**Stryve Foods Announces Securities Purchase Agreement**

Stryve Foods, Inc. (NASDAQ: SNAX) disclosed a recent development in a Form 8-K filing to the Securities and Exchange Commission on January 30, 2025. The company officially entered into a Securities Purchase Agreement (Stock Purchase Agreement) with purchasers, which include related parties. Under this agreement, the purchasers acquired 877,878 shares of newly issued Series A-1 Convertible Preferred Stock for a total sum of $9.4 million. To cover the purchase price, the buyers utilized principal and accrued interest from existing promissory notes and outstanding debts. Notably, $3.0 million of the purchase amount involved related parties, with $2.7 million contributed by Christopher Boever, the Chief Executive Officer of Stryve Foods.

The Convertible Preferred Stock can be converted into the company’s common stock at an initial conversion price of $0.7599 per share, roughly equivalent to 12,375,317 shares of Common Stock. This conversion price is subject to customary anti-dilution adjustments triggered by activities like stock splits, dividends, or recapitalizations. The Convertible Preferred Stock issuance occurred in compliance with the exemption from registration as provided under Section 4(a)(2) of the Securities Act of 1933.

The terms of the Convertible Preferred Stock include provisions related to ranking and dividends, liquidation preferences, optional and mandatory conversion features, redemption options, voting rights, and specifics regarding a potential sale of the company. Notably, the agreement restricts any Holder from converting more than 9.99% of the company’s outstanding common stock within a six-month period. In the case of gross proceeds exceeding $6.0 million within the initial nine months post-issue date, the company may opt to convert the preferred stock into Class A common stock.

Furthermore, Stryve Foods also amended and extended an unsecured promissory note amounting to $761,422 with a related party. The maturity date for this note has been extended to December 31, 2025, from the previous deadline of December 23, 2024.

The disclosure indicated that the Certificate of Designations and the Securities Purchase Agreement can be referenced for a comprehensive understanding of the Convertible Preferred Stock arrangement. Additionally, the filing incorporated submissions related to unregistered equity securities sales and modifications to existing security holders’ rights.

The filing was signed by R. Alex Hawkins, the Chief Financial Officer, on behalf of Stryve Foods, Inc., on February 3, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Stryve Foods’s 8K filing here.

About Stryve Foods

Stryve Foods, Inc manufactures, markets, and sells snacking products in North America. The company's product portfolio consists primarily of air-dried meat snack products marketed under the Stryve, Kalahari, Braaitime, and Vacadillos brands. It also produces charcuterie slabs, thinly sliced steaks, air-dried beef sticks, biltong, biltong slabs, crisps, carne seca, sliced biltong, and droëwors products, as well as markets and sells human-grade pet treats under the brand Two Tails.