Digital Brands Group Inc. filed SEC Form 8-K: Other Events
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Item 8.01. Other Events.
As previously disclosed by Digital Brands Group, Inc., a Delaware corporation (the “Company”), on October 16, 2024, the Company became aware that the issuance by its transfer agent of 1,311,345 shares of the Company’s common stock to a certain note holder (the “Holder”) upon conversion of its promissory note originally issued by the Company on or around October 1, 2023 (the “Note”), was in error and not permitted under the terms of the Note due to Nasdaq Rule 56353(d). The Company then notified the Holder that 1,311,345 shares of the Company’s common stock must be returned to the Company’s transfer agent for cancellation. On November 5, 2024, the Holder facilitated the cancellation of 1,311,345 shares of the Company’s common stock in accordance with the Company’s remediation plan. Upon cancellation of 1,311,345 shares of the Company’s common stock by the Holder, the Company’s issued and outstanding common stock count as of November 5, 2024, was 28,982,218 shares.
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.
| DIGITAL BRANDS GROUP, INC. | ||
| Dated: November 6, 2024 | By: | /s/ John Hilburn Davis IV |
| Name: | John Hilburn Davis IV | |
| Title: | President and Chief Executive Officer | |