UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM
CURRENT REPORT
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Item 1.01. Material Agreements
On April 1, 2022, Jupiter Wellness, Inc. (the “Company”) entered into a license agreement (the “Agreement”) with Shark Defense Technologies LLC (the “Licensor”) for the exclusive worldwide intellectual property rights to formulas and production methods for jellyfish protective compounds (the “Products”) including 4 patents pending. The Agreement includes future collaboration to develop and refine additional formulas.
The grant of the license by the Licensor to the Company is for a world-wide, perpetual, irrevocable, and exclusive license to use the Products. The license comes with the right to sublicense. The Company will pay the Licensor a 6% royalty on net sales, payable in agreed upon increments not to exceed a quarterly installment. Moreover, the Company, as stated above, will have exclusive worldwide rights to the Products, so long as gross sales revenue, in the aggregate, exceeds $50,000 USD per annum.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Agreement, a copy of which is filed as Exhibit 10.1 hereto.
Item 7.01 Regulation FD Disclosure
On April 5, 2022, the Company issued a press release a copy of which is attached as Exhibit 99.1.
Cautionary Statements
This filing and attached exhibits includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect our operations and financial performance. We do not undertake any duty to update any forward-looking statement except as required by law.
Item 9.01 Financial Statements and Exhibits
Exhibits
| Exhibit No. | Description | |
99.1 10.1 |
||
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
SIGNATURE
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: April 5, 2022
| JUPITER WELLNESS, INC. | ||
| By: | /s/ Brian John | |
| Brian John | ||
| Chief Executive Officer | ||