UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
On November 20, 2024, Hoth Therapeutics, Inc. (the “Company”) issued a press release announcing that the Company’s board of directors approved the Company’s purchase of up to $1 million in Bitcoin as a treasury reserve asset. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Risk Factors
The Company is supplementing the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023 with the following risk factor:
Risks Related to the Company
Bitcoin’s price has been volatile which may undermine its reliability as a store of value and may have a material adverse effect on the Company’s financial condition.
Bitcoin’s price has been volatile and often experiences sharp price movements due to its speculative nature and diverse sentiments of its global investor base. Regulatory changes may further effect Bitcoin’s volatility. For example, in 2021, China’s ban on crypto trading and mining led to a significant drop in Bitcoin price. While the Company’s board has approved the purchase up to $1 million in Bitcoin as a treasury reserve asset, the volatility associated with Bitcoin may undermine its reliability as a store of value, including its long-term value, which may have a material adverse effect on the Company’s financial condition.
Cautionary Note Regarding Forward Looking Statements
This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this Current Report on Form 8-K include, but are not limited to, statements that relate to the Company’s potential purchase of Bitcoin as a treasury reserve asset and other information that is not historical information. When used herein, words such as “anticipate”, “being”, “will”, “plan”, “may”, “continue”, and similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking statements are based upon the Company’s current expectations and various assumptions. The Company believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain. The Company may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s other filings made with the Securities and Exchange Commission. Consequently, forward-looking statements should be regarded solely as the Company’s current plans, estimates and beliefs. Investors should not place undue reliance on forward-looking statements. The Company cannot guarantee future results, events, levels of activity, performance or achievements. The Company does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press release of Hoth Therapeutics, Inc. dated November 20, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 20, 2024 | Hoth Therapeutics, Inc. |
| /s/ Robb Knie | |
| Robb Knie | |
| Chief Executive Officer |
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