UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On May 16, 2024, Healthy Choice Wellness Corp. (“HCWC”), a wholly owned subsidiary of Healthier Choices Management Corp., entered into a revolving line of credit (the “Facility”) with a private lender (the “Lender”).
Pursuant to the terms of that certain Commitment Letter (“Commitment Letter”), dated May 16, 2024, between HCWC and the Lender, HCWC may borrow up to $5.0 million to be used for general working capital purposes. The term of the facility is through August 31, 2025 (the “Maturity Date”) and the interest rate is 12% per annum. All principal and accrued interest will be due on the Maturity Date. Amounts borrowed under the Facility may be prepaid at any time.
The foregoing summary of the Facility is not complete and is qualified in its entirety by reference to the actual Commitment Letter, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit
Number |
Description | |
| 10.1 | Commitment Letter, dated May 16, 2024, by and between Hal Mintz and Healthy Choice Wellness Corp. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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.
| HEALTHIER CHOICES MANAGEMENT CORP. | ||
| Date: May 22, 2024 | By: | /s/ Jeffrey Holman |
| Jeffrey Holman, Chief Executive Officer | ||