# EDGAR Filing Document

**Accession Number:** 0001676047
**File Stem:** 0000000000-23-003009
**Filing Date:** 2023-3
**Character Count:** 20087
**Document Hash:** ee3a620a9428ae290673cb708c9f680d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-003009.hdr.sgml**: 20230721

**ACCESSION NUMBER**: 0000000000-23-003009

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230324

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NutriBand Inc.
- **CENTRAL INDEX KEY:** 0001676047
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **IRS NUMBER:** 811118176
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 121 S. ORANGE AVE.
- **STREET 2:** SUITE 1500
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801
- **BUSINESS PHONE:** 407 377-6695

**MAIL ADDRESS:**
- **STREET 1:** 121 S. ORANGE AVE.
- **STREET 2:** SUITE 1500
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nutriband Inc.
- **DATE OF NAME CHANGE:** 20160601
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-23-001034

## Text-Extract

```

United States securities and exchange commission logo

                              March 24, 2023

       Gareth Sheridan
       Chief Executive Officer
       NutriBand Inc.
       121 South Orange Ave., Suite 1500
       Orlando, FL 32801

                                                        Re: NutriBand Inc.
                                                            Form 8-K filed
January 5, 2023
                                                            Correspondence
filed February 27, 2023
                                                            File No. 001-40854

       Dear Gareth Sheridan:

              We have reviewed your filing and have the following comments. In
some of our
       comments, we may ask you to provide us with information so we may better
understand your
       disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Correspondence filed February 27, 2023

       General

   1.                                                   You state in response
to prior comment 1 that Upstream is operated by the MERJ
                                                        Exchange, which is
regulated in the Seychelles. Please revise to disclose in your next
                                                        filing the risks and
uncertainties with listing on this exchange and disclose the rights of
                                                        shareholders and any
restrictions on investors on the Upstream platform. For example, we
                                                        note that U.S.-based
investors, either a U.S. citizen or permanent resident, will not be able
                                                        to buy shares on the
Upstream secondary market.
   2.                                                   We note your response
to prior comment 2, which we reissue in part. In your next filing,
                                                        please provide a
materially complete description of the tokenized shares and the process
                                                        by which shareholders
exchange their common shares for the tokenized shares, including
                                                        the entire lifecycle
from the initial exchange of common shares for tokenized shares
                                                        through the exchange
back into common shares. Provide a detailed explanation of how
                                                        such securities are the
same as the issued and outstanding shares of common stock already
 Gareth Sheridan
FirstName
NutriBand LastNameGareth Sheridan
           Inc.
Comapany
March      NameNutriBand Inc.
       24, 2023
March2 24, 2023 Page 2
Page
FirstName LastName
         registered, as well as how such shares compare in regards to
transferability and the role of
         the transfer agent, whether on Upstream or otherwise. In your
disclosure, please explain
         the role of MERJ Depository and Registry Limited and how it interacts
with the
         company's U.S. transfer agent. Please also explain what you mean by
the statements that
         MERJ Depository will    manage    the tokenized securities.
Additionally, explain the legal
         relationship between MERJ Depository and shareholders who deposit
their shares with
         MERJ Dep., including the relevant governing law. Please also explain
the rights of such
         shareholders in the event of a liquidation or dissolution of MERJ
Depository. Further,
         please compare the legal rights of such shareholders with shareholders
who own their
         shares in either book-entry form or on deposit with a U.S. broker,
including the various
         protections afforded such shareholders under applicable law. Finally,
please add risk
         factor disclosure addressing the risks to shareholders arising from
any difference in such
         rights and protections.
3.       It is unclear how ownership of tokenized securities, initially and in
connection with
         resales, will be recorded. Please clarify how the tokenized securities
will be held on the
         books and records of the transfer agent (i.e. in the name of MERJ
Depository or in the
         name of the individual shareholders). Please also clarify whether and,
if so, how
         subsequent resales of the tokenized securities on the Upstream
platform will be reflected
         on the books and records of the transfer agent or if all such
transfers will be records solely
         on the books and records of MERJ Depository. Finally, based on your
responses to the
         foregoing, please clarify how the    lost certificate    process will
work in the context of the
         tokenized securities, in particular if the tokenized securities will
be held in the name of the
         MERJ Depository on the books and records of the transfer agent.
4.       With regard to how "tokenized equity" is held on Upstream, please
clarify whether the
         tokenized securities will be held through a shareholder's wallet or in
an omnibus wallet.
5.       We note the statement that shareholders may also "choose between
various depositories to
         hold their shares, such as Book Entry with TA, CEDE & Co. or MERJ
Dep." Please
         clarify how these securities would be held if not deposited with one
of the depositories.
         For example, does the company continue to use paper certificated
shares?
6.       We note your response to prior comment 3. With a view toward
disclosure, please clarify
         whether holders of the tokenized shares will receive dividend, voting
and other rights
         associated with ownership of the company   s common stock and, if so,
explain how they
         are entitled to these rights, whether by contract and/or applicable
law. Please also clarify
         whether such holders have the right to receive confirmations, proxy
statements and other
         documents required by law to be provided to the holders of the company
  s common
         stock. Finally, please clarify whether there are any rights or
preferences to which holders
         of tokenized shares are not entitled. While we note that the company
is not currently
         planning to offer digital dividends to shareholders, the response
letter stated that "if and
         when a digital dividends or coupon/reward is contemplated to be
issued, all shareholders
         of record of the Company will be entitled to the dividend or
coupon/reward." Please also
         include this disclosure in your next filing.
 Gareth Sheridan
FirstName
NutriBand LastNameGareth Sheridan
           Inc.
Comapany
March      NameNutriBand Inc.
       24, 2023
March3 24, 2023 Page 3
Page
FirstName LastName
7.       We note your response to prior comment 4. In your next filing, please
include risk factor
         disclosure addressing the discrepancies that could result between the
trading prices of
         common shares on Nasdaq and the tokenized shares on Upstream, whether
resulting from
         different liquidity in the markets or otherwise.
8.       We note your response to prior comment 5, which we reissue. Disclose
in your next filing
         what information is publicly available about the trading activity that
occurs on Upstream
         and, in particular, what information holders of common shares would
have about the
         trading on Upstream before making a decision to exchange their common
shares for
         tokenized shares.
9.       We refer to prior comment 6 and your corresponding response. Disclose
in your next
         filing the meaning of "trading" securities on Upstream with respect to
U.S.-based
         investors. Provide prominent disclosure about the restrictions on such
investors,
         specifically that U.S.-based investors, including U.S. citizens and
permanent residents
         living abroad, cannot purchase shares and are only permitted to sell
or liquidate securities
         they currently own on Upstream.
10.      It appears that U.S. citizens and residents are permitted to deposit
their securities with
         MERJ Depository and sell those securities on the Upstream platform
operated by MERJ
         Exchange. It is not clear why MERJ Depository and MERJ Exchange are
not required to
         register with the Commission as a broker or dealer, national
securities exchange and/or
         clearing agency. In your next filing, please add a risk factor
addressing the risks to
         shareholders in the event that these entities are not properly
registered with the
         Commission as a broker or dealer, national securities exchange and/or
clearing agency.
11.      In your response, you state that the Upstream technology will reject
securities buy orders
         from cryptographic keypairs that, pursuant to their KYC review, come
from U.S. persons.
         You further state that no securities buy orders are accepted without a
user having
         successfully undergone the Upstream KYC review process. In your next
filing, please
         describe in greater detail the KYC policies and procedures of
Upstream. In responding to
         this comment, please disclose and clarify the extent to which such KYC
policies and
         procedures involve self-certification or IP address monitoring.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.

       Please contact Jane Park at 202-551-7439 or Loan Lauren Nguyen at
202-551-3642 with
any questions.

                                                               Sincerely,

                                                               Division of
Corporation Finance
 Gareth Sheridan
NutriBand Inc.
March 24, 2023
Page 4
FirstName LastNameGareth Sheridan
                                    Office of Industrial Applications and
Comapany NameNutriBand Inc.
                                    Services
March 24, 2023 Page 4
cc:       Michael Paige, Esq.
FirstName LastName

```

### Attached PDF Documents

**Attachment 1:** `filename1`

DIVISION OF
CORPORATION FINANCE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

March 24, 2023

Gareth Sheridan
Chief Executive Officer
NutriBand Inc.
121 South Orange Ave., Suite 1500
Orlando, FL 32801

**Re: NutriBand Inc.**

**Form 8-K filed January 5, 2023**

**Correspondence filed February 27, 2023**

**File No. 001-40854**

Dear Gareth Sheridan:

We have reviewed your filing and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure.

Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response.

After reviewing your response to these comments, we may have additional comments.

Correspondence filed February 27, 2023

General

1. You state in response to prior comment 1 that Upstream is operated by the MERJ Exchange, which is regulated in the Seychelles. Please revise to disclose in your next filing the risks and uncertainties with listing on this exchange and disclose the rights of shareholders and any restrictions on investors on the Upstream platform. For example, we note that U.S.-based investors, either a U.S. citizen or permanent resident, will not be able to buy shares on the Upstream secondary market.
2. We note your response to prior comment 2, which we reissue in part. In your next filing, please provide a materially complete description of the tokenized shares and the process by which shareholders exchange their common shares for the tokenized shares, including the entire lifecycle from the initial exchange of common shares for tokenized shares through the exchange back into common shares. Provide a detailed explanation of how such securities are the same as the issued and outstanding shares of common stock already

Gareth Sheridan
NutriBand Inc.
March 24, 2023
Page 2

registered, as well as how such shares compare in regards to transferability and the role of the transfer agent, whether on Upstream or otherwise. In your disclosure, please explain the role of MERJ Depository and Registry Limited and how it interacts with the company's U.S. transfer agent. Please also explain what you mean by the statements that MERJ Depository will "manage" the tokenized securities. Additionally, explain the legal relationship between MERJ Depository and shareholders who deposit their shares with MERJ Dep., including the relevant governing law. Please also explain the rights of such shareholders in the event of a liquidation or dissolution of MERJ Depository. Further, please compare the legal rights of such shareholders with shareholders who own their shares in either book-entry form or on deposit with a U.S. broker, including the various protections afforded such shareholders under applicable law. Finally, please add risk factor disclosure addressing the risks to shareholders arising from any difference in such rights and protections.

3. It is unclear how ownership of tokenized securities, initially and in connection with resales, will be recorded. Please clarify how the tokenized securities will be held on the books and records of the transfer agent (i.e. in the name of MERJ Depository or in the name of the individual shareholders). Please also clarify whether and, if so, how subsequent resales of the tokenized securities on the Upstream platform will be reflected on the books and records of the transfer agent or if all such transfers will be records solely on the books and records of MERJ Depository. Finally, based on your responses to the foregoing, please clarify how the "lost certificate" process will work in the context of the tokenized securities, in particular if the tokenized securities will be held in the name of the MERJ Depository on the books and records of the transfer agent.

4. With regard to how "tokenized equity" is held on Upstream, please clarify whether the tokenized securities will be held through a shareholder's wallet or in an omnibus wallet.

5. We note the statement that shareholders may also "choose between various depositories to hold their shares, such as Book Entry with TA, CEDE & Co. or MERJ Dep." Please clarify how these securities would be held if not deposited with one of the depositories. For example, does the company continue to use paper certificated shares?

6. We note your response to prior comment 3. With a view toward disclosure, please clarify whether holders of the tokenized shares will receive dividend, voting and other rights associated with ownership of the company's common stock and, if so, explain how they are entitled to these rights, whether by contract and/or applicable law. Please also clarify whether such holders have the right to receive confirmations, proxy statements and other documents required by law to be provided to the holders of the company's common stock. Finally, please clarify whether there are any rights or preferences to which holders of tokenized shares are not entitled. While we note that the company is not currently planning to offer digital dividends to shareholders, the response letter stated that "if and when a digital dividends or coupon/reward is contemplated to be issued, all shareholders of record of the Company will be entitled to the dividend or coupon/reward." Please also include this disclosure in your next filing.

Gareth Sheridan
NutriBand Inc.
March 24, 2023
Page 3

7. We note your response to prior comment 4. In your next filing, please include risk factor disclosure addressing the discrepancies that could result between the trading prices of common shares on Nasdaq and the tokenized shares on Upstream, whether resulting from different liquidity in the markets or otherwise.

8. We note your response to prior comment 5, which we reissue. Disclose in your next filing what information is publicly available about the trading activity that occurs on Upstream and, in particular, what information holders of common shares would have about the trading on Upstream before making a decision to exchange their common shares for tokenized shares.

9. We refer to prior comment 6 and your corresponding response. Disclose in your next filing the meaning of "trading" securities on Upstream with respect to U.S.-based investors. Provide prominent disclosure about the restrictions on such investors, specifically that U.S.-based investors, including U.S. citizens and permanent residents living abroad, cannot purchase shares and are only permitted to sell or liquidate securities they currently own on Upstream.

10. It appears that U.S. citizens and residents are permitted to deposit their securities with MERJ Depository and sell those securities on the Upstream platform operated by MERJ Exchange. It is not clear why MERJ Depository and MERJ Exchange are not required to register with the Commission as a broker or dealer, national securities exchange and/or clearing agency. In your next filing, please add a risk factor addressing the risks to shareholders in the event that these entities are not properly registered with the Commission as a broker or dealer, national securities exchange and/or clearing agency.

11. In your response, you state that the Upstream technology will reject securities buy orders from cryptographic keypairs that, pursuant to their KYC review, come from U.S. persons. You further state that no securities buy orders are accepted without a user having successfully undergone the Upstream KYC review process. In your next filing, please describe in greater detail the KYC policies and procedures of Upstream. In responding to this comment, please disclose and clarify the extent to which such KYC policies and procedures involve self-certification or IP address monitoring.

We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.

Please contact Jane Park at 202-551-7439 or Loan Lauren Nguyen at 202-551-3642 with any questions.

Sincerely,

Division of Corporation Finance

Gareth Sheridan  
NutriBand Inc.  
March 24, 2023  
Page 4

Office of Industrial Applications and Services

cc: Michael Paige, Esq.