QSAM Biosciences, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS In October 2023, all remaining Series B Stockholders signed agreements with the Company providing that if the Company lists its common shares on Nasdaq or otherwise signs an agreement to be acquired or merged with another Company, such shareholders will automatically and without any further action on their part exchange their shares of Series B Stock into common shares at an exchange ratio of $3.00, inclusive of all accrued dividends through September 30, 2023. In the instance of an acquisition of the Company, such exchange into common shares at the reduced price is in lieu of any contracted liquidation preference payments. Pursuant to these agreements, the total principal and dividend amount of the Series B Stock would be exchangeable into 642,018 shares of common stock.

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2023

NOTE 10 – SUBSEQUENT EVENTS

In October 2023, all remaining Series B Stockholders signed agreements with the Company providing that if the Company lists its common shares on Nasdaq or otherwise signs an agreement to be acquired or merged with another Company, such shareholders will automatically and without any further action on their part exchange their shares of Series B Stock into common shares at an exchange ratio of $3.00, inclusive of all accrued dividends through September 30, 2023. In the instance of an acquisition of the Company, such exchange into common shares at the reduced price is in lieu of any contracted liquidation preference payments. Pursuant to these agreements, the total principal and dividend amount of the Series B Stock would be exchangeable into 642,018 shares of common stock.