SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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of Report (Date of earliest event reported):
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS
ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
As previously reported, on December 2, 2021, Alterola Biotech Inc. (the “Company”), closed an Asset Purchase Agreement (the “Purchase Agreement”) with C2 Wellness Corp., a Wyoming corporation, and Dr. G. Sridhar Prasad (together, the “Seller”).
On the Closing Date, pursuant to the Purchase Agreement, the Company acquired certain IP assets (the “Assets”) from Seller, which include:
| • | Novel cannabinoid molecules and their associated intellectual property; | |
| • | Novel cannabinoid pro-drugs, and their associated intellectual property; | |
| • | Novel proprietary cannabinoid formulations, designed to target lymphatic delivery, and their associated intellectual property; | |
| • | Novel proprietary nano-encapsulated cannabinoid formulations, in self dissolving polymers, and their associated intellectual property; and | |
| • | Cannabinoids and cannabinoid pro-drug formulations for topical ocular delivery, and their associated intellectual property. |
In exchange for the Assets, the Company issued to Seller twenty four million (24,000,000) shares of common stock.
On September 8, 2023, the Company and Seller entered into an Agreement to Return Assets and Shares, such that the Company transferred the Assets back to the Seller and the Seller paid 30,019,493 shares of ABTI common stock to the Company.
The foregoing description of the Agreement to Return Assets and Shares does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Agreement to Return Assets and Shares, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
SECTION 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description |
| 10.1 | Agreement to Return Assets and Shares |
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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.
Alterola Biotech, Inc.
/s/ David Hitchcock
David Hitchcock
Chief Executive Officer
Date: September 19, 2023
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