof shall be deemed the acceptance of such transferee of all of the rights and obligations of a Option Holder of an Option.
b.
This Option is exchangeable, upon the surrender hereof by the Option Holder to the office of
the Company specified in or pursuant to Section 8 for one or more New Options, evidencing in the aggregate the right to purchase the
number of Option Shares which may then be purchased hereunder. Any such New Option will be dated the date of such exchange and will have
the same Expiration Date as the original Option for which the New Option was exchanged.
4.
Exercise of Options.
a. Exercise
of this Option shall be made upon delivery to the Company pursuant to Section 8, of (i) this Option; (ii) a duly completed and executed
election notice, in the form attached hereto (the “Election Notice”) and (iii) payment of the Exercise Price unless the Option
Holder elects a “cashless” exercise as provided for in Section 4(c). Payment of the Exercise Price may be made at the option
of the Option Holder either (a) in cash, wire transfer or by certified or official bank check payable to the order of the Company equal
to Exercise Price per share in effect at the time of exercise multiplied by the number of Option Shares specified in the Election Notice.
The Company shall promptly issue or cause to be issued and cause to be delivered to the Option Holder in such name or names as the Option
Holder may designate in the Election Notice, a certificate for the Option Shares issuable upon such exercise, with such restrictive legend
as required by the 1933 Act, as applicable. Any person so designated by the Option Holder to receive Option Shares shall be deemed to
have become holder of record of such Option Shares as of the Date of Exercise of this Option. All Option Shares delivered to the Option
Holder the Company covenants, shall upon due exercise of this Option, be duly authorized, validly issued, fully paid and non-assessable.
b.
This Option shall be exercisable at any time and from time to time for such number of Option
Shares as is indicated in the attached Form of Election to Purchase. If less than all of the Option Shares which may be purchased under
this Option are exercised at any time, the Company shall issue or cause to be issued, at its expense, a New Option evidencing the right
to purchase the remaining number of Option Shares for which no exercise has been evidenced by this Option.
c. Cashless
Exercise. If the Company has not registered the Option Shares within ninety (90) days from the Issue Date, in lieu of exercising this
Option for cash, the Option Holder may elect to receive that number of Option Shares, in whole or in part, computed using the following
formula:
X=Y*(A-B)/A
Where
X= the number of shares of Common Stock to be issued to the Option Holder,
Y=
the number of shares of Option Shares purchasable under this Option or, if only a portion of this Option is being exercised, the portion
of this Option being exercised (at the date of such calculation)
A=
Fair Market Value (defined as the average of the closing prices for the five previous day as quoted by NASDAQ Capital Market or other
principal trading market, if applicable)
B=
Exercise Price (as adjusted to the date of such calculation)
5.
Common Share Issuance. Upon receipt by the Company of a written request from Option
Holder to exercise any portion of any Option and the payment thereof, subject to any limitations on exercise contained in any Option,
the Company shall have five (5) business days (“Delivery Date”) to issue the shares of Common Stock rightfully listed in
such request.
6.
Adjustment of Exercise Price and Number of Shares. The character of the shares of stock
or other securities at the time issuable upon exercise of this Option and the Exercise Price therefor, are subject to adjustment upon
the occurrence of the following events:
a. Adjustment
for Reorganization, Consolidation, Merger, Etc. In case of any consolidation or merger of the Company with or into any other corporation,
entity or person, or any other corporate reorganization, in which the Company shall not be the continuing or surviving entity of such
consolidation, merger or reorganization (any such transaction being hereinafter referred to as a “Reorganization”), then,
in each case, the Holder of this Option, on exercise hereof at any time after the consummation or effective date of such Reorganization
(the “Effective Date”), shall receive, in lieu of the shares of stock or other securities at any time issuable upon the exercise
of the Option issuable on such exercise prior to the Effective Date, the stock and other securities and property (including cash) to
which such Holder would have been entitled upon the Effective Date if such holder had exercised this Option immediately prior thereto
(all subject to further adjustment as provided in this Option). The Company shall ensure that the surviving entity in any Reorganization
specifically assumes the Company’s obligations under this Option.
b. Adjustments
for Stock Dividends; Combinations, Etc. In case the Company shall do any of the following (an “Event”):
(i)
declare a dividend or other distribution on its Common Stock payable in Common Stock of the Company;
(ii)
subdivide the outstanding Common Stock pursuant to a stock split or otherwise; or
(iii)
reclassify its Common Stock;
then
the number of shares of Common Stock or other securities at the time issuable upon exercise of this Option shall be appropriately adjusted
to reflect any such Event.
7.
Fractional Shares. The Company shall not be required to issue or cause to be issued
fractional Option Shares on the exercise of this Option. The number of full Option Shares that shall be issuable upon the exercise of
this Option shall be computed on the basis of the aggregate number of Option Shares purchasable on exercise of this Option so presented.
If any fraction of an Option Share would, except for the provisions of this Section 9, be issuable on the exercise of this Option, the
Company shall, at its option, (i) pay an amount in cash equal to the Exercise Price multiplied by such fraction or (ii) round the number
of Option Shares issuable, up to the next whole number.
8.
Notice. All notices and other communications hereunder shall be in writing and shall
be deemed to have been given (i) on the date they are (a) delivered if delivered in person or (b) sent, if sent by email; (ii) on the
date initially received if delivered by facsimile transmission followed by registered or certified mail confirmation; (iii) on the date
delivered by an overnight courier service; or (iv) on the third business day after it is mailed by registered or certified mail, return
receipt requested with postage and other fees prepaid as follows:
If
to the Company:
|
Safety
Shot, Inc. |
|
1061
E. Indiantown Rd. |
|
Suite
110 |
|
Jupiter,
FL 33477 |
|
Attn: |
Jarrett
Boon, CEO |
|
Email:
|
jboon@drinksafetyshot.com |
If
to the Option Holder:
|
Wall
and Broad Capital, LLC |
|
[__] |
|
Attn.
|
Robert
Kurlander |
|
Email:
|
bob@wabcap.com |
9. Registration
Rights. This Option shall have registration rights. The Company shall prepare and file with the United States Securities and Exchange
Commission (the “Commission” or “SEC”) a registration statement on Form S-1 (the “Form S-1” or “Registration
Statement”) within 60 days from the issue date of this Option (the “Issue Date”). If the Registration Statement on
Form S-1 is not filed with the Commission within 60 days from the Issue Date, in lieu of exercising this Option for cash, the Option
Holder may elect to receive that number of Option Shares as calculated under Section 4(c.) herein. The Company shall use its commercially
reasonable efforts to cause the Registration Statement to be declared effective by the Commission as soon as practicable and maintain
the effectiveness of such Registration Statement until the Expiration Date.
10.
Miscellaneous.
a.
This Option is being granted pursuant to the terms of the Consulting Agreement by and between
the Company and the Option Holder and the Company’s Equity Incentive Plan (the “EIP”). If not otherwise defined herein,
all capitalized terms herein shall have the meanings given to them in the EIP. Further, all of the terms, representations, warranties,
agreements, covenants and conditions set forth in the EIP are incorporated herein by reference. To the extent that there is a conflict
between any condition, term or provision of this SOA and the EIP, the conditions, terms, and provisions set forth herein shall specifically
supersede the conflicting conditions, provisions and/or terms in the EIP
b.
This Option shall be binding on and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. This Option may be amended only in writing and signed by the Company and the Option Holder.
c.
Nothing in this Option shall be construed to give to any person or corporation other than the
Company and the Option Holder any legal or equitable right, remedy or cause of action under this Option; this Option shall be for the
sole and exclusive benefit of the Company and the Option Holder.
d.
This Option shall be governed by and construed in accordance with the laws of the State of
Florida, without regard to conflict of laws provisions. All disputes arising out of or in connection with this Option, or in respect
of any legal relationship associated with or derived from this Option, shall only be heard in any competent court residing in Palm Beach
County, Florida. The Company agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any manner provided by law. The Company further waives any objection to venue in any
such action or proceeding on the basis of inconvenient forum. The Company agrees that any action on or proceeding brought against the
Option Holder shall only be brought in such courts.
e.
The headings herein are for convenience only, do not constitute a part of this Option and shall
not be deemed to limit or affect any of the provisions hereof.
f.
In case any one or more of the provisions of this Option shall be invalid or unenforceable
in any respect, the validity and enforceability of the remaining terms and provisions of this Option shall not in any way be affected
or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially
reasonably substitute therefore, and upon so agreeing, shall incorporate such substitute provision in this Option.
g.
The Option Holder shall not, by virtue hereof, be entitled to any voting or other rights of
a shareholder of the Company, either at law or equity, and the rights of the Option Holder are limited to those expressed in this Option.
h) Remedies.
The Option Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Option. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Option and hereby agrees to waive and not to assert the defense
in any action for specific performance that a remedy at law would be adequate.
i) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Option Holder shall operate
as a waiver of such right or otherwise prejudice the Option Holder’s rights, powers or remedies, notwithstanding the fact that
all rights hereunder terminate on the Termination Date. If the Company fails to comply with any provision of this Option, which results
in any damages to the Option Holder, the Company shall pay to the Option Holder such amounts as shall be sufficient to cover any costs
and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the
Option Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
IN WITNESS
WHEREOF, the Company has caused this Option to be duly executed by the authorized officer as of the date first above
stated.
|
Safety
Shot, Inc. |
|
|
|
By: |
|
|
Name: |
Jarrett
Boon |
|
Title: |
CEO |
FORM
OF ELECTION TO PURCHASE
To
be executed by the Option Holder to exercise the right to purchase shares of Common Stock under the foregoing Stock Option Agreement
(“SOA”).
To:
SAFETY SHOT, INC.
The
undersigned, pursuant to the provisions set forth in the attached SOA, hereby irrevocably elects to purchase (check applicable box):
☐ |
________
shares of the Common Stock covered by the SOA; or |
|
|
☐ |
the
maximum number of shares of Common Stock covered by the SOA pursuant to the exercise procedure set forth therein. |
The
undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in the SOA, which is
$___________. Such payment takes the form of (check applicable box or boxes):
☐ |
$__________
in lawful money of the United States; |
|
|
☐ |
$__________
in the form of a wire transfer; and/or |
|
|
☐ |
$__________
in the form of a certified or official bank check |
|
|
☐ |
if
permitted, the cancellation of such number of Option Shares as is necessary, in accordance with the formula set forth in subsection
4(c), to exercise this Option with respect to the maximum number of Option Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 4(c). |
After
application of the exercise feature as described above, _____________ shares of Common Stock are required to be delivered pursuant to
the instructions below.
The
undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the within
Option shall be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities
Act”), or pursuant to an exemption from registration under the Securities Act.
|
Name
of Option Holder: |
|
|
|
(Print) |
|
|
(By:) |
|
|
(Name:) |
|
|
(Title:) |
|
|
Signatures
must conform in all respects to the name of the Option Holder on the face of the SOA. |
Exhibit 10.30
Exhibit
B
NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND REASONABLY APPROVED BY THE COMPANY),
IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A
UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.
COMMON
STOCK PURCHASE WARRANT
Number
of shares: 200,000 |
|
Holder:
L&H, Inc. |
|
|
|
Exercise
Price per Share: $1.00 |
|
Warrant
No. 2022-______ |
|
|
|
Expiration
Date: November ___, 2027 |
|
Issue
Date: November ___, 2022 |
FOR
VALUE RECEIVED, JUPITER WELLNESS, INC., a Delaware corporation (the “Company”), hereby certifies that L&H,
Inc., or its designated assigns (the “Warrant Holder”), is entitled to purchase the securities set forth
below.
This
Warrant entitles the Warrant Holder to purchase from the Company at any time after the Issue Date and before the Expiration Date, Two
Hundred Thousand (200,000) shares (the “Warrant Shares”) of common stock (the “Common Stock”)
of the Company at an exercise price of One Dollar and 00 (US$1.00) per share (as adjusted from time to time as provided in Section
7 hereof, the “Exercise Price”), at any time and from time to time from and after the Issue Date and through and including
5:00 p.m. New York time on the Expiration Date.
This
Warrant is being issued pursuant to that certain Amendment to Loan Agreement, dated as November ___, 2022 by and between the Company
and the Warrant Holder (the “Amendment”). Capitalized terms used herein but not otherwise defined herein, shall have the
meanings given to them in the Amendment and the original Loan Agreement.
This
Warrant is subject to the following terms and conditions:
1.
Registration of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Warrant Holder hereof from time to time. The Company may deem
and treat the registered Warrant Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Warrant Holder, and for all other purposes, unless provided notice to the contrary in accordance herewith.
2.
Investment Representation. The Warrant Holder by accepting this Warrant represents that the Warrant Holder is acquiring this Warrant
for its own account or the account of an affiliate for investment purposes and not with the view to any offering or distribution and
that the Warrant Holder will not sell or otherwise dispose of this Warrant or the underlying Warrant Shares in violation of applicable
securities laws. The Warrant Holder acknowledges that the certificates representing any Warrant Shares will bear a legend indicating
that they have not been registered under the United States Securities Act of 1933, as amended (the “1933 Act”) and
may not be sold by the Warrant Holder except pursuant to an effective registration statement or pursuant to an exemption from registration
requirements of the 1933 Act and in accordance with federal and state securities laws. If this Warrant was acquired by the Warrant Holder
pursuant to the exemption from the registration requirements of the 1933 Act afforded by Regulation S thereunder, the Warrant Holder
acknowledges and covenants that this Warrant may not be exercised by or on behalf of a Person during the one year distribution compliance
period (as defined in Regulation S) following the date hereof. “Person” means an individual, partnership, firm, limited
liability company, trust, joint venture, association, corporation, or any other legal entity.
3.
Validity of Warrant and Issue of Shares. The Company represents and warrants that this Warrant has been duly authorized and validly
issued and warrants and agrees that all of Warrant Shares that may be issued upon the due exercise of the rights represented by this
Warrant will, when issued upon such exercise, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
liens and charges with respect to the issue thereof. The Company further warrants and agrees that during the period within which the
rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved a sufficient number of
shares of Common Stock to provide for the exercise of the rights represented by this Warrant.
4.
Registration of Transfers and Exchange of Warrants.
a.
Subject to compliance with the legend set forth on the face of this Warrant, the Company shall register the transfer of this Warrant,
or any portion of this Warrant, in the Warrant Register, upon delivery by the Warrant Holder to the Company, pursuant to Section 11 of
(i) this Warrant, and (ii) a duly completed and executed written assignment. Upon any such registration or transfer, a new warrant to
purchase Common Stock, in substantially the form of this Warrant (any such new warrant, a “New Warrant”), evidencing
the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this
Warrant not so transferred, if any, shall be issued to the transferring Warrant Holder. The acceptance of the New Warrant by the transferee
thereof shall be deemed the acceptance of such transferee of all of the rights and obligations of a Warrant Holder of a Warrant.
b.
This Warrant is exchangeable, upon the surrender hereof by the Warrant Holder to the office of the Company specified in or pursuant to
Section 11 for one or more New Warrants, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then
be purchased hereunder. Any such New Warrant will be dated the date of such exchange, and will have the same Expiration Date as the original
Warrant for which the New Warrant was exchanged.
5.
Exercise of Warrants.
a.
Exercise of this Warrant shall be made upon delivery to the Company pursuant to Section 11, of (i) this Warrant; (ii) a duly completed
and executed election notice, in the form attached hereto (the “Election Notice”) and (iii) payment of the Exercise Price.
Payment of the Exercise Price may be made at the option of the Warrant Holder either (a) in cash, wire transfer or by certified or official
bank check payable to the order of the Company equal to Exercise Price per share in effect at the time of exercise multiplied by the
number of Warrant Shares specified in the Election Notice, or (b) through a cashless exercise as provided in Section 5(b) below. The
Company shall promptly (but in no event later than three (3) business days after the “Date of Exercise,” as defined herein)
issue or cause to be issued and cause to be delivered to the Warrant Holder in such name or names as the Warrant Holder may designate
in the Election Notice, a certificate for the Warrant Shares issuable upon such exercise, with such restrictive legend as required by
the 1933 Act, as applicable. Any person so designated by the Warrant Holder to receive Warrant Shares shall be deemed to have become
holder of record of such Warrant Shares as of the Date of Exercise of this Warrant. All Warrant Shares delivered to the Warrant Holder
the Company covenants, shall upon due exercise of this Warrant, be duly authorized, validly issued, fully paid and non-assessable.
b.
If the closing price per share of the Common Stock (as quoted by the Nasdaq Capital Market or other principal trading market, if applicable)
reported on the day immediately preceding the Date of Exercise (the “Fair Market Value”) of one share of Common Stock
is greater than the Exercise Price of one Warrant Share (at the date of calculation as set forth below), in lieu of exercising this Warrant
for cash, the Warrant Holder may elect to receive that number of Warrant Shares computed using the following formula:
Where
X= the number of shares of Common Stock to be issued to the Warrant Holder
Y=
the number of shares of Warrant Shares purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the portion
of this Warrant being exercised (at the date of such calculation)
A=
Fair Market Value
B=
Exercise Price (as adjusted to the date of such calculation)
For
purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood and acknowledged that the Warrant Shares issued in a
cashless exercise transaction in the manner described above shall be deemed to have been acquired by the Warrant Holder, and the holding
period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued. This cashless exercise
provision shall not be available to the Warrant Holder if there is an effective registration statement on file with the SEC covering
the shares underlying the Warrants and such registration statement stays effective.
c.
A “Date of Exercise” means the date on which the Company shall have received (i) this Warrant (or any New Warrant,
as applicable), (ii) the Election Notice (or attached to such New Warrant) appropriately completed and duly signed, and (iii) payment
of the Exercise Price (if this Warrant is exercised on a cash basis) for the number of Warrant Shares so indicated by the Warrant Holder
to be purchased.
d.
This Warrant shall be exercisable at any time and from time to time for such number of Warrant Shares as is indicated in the attached
Form of Election to Purchase. If less than all of the Warrant Shares which may be purchased under this Warrant are exercised at any time,
the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining number of
Warrant Shares for which no exercise has been evidenced by this Warrant.
e.
Notwithstanding any other provision of this Warrant, the Warrant Holder may not exercise this Warrant if such exercise would cause Warrant
Holder’s beneficial ownership (as defined by Section 13(d) of the Securities Exchange Act of 1934, as amended) of the Common Stock
of the Company to exceed 9.9% of its total issued and outstanding Common Stock or voting shares.
f.
Mandatory Exercise. This Warrant shall be exercised to shares of common stock of the Company at the Exercise Price when the Company’s
common stock closes at a price of $5.00 per share or higher for a period of 30 consecutive trading days and if the Registration Statement
covering the shares underlying the Warrants is still effective, subject to the limit of Warrant Holder’s beneficial ownership set
forth in this Section 5(e).
6.
Common Share Issuance. Upon receipt by the Company of a written request from Warrant Holder to exercise any portion of any Warrant,
subject to any limitations on exercise contained in any Warrant, the Company shall have three (3) business days (“Delivery Date”)
to request issuance of the shares of Common Stock rightfully listed in such request. If the Company fails to timely deliver the shares,
the Company shall pay to Warrant Holder in immediately available funds $1,000.00 per day past the Delivery Date that the shares are actually
issued. Any amounts due under this Section shall be paid by the fifth (5th) day of the month following the month in which they accrued.
The Company agrees that the right to exercise its Warrants is a valuable right to Warrant Holder and a material consideration of it entering
this Agreement. The parties agree that it would be impracticable and extremely difficult to ascertain the amount of actual damages caused
by a failure of the Company to timely deliver shares as required hereby. Therefore, the parties agree that the foregoing liquidated damages
provision represents reasonable compensation for the loss which would be incurred by the Warrant Holder due to any such breach. The parties
agree that this Section is not intended to in any way limit Warrant Holder’s right to pursue other remedies, including actual damages
and/or equitable relief.
7.
Adjustment of Exercise Price and Number of Shares. The character of the shares of stock or other securities at the time issuable
upon exercise of this Warrant and the Exercise Price therefor, are subject to adjustment upon the occurrence of the following events:
a.
Adjustment for Reorganization, Consolidation, Merger, Etc. In case of any consolidation or merger of the Company with or into
any other corporation, entity or person, or any other corporate reorganization, in which the Company shall not be the continuing or surviving
entity of such consolidation, merger or reorganization (any such transaction being hereinafter referred to as a “Reorganization”),
then, in each case, the Holder of this Warrant, on exercise hereof at any time after the consummation or effective date of such Reorganization
(the “Effective Date”), shall receive, in lieu of the shares of stock or other securities at any time issuable upon
the exercise of the Warrant issuable on such exercise prior to the Effective Date, the stock and other securities and property (including
cash) to which such Holder would have been entitled upon the Effective Date if such holder had exercised this Warrant immediately prior
thereto (all subject to further adjustment as provided in this Warrant). The Company shall ensure that the surviving entity in any Reorganization
specifically assumes the Company’s obligations under this Warrant.
b.
Adjustments for Stock Dividends; Combinations, Etc. In case the Company shall do any of the following (an “Event”):
(i)
declare a dividend or other distribution on its Common Stock payable in Common Stock of the Company,
(ii)
subdivide the outstanding Common Stock pursuant to a stock split or otherwise, or
(iii)
reclassify its Common Stock,
then the number of shares of Common Stock or other securities at the time issuable upon exercise of
this Warrant shall be appropriately adjusted to reflect any such Event; however, there shall be no adjustment to the Exercise Price
or issuable Warrant Shares in the event of a reverse stock split or other reduction in the authorized Common Stock of the
Company.
c.
Certificate as to Adjustments. In case of any adjustment or readjustment in the price or kind of securities issuable on the exercise
of this Warrant, the Company will promptly give written notice thereof to the holder of this Warrant in the form of a certificate, certified
and confirmed by the Board of Directors of the Company, setting forth such adjustment or readjustment and showing in reasonable detail
the facts upon which such adjustment or readjustment is based.
8.
Registration Rights. This Warrant will have registration rights. The Company shall prepare and file with the United States Securities
and Exchange Commission (the “Commission”) a registration statement on Form S-1 (the “Form S-1” or “Registration
Statement”) within 60 days from the Issue Date to cover the Common Stock underlying the Warrants Exercise. The Form S-1 must be
effective within 90 days from the filing date. There shall be monthly liquidated damages as set forth in the original Loan Agreement
(the “Liquidated Damage Penalty”) if the Registration Statement is not filed within 60 days from the Issue Date and / or
declared effective within 90 days from the filing date of the Registration Statement, which damages shall accrue each month until the
applicable breach (failure to timely file, failure to timely have declared effective, or both) has been cured. The parties acknowledge
and agree that damages which will result to Holder for Company’s failure to timely file or have declared effective the Registration
Statement shall be extremely difficult or impossible to establish or prove, and agree that the payment of the Liquidated Damage Penalty
is a reasonable estimate of potential damages and shall constitute liquidated damages for any breach of this paragraph. Any amounts due
under this Section shall be paid by the fifth (5th) day of the month following the month in which they accrued. The legal fees associated
with filing the Form S-1 shall be paid by Company.
If
(i) the Registration Statement on Form S-1 is not filed with the Commission within 60 days from the Effective Date, (ii) the Registration
Statement has not been declared effective by the Commission within 90 days from the filing date of the Registration Statement, or (iii)
any registration statement required by this Agreement is filed and declared effective by the Commission but shall thereafter cease to
be effective or fail to be usable for its intended purpose (each such event referred to as a “Registration Default”), the
Company hereby agrees to pay to the Warrant Holder Liquidated Damage Penalty as set forth in this Section until the Form S-1 takes effective.
Following the cure of all Registration Defaults relating to any particular registrable Securities, Liquidated Damages shall cease to
accrue; provided, however, that, if after Liquidated Damages have ceased to accrue, a different Registration Default occurs, Liquidated
Damages shall again accrue pursuant to the foregoing provisions. Any amounts due under this Section shall be paid by the fifth (5th)
day of the month following the month in which they accrued.
9.
Fractional Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise
of this Warrant. The number of full Warrant Shares that shall be issuable upon the exercise of this Warrant shall be computed on the
basis of the aggregate number of Warrants Shares purchasable on exercise of this Warrant so presented. If any fraction of a Warrant Share
would, except for the provisions of this Section 8, be issuable on the exercise of this Warrant, the Company shall, at its option, (i)
pay an amount in cash equal to the Exercise Price multiplied by such fraction or (ii) round the number of Warrant Shares issuable, up
to the next whole number.
10.
Notice. All notices and other communications hereunder shall be in writing and shall be deemed to have been given (i) on the date
they are (a) delivered if delivered in person or (b) sent, if sent by email; (ii) on the date initially received if delivered by facsimile
transmission followed by registered or certified mail confirmation; (iii) on the date delivered by an overnight courier service; or (iv)
on the third business day after it is mailed by registered or certified mail, return receipt requested with postage and other fees prepaid
as follows:
If
to the Company:
Jupiter
Wellness, Inc.
1061
E. Indiantown Road, Suite 110
Jupiter,
FL 33477
Email
Address: Bjohn@jupiterwellness.com
Attn:
Brian John
If
to the Warrant Holder:
L&H,
Inc.
10020
Mandarin Street
Parkland,
FL 33076
Email
Address: vickyhuang@lhinc.net
Attn:
Linwen Huang
11.
Miscellaneous.
a.
This Warrants is being granted pursuant to the terms of that certain Amendemnt to Loan Agreement, dated as of November ___, 2022 by and
between the Company and the Warrant Holder (the “Amendment”). If not otherwise defined herein, all capitalized terms herein
shall have the meanings given to them in the Amendment and the original Loan Agreement. Further, all of the terms, representations, warranties,
agreements, covenants and conditions set forth in the Amendment and the original Loan Agreement are incorporated herein by reference.
To the extent that there is a conflict between any condition, term or provision of this Warrant and the Amendment and the original Loan
Agreement, the conditions, terms, and provisions set forth herein shall specifically supersede the conflicting conditions, provisions
and/or terms in the Amendment and the original Loan Agreement.
b.
This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
This Warrant may be amended only in writing and signed by the Company and the Warrant Holder. Holder may assign this Warrant without
consent from the Company but in accordance with the restrictions herein.
c.
Nothing in this Warrant shall be construed to give to any person or corporation other than the Company and the Warrant Holder any legal
or equitable right, remedy or cause of action under this Warrant; this Warrant shall be for the sole and exclusive benefit of the Company
and the Warrant Holder.
d.
This Warrant shall be governed by, construed and enforced in accordance with the internal laws of the State of Florida without regard
to the principles of conflicts of law thereof.
e.
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.
f.
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt
in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonably substitute therefore, and upon
so agreeing, shall incorporate such substitute provision in this Warrant.
g.
The Warrant Holder shall not, by virtue hereof, be entitled to any voting or other rights of a shareholder of the Company, either at
law or equity, and the rights of the Warrant Holder are limited to those expressed in this Warrant.
IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by the authorized officer as of the date first above stated.
|
JUPITER
WELLNESS, INC. |
|
|
|
|
By:
|
|
|
Name:
|
Brian
John |
|
Title: |
Chief
Executive Officer |
FORM
OF ELECTION TO PURCHASE
(To
be executed by the Warrant Holder to exercise the right to purchase shares of Common Stock under the foregoing Warrant)
To:
JUPITER WELLNESS, INC.
The
undersigned, pursuant to the provisions set forth in the attached Warrant, hereby irrevocably elects to purchase (check applicable box):
☐ |
________
shares of the Common Stock covered by such Warrant; or |
☐ |
the
maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth therein. |
The
undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant, which
is $___________. Such payment takes the form of (check applicable box or boxes):
☐ |
$__________ in lawful money of the United States; and/or |
☐ |
the
cancellation of such portion of the attached Warrant as is exercisable for a total of _______ shares of Common Stock (using a Fair
Market Value of $_______ per share for purposes of this calculation); and/or |
☐ |
the
cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section 5 of the
Warrant, to exercise this Warrant with respect to the maximum number of shares of Common Stock purchasable pursuant to the cashless
exercise procedure set forth in Section 5. |
After
application of the cashless exercise feature as described above, _____________ shares of Common Stock are required to be delivered pursuant
to the instructions below.
The
undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the within
Warrant shall be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities
Act”), or pursuant to an exemption from registration under the Securities Act.
|
Name of Warrant Holder: |
|
|
|
|
(Print) |
|
|
(By:) |
|
|
(Name:) |
|
|
(Title:) |
|
|
|
|
|
Signatures must conform in all respects to the name of the Warrant Holder on the face of the Warrant. |
Exhibit
10.31
Exhibit
B
NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED
FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER AND REASONABLY APPROVED BY THE COMPANY),
IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A
UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.
---------------------------------------
COMMON
STOCK PURCHASE WARRANT
Number
of shares: 600,000 |
|
Holder:
Greentree Financial Group, Inc. |
|
|
|
Exercise
Price per Share: $1.00 |
|
Warrant
No. 2022-______ |
|
|
|
Expiration
Date: November ___, 2027 |
|
Issue
Date: November ___, 2022 |
FOR
VALUE RECEIVED, JUPITER WELLNESS, INC., a Delaware corporation (the “Company”), hereby certifies that Greentree Financial Group,
Inc., or its designated assigns (the “Warrant Holder”), is entitled to purchase the securities set forth
below.
This
Warrant entitles the Warrant Holder to purchase from the Company at any time after the Issue Date and before the Expiration Date, Six
Hundred Thousand (600,000) shares (the “Warrant Shares”) of common stock (the “Common Stock”)
of the Company at an exercise price of One Dollar and 00 (US$1.00) per share (as adjusted from time to time as provided in Section
7 hereof, the “Exercise Price”), at any time and from time to time from and after the Issue Date and through and including
5:00 p.m. New York time on the Expiration Date.
This
Warrant is being issued pursuant to that certain Amendment to Loan Agreement, dated as November ___, 2022 by and between the Company
and the Warrant Holder (the “Amendment”). Capitalized terms used herein but not otherwise defined herein, shall have the
meanings given to them in the Amendment and the original Loan Agreement.
This
Warrant is subject to the following terms and conditions:
1. Registration
of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Warrant Holder hereof from time to time. The Company may deem and treat the registered
Warrant Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Warrant
Holder, and for all other purposes, unless provided notice to the contrary in accordance herewith.
2. Investment
Representation. The Warrant Holder by accepting this Warrant represents that the Warrant Holder is acquiring this Warrant for its
own account or the account of an affiliate for investment purposes and not with the view to any offering or distribution and that the
Warrant Holder will not sell or otherwise dispose of this Warrant or the underlying Warrant Shares in violation of applicable securities
laws. The Warrant Holder acknowledges that the certificates representing any Warrant Shares will bear a legend indicating that they have
not been registered under the United States Securities Act of 1933, as amended (the “1933 Act”) and may not be sold
by the Warrant Holder except pursuant to an effective registration statement or pursuant to an exemption from registration requirements
of the 1933 Act and in accordance with federal and state securities laws. If this Warrant was acquired by the Warrant Holder pursuant
to the exemption from the registration requirements of the 1933 Act afforded by Regulation S thereunder, the Warrant Holder acknowledges
and covenants that this Warrant may not be exercised by or on behalf of a Person during the one year distribution compliance period (as
defined in Regulation S) following the date hereof. “Person” means an individual, partnership, firm, limited liability
company, trust, joint venture, association, corporation, or any other legal entity.
3. Validity
of Warrant and Issue of Shares. The Company represents and warrants that this Warrant has been duly authorized and validly issued
and warrants and agrees that all of Warrant Shares that may be issued upon the due exercise of the rights represented by this Warrant
will, when issued upon such exercise, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens
and charges with respect to the issue thereof. The Company further warrants and agrees that during the period within which the rights
represented by this Warrant may be exercised, the Company will at all times have authorized and reserved a sufficient number of shares
of Common Stock to provide for the exercise of the rights represented by this Warrant.
4. Registration of Transfers and Exchange of Warrants.
a.
Subject to compliance with the legend set forth on the face of this Warrant, the Company shall register the transfer of this Warrant,
or any portion of this Warrant, in the Warrant Register, upon delivery by the Warrant Holder to the Company, pursuant to Section 11 of
(i) this Warrant, and (ii) a duly completed and executed written assignment. Upon any such registration or transfer, a new warrant to
purchase Common Stock, in substantially the form of this Warrant (any such new warrant, a “New Warrant”), evidencing
the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this
Warrant not so transferred, if any, shall be issued to the transferring Warrant Holder. The acceptance of the New Warrant by the transferee
thereof shall be deemed the acceptance of such transferee of all of the rights and obligations of a Warrant Holder of a Warrant.
b.
This Warrant is exchangeable, upon the surrender hereof by the Warrant Holder to the office of the Company specified in or pursuant to
Section 11 for one or more New Warrants, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then
be purchased hereunder. Any such New Warrant will be dated the date of such exchange, and will have the same Expiration Date as the original
Warrant for which the New Warrant was exchanged.
5. Exercise of Warrants.
a.
Exercise of this Warrant shall be made upon delivery to the Company pursuant to Section 11, of (i) this Warrant; (ii) a duly completed
and executed election notice, in the form attached hereto (the “Election Notice”) and (iii) payment of the Exercise Price.
Payment of the Exercise Price may be made at the option of the Warrant Holder either (a) in cash, wire transfer or by certified or official
bank check payable to the order of the Company equal to Exercise Price per share in effect at the time of exercise multiplied by the
number of Warrant Shares specified in the Election Notice, or (b) through a cashless exercise as provided in Section 5(b) below. The
Company shall promptly (but in no event later than three (3) business days after the “Date of Exercise,” as defined herein)
issue or cause to be issued and cause to be delivered to the Warrant Holder in such name or names as the Warrant Holder may designate
in the Election Notice, a certificate for the Warrant Shares issuable upon such exercise, with such restrictive legend as required by
the 1933 Act, as applicable. Any person so designated by the Warrant Holder to receive Warrant Shares shall be deemed to have become
holder of record of such Warrant Shares as of the Date of Exercise of this Warrant. All Warrant Shares delivered to the Warrant Holder
the Company covenants, shall upon due exercise of this Warrant, be duly authorized, validly issued, fully paid and non-assessable.
b.
If the closing price per share of the Common Stock (as quoted by the Nasdaq Capital Market or other principal trading market, if applicable)
reported on the day immediately preceding the Date of Exercise (the “Fair Market Value”) of one share of Common Stock
is greater than the Exercise Price of one Warrant Share (at the date of calculation as set forth below), in lieu of exercising this Warrant
for cash, the Warrant Holder may elect to receive that number of Warrant Shares computed using the following formula:
Where
X= the number of shares of Common Stock to be issued to the Warrant Holder
Y=
the number of shares of Warrant Shares purchasable under this Warrant or, if only a portion of this Warrant is being exercised, the
portion of this Warrant being exercised (at the date of such calculation)
A=
Fair Market Value
B=
Exercise Price (as adjusted to the date of such calculation)
For
purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood and acknowledged that the Warrant Shares issued in a
cashless exercise transaction in the manner described above shall be deemed to have been acquired by the Warrant Holder, and the holding
period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued. This cashless exercise
provision shall not be available to the Warrant Holder if there is an effective registration statement on file with the SEC covering
the shares underlying the Warrants and such registration statement stays effective.
c.
A “Date of Exercise” means the date on which the Company shall have received (i) this Warrant (or any New Warrant,
as applicable), (ii) the Election Notice (or attached to such New Warrant) appropriately completed and duly signed, and (iii) payment
of the Exercise Price (if this Warrant is exercised on a cash basis) for the number of Warrant Shares so indicated by the Warrant Holder
to be purchased.
d.
This Warrant shall be exercisable at any time and from time to time for such number of Warrant Shares as is indicated in the attached
Form of Election to Purchase. If less than all of the Warrant Shares which may be purchased under this Warrant are exercised at any time,
the Company shall issue or cause to be issued, at its expense, a New Warrant evidencing the right to purchase the remaining number of
Warrant Shares for which no exercise has been evidenced by this Warrant.
e.
Notwithstanding any other provision of this Warrant, the Warrant Holder may not exercise this Warrant if such exercise would cause Warrant
Holder’s beneficial ownership (as defined by Section 13(d) of the Securities Exchange Act of 1934, as amended) of the Common Stock
of the Company to exceed 9.9% of its total issued and outstanding Common Stock or voting shares.
f.
Mandatory Exercise. This Warrant shall be exercised to shares of common stock of the Company at the Exercise Price when the Company’s
common stock closes at a price of $5.00 per share or higher for a period of 30 consecutive trading days and if the Registration Statement
covering the shares underlying the Warrants is still effective, subject to the limit of Warrant Holder’s beneficial ownership set
forth in this Section 5(e).
6. Common
Share Issuance. Upon receipt by the Company of a written request from Warrant Holder to exercise any portion of any Warrant, subject
to any limitations on exercise contained in any Warrant, the Company shall have three (3) business days (“Delivery Date”)
to request issuance of the shares of Common Stock rightfully listed in such request. If the Company fails to timely deliver the shares,
the Company shall pay to Warrant Holder in immediately available funds $1,000.00 per day past the Delivery Date that the shares are actually
issued. Any amounts due under this Section shall be paid by the fifth (5th) day of the month following the month in which they accrued.
The Company agrees that the right to exercise its Warrants is a valuable right to Warrant Holder and a material consideration of it entering
this Agreement. The parties agree that it would be impracticable and extremely difficult to ascertain the amount of actual damages caused
by a failure of the Company to timely deliver shares as required hereby. Therefore, the parties agree that the foregoing liquidated damages
provision represents reasonable compensation for the loss which would be incurred by the Warrant Holder due to any such breach. The parties
agree that this Section is not intended to in any way limit Warrant Holder’s right to pursue other remedies, including actual damages
and/or equitable relief.
7. Adjustment
of Exercise Price and Number of Shares. The character of the shares of stock or other securities at the time issuable upon exercise
of this Warrant and the Exercise Price therefor, are subject to adjustment upon the occurrence of the following events:
a.
Adjustment for Reorganization, Consolidation, Merger, Etc. In case of any consolidation or merger of the Company with or into
any other corporation, entity or person, or any other corporate reorganization, in which the Company shall not be the continuing or surviving
entity of such consolidation, merger or reorganization (any such transaction being hereinafter referred to as a “Reorganization”),
then, in each case, the Holder of this Warrant, on exercise hereof at any time after the consummation or effective date of such Reorganization
(the “Effective Date”), shall receive, in lieu of the shares of stock or other securities at any time issuable upon
the exercise of the Warrant issuable on such exercise prior to the Effective Date, the stock and other securities and property (including
cash) to which such Holder would have been entitled upon the Effective Date if such holder had exercised this Warrant immediately prior
thereto (all subject to further adjustment as provided in this Warrant). The Company shall ensure that the surviving entity in any Reorganization
specifically assumes the Company’s obligations under this Warrant.
b.
Adjustments for Stock Dividends; Combinations, Etc. In case the Company shall do any of the following (an “Event”):
(i) declare
a dividend or other distribution on its Common Stock payable in Common Stock of the Company,
(ii) subdivide
the outstanding Common Stock pursuant to a stock split or otherwise, or
(iii) reclassify
its Common Stock,
then
the number of shares of Common Stock or other securities at the time issuable upon exercise of this Warrant shall be appropriately adjusted
to reflect any such Event; however, there shall be no adjustment to the Exercise Price or issuable Warrant Shares in the event of a reverse
stock split or other reduction in the authorized Common Stock of the Company.
c.
Certificate as to Adjustments. In case of any adjustment or readjustment in the price or kind of securities issuable on the exercise
of this Warrant, the Company will promptly give written notice thereof to the holder of this Warrant in the form of a certificate, certified
and confirmed by the Board of Directors of the Company, setting forth such adjustment or readjustment and showing in reasonable detail
the facts upon which such adjustment or readjustment is based.
8. Registration
Rights. This Warrant will have registration rights. The Company shall prepare and file with the United States Securities and Exchange
Commission (the “Commission”) a registration statement on Form S-1 (the “Form S-1” or “Registration Statement”)
within 60 days from the Issue Date to cover the Common Stock underlying the Warrants Exercise. The Form S-1 must be effective within
90 days from the filing date. There shall be monthly liquidated damages as set forth in the original Loan Agreement (the “Liquidated
Damage Penalty”) if the Registration Statement is not filed within 60 days from the Issue Date and / or declared effective within
90 days from the filing date of the Registration Statement, which damages shall accrue each month until the applicable breach (failure
to timely file, failure to timely have declared effective, or both) has been cured. The parties acknowledge and agree that damages which
will result to Holder for Company’s failure to timely file or have declared effective the Registration Statement shall be extremely
difficult or impossible to establish or prove, and agree that the payment of the Liquidated Damage Penalty is a reasonable estimate of
potential damages and shall constitute liquidated damages for any breach of this paragraph. Any amounts due under this Section shall
be paid by the fifth (5th) day of the month following the month in which they accrued. The legal fees associated with filing the Form
S-1 shall be paid by Company.
If
(i) the Registration Statement on Form S-1 is not filed with the Commission within 60 days from the Effective Date, (ii) the Registration
Statement has not been declared effective by the Commission within 90 days from the filing date of the Registration Statement, or (iii)
any registration statement required by this Agreement is filed and declared effective by the Commission but shall thereafter cease to
be effective or fail to be usable for its intended purpose (each such event referred to as a “Registration Default”), the
Company hereby agrees to pay to the Warrant Holder Liquidated Damage Penalty as set forth in this Section until the Form S-1 takes effective.
Following the cure of all Registration Defaults relating to any particular registrable Securities, Liquidated Damages shall cease to
accrue; provided, however, that, if after Liquidated Damages have ceased to accrue, a different Registration Default occurs, Liquidated
Damages shall again accrue pursuant to the foregoing provisions. Any amounts due under this Section shall be paid by the fifth (5th)
day of the month following the month in which they accrued.
9. Fractional
Shares. The Company shall not be required to issue or cause to be issued fractional Warrant Shares on the exercise of this Warrant.
The number of full Warrant Shares that shall be issuable upon the exercise of this Warrant shall be computed on the basis of the aggregate
number of Warrants Shares purchasable on exercise of this Warrant so presented. If any fraction of a Warrant Share would, except for
the provisions of this Section 8, be issuable on the exercise of this Warrant, the Company shall, at its option, (i) pay an amount in
cash equal to the Exercise Price multiplied by such fraction or (ii) round the number of Warrant Shares issuable, up to the next whole
number.
10. Notice.
All notices and other communications hereunder shall be in writing and shall be deemed to have been given (i) on the date they are (a)
delivered if delivered in person or (b) sent, if sent by email; (ii) on the date initially received if delivered by facsimile transmission
followed by registered or certified mail confirmation; (iii) on the date delivered by an overnight courier service; or (iv) on the third
business day after it is mailed by registered or certified mail, return receipt requested with postage and other fees prepaid as follows:
If
to the Company:
Jupiter
Wellness, Inc.
1061
E. Indiantown Road, Suite 110
Jupiter,
FL 33477
Email
Address: Bjohn@jupiterwellness.com
Attn:
Brian John
If
to the Warrant Holder:
Greentree
Financial Group, Inc.
7951
S.W. 6th Street, Suite 216
Plantation,
Florida 33324
Email
Address: chriscottone@gtfinancial.com
Attn:
R. Chris Cottone
11. Miscellaneous.
a.
This Warrants is being granted pursuant to the terms of that certain Amendemnt to Loan Agreement, dated as of November ___, 2022 by and
between the Company and the Warrant Holder (the “Amendment”). If not otherwise defined herein, all capitalized terms herein
shall have the meanings given to them in the Amendment and the original Loan Agreement. Further, all of the terms, representations, warranties,
agreements, covenants and conditions set forth in the Amendment and the original Loan Agreement are incorporated herein by reference.
To the extent that there is a conflict between any condition, term or provision of this Warrant and the Amendment and the original Loan
Agreement, the conditions, terms, and provisions set forth herein shall specifically supersede the conflicting conditions, provisions
and/or terms in the Amendment and the original Loan Agreement.
b.
This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
This Warrant may be amended only in writing and signed by the Company and the Warrant Holder. Holder may assign this Warrant without
consent from the Company but in accordance with the restrictions herein.
c.
Nothing in this Warrant shall be construed to give to any person or corporation other than the Company and the Warrant Holder any legal
or equitable right, remedy or cause of action under this Warrant; this Warrant shall be for the sole and exclusive benefit of the Company
and the Warrant Holder.
d.
This Warrant shall be governed by, construed and enforced in accordance with the internal laws of the State of Florida without regard
to the principles of conflicts of law thereof.
e.
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.
f.
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt
in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonably substitute therefore, and upon
so agreeing, shall incorporate such substitute provision in this Warrant.
g.
The Warrant Holder shall not, by virtue hereof, be entitled to any voting or other rights of a shareholder of the Company, either at
law or equity, and the rights of the Warrant Holder are limited to those expressed in this Warrant.
IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by the authorized officer as of the date first above stated.
|
JUPITER WELLNESS, INC. |
|
|
|
|
By: |
|
|
Name: |
Brian
John |
|
Title: |
Chief
Executive Officer |
FORM
OF ELECTION TO PURCHASE
(To
be executed by the Warrant Holder to exercise the right to purchase shares of Common Stock under the foregoing Warrant)
To:
JUPITER WELLNESS, INC.
The
undersigned, pursuant to the provisions set forth in the attached Warrant, hereby irrevocably elects to purchase (check applicable box):
☐ |
________ shares of the Common Stock covered by such Warrant;
or |
☐ |
the
maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth therein. |
The
undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant, which
is $___________. Such payment takes the form of (check applicable box or boxes):
☐ |
$__________ in lawful money of the United States; and/or |
☐ |
the
cancellation of such portion of the attached Warrant as is exercisable for a total of _______ shares of Common Stock (using a Fair
Market Value of $_______ per share for purposes of this calculation); and/or |
☐ |
the
cancellation of such number of shares of Common Stock as is necessary, in accordance with the formula set forth in Section 5 of the
Warrant, to exercise this Warrant with respect to the maximum number of shares of Common Stock purchasable pursuant to the cashless
exercise procedure set forth in Section 5. |
After
application of the cashless exercise feature as described above, _____________ shares of Common Stock are required to be delivered pursuant
to the instructions below.
The
undersigned represents and warrants that all offers and sales by the undersigned of the securities issuable upon exercise of the within
Warrant shall be made pursuant to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities
Act”), or pursuant to an exemption from registration under the Securities Act.
|
Name of Warrant Holder: |
|
|
|
|
(Print) |
|
|
(By:) |
|
|
(Name:) |
|
|
(Title:) |
|
|
Signatures must conform in all respects to the name of the Warrant Holder on the face of the Warrant. |
Exhibit
23.1
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
consent to the inclusion in the foregoing Form S-3 Amended No.1 Regulation Statement of our report dated April 1, 2024, relating to our
audit of the financial statements of Safety Shot, Inc. (formerly known as Jupiter Wellness, Inc.) as of December 31, 2023 and 2022 and
for the periods then ended, and the reference to our firm under the caption “Experts” in the Offering Statement.
|
/s/M&K
CPAS, PLLC |
|
The
Woodlands, Texas |
|
October
10, 2024 |
|
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