# EDGAR Filing Document

**Accession Number:** 0001815974
**File Stem:** 0001493152-25-017826
**Filing Date:** 2025-10
**Character Count:** 47702
**Document Hash:** df5b4af1fca0a6d99dd625bce2d1be0e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-017826.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001493152-25-017826

**CONFORMED SUBMISSION TYPE**: SC 13E3/A

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251010

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Anebulo Pharmaceuticals, Inc.
- **CENTRAL INDEX KEY:** 0001815974
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 851170950
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92545
- **FILM NUMBER:** 251388884

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ANEBULO PHARMACEUTICALS, INC.
- **STREET 2:** 1017 RANCH ROAD 620 SOUTH, SUITE 107
- **CITY:** LAKEWAY
- **STATE:** TX
- **ZIP:** 78734
- **BUSINESS PHONE:** 737 203 5270

**MAIL ADDRESS:**
- **STREET 1:** C/O ANEBULO PHARMACEUTICALS, INC.
- **STREET 2:** 1017 RANCH ROAD 620 SOUTH, SUITE 107
- **CITY:** LAKEWAY
- **STATE:** TX
- **ZIP:** 78734
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Anebulo Pharmaceuticals, Inc.
- **CENTRAL INDEX KEY:** 0001815974
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 851170950
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SC 13E3/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ANEBULO PHARMACEUTICALS, INC.
- **STREET 2:** 1017 RANCH ROAD 620 SOUTH, SUITE 107
- **CITY:** LAKEWAY
- **STATE:** TX
- **ZIP:** 78734
- **BUSINESS PHONE:** 737 203 5270

**MAIL ADDRESS:**
- **STREET 1:** C/O ANEBULO PHARMACEUTICALS, INC.
- **STREET 2:** 1017 RANCH ROAD 620 SOUTH, SUITE 107
- **CITY:** LAKEWAY
- **STATE:** TX
- **ZIP:** 78734

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13E-3**

**(Rule 13e-100)**

**RULE 13e-3 TRANSACTION STATEMENT UNDER SECTION 13(e) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

(Amendment No. 2)

**Anebulo Pharmaceuticals, Inc.**

(Name of the Issuer and Name of Person Filing Statement)

**Common Stock, $0.001 par value per share**

(Title of Class of Securities)

**034569103** 

(CUSIP Number of Class of Securities)

**Anebulo Pharmaceuticals, Inc.**

**1017 Ranch Road 620 South, Suite 107**

**Lakeway, Texas 78734**

**(512) 598-0931**

(Name, Address and Telephone Number of Persons Authorized to

Receive Notices and Communications on Behalf of Persons Filing Statement)

 

***Copies to:***

**Leslie Marlow, Esq.**

**Melissa Palat Murawsky, Esq.**

**Blank Rome LLP**

**1271 Avenue of the Americas**

**New York, New York 10020**

**Telephone: (212) 885-5000**

This statement is filed in connection with (check the appropriate box):

&nbsp;&nbsp;&nbsp;&nbsp;a. ☒
 The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C, or
 Rule 13e-3(c) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;b. ☐ The filing of a registration statement under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;c. ☐ A tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;d. ☐ None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

**RULE 13e-3 TRANSACTION STATEMENT**

**INTRODUCTION**

This Amendment No. 2 to Rule 13e-3 Transaction Statement on Schedule 13E-3 (as amended hereby, the "**Schedule 13E-E**") is being filed by Anebulo Pharmaceuticals, Inc. (the "**Company**").

The Company proposes to hold a special meeting of its stockholders to consider and vote upon a proposal to amend the Company's Second Amended and Restated Certificate of Incorporation, as amended (the "**Certificate of Incorporation**") to effect a reverse stock split (the "**Reverse Stock Split**") with respect to the Company's issued and outstanding common stock, par value $0.001 per share ("**Common Stock**"), including stock held by the Company as treasury shares, at a ratio (the "**Stock Split Ratio**") of not less than 1-for-2,500 and not greater than 1-for-7,500 (the "**Range**"), with the exact Stock Split Ratio to be set within the Range without further approval or authorization of our stockholders and at the discretion of our Board of Directors (the "**Board**") and included in a public announcement, subject to the authority of the Board to abandon such amendment.

If the Reverse Stock Split Proposal is approved and the Reverse Stock Split is effected (i) a stockholder of record owning fewer than a minimum number of shares immediately prior to the effective time of the Reverse Stock Split, which, depending on the Stock Split Ratio chosen by the Board, would be between 2,500 and 7,500 (the "**Minimum Number**"), will be entitled to receive only the cash payment of $3.50 multiplied by the number of shares owned by such stockholder immediately before the Reverse Stock Split, without interest (the "**Cash Payment**"), will no longer be a stockholder, will no longer have any ownership interest in us, and will cease to participate in the potential appreciation in the value of our Common Stock or our future distributions to stockholders, if any; and (ii) a stockholder of record owning at least the Minimum Number of shares immediately prior to the effective time of the Reverse Stock Split will continue to hold one share of Common Stock for every integer multiple of the Minimum Number of shares of Common Stock such stockholder owns immediately prior to the effective time of the Reverse Stock Split, will remain a stockholder of the Company and will receive a Cash Payment for such stockholder's fractional share interests resulting from the Reverse Stock Split, if any. The Reverse Stock Split, together with the Cash Payments to stockholders in lieu of fractional shares, is referred to as the "Transaction."

The primary purpose of the Reverse Stock Split is to enable the Company to maintain the number of its record holders of common stock below 300. The Reverse Stock Split is being undertaken as part of the Company's plan to terminate the registration of the common stock under the Exchange Act and suspend the Company's duty to file periodic reports and other information with the SEC under Section 13(a) thereunder, and to delist the common stock from the Nasdaq Capital Market.

This Amendment No. 2 is being filed with the SEC concurrently with the filing of Amendment No. 2 to the Company's preliminary proxy statement on Schedule 14A (as amended, the "**Proxy Statement**") pursuant to Regulation 14A under the Exchange Act. The information contained in the Proxy Statement, including all annexes thereto, is expressly incorporated herein by reference and the responses to each item of this Schedule 13E-3 are qualified in their entirety by reference to the information contained in the Proxy Statement. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion or amendment. This Schedule 13E-3 will be amended to reflect such completion or amendment of the Proxy Statement. Capitalized terms used and not otherwise defined herein have the meanings ascribed to such terms in the Proxy Statement.

Item 1. Summary Term Sheet

The information set forth in the Proxy Statement under the caption "SUMMARY TERM SHEET" is incorporated herein by reference.

Item 2. Subject Company Information

(a) *Name and Address*. The name of the subject company is Anebulo Pharmaceuticals, Inc., a Delaware
corporation. The Company's principal executive offices are located at 1017 Ranch Road 620 South, Suite 107, Lakeway, Texas 78734.
The Company's telephone number is (512) 598-0931.

(b) *Securities*. The subject class of equity
 securities to which this Schedule 13E-3 relates is the Company's common stock, $0.001
 par value per share, of which 41,084,731 shares were outstanding as of October 3,
 2025.

(c) *Trading Market and Price*. The information set forth in the Proxy Statement under "INFORMATION
ABOUT THE COMPANY—Market Price of Common Stock" is incorporated herein by reference.

(d) *Dividends*. The information set forth in the Proxy Statement under "INFORMATION ABOUT THE
COMPANY—Dividends" is incorporated herein by reference.

(e) *Prior Public Offerings*. The Company has not made an underwritten public offering of its Common
Stock for cash during the three years preceding the date of the filing of this Schedule 13E-3.

(f) *Prior Stock Purchases*. The Company has not purchased any subject securities during the two years
preceding the date of the filing of this Schedule 13E-3.

Item 3. Identity and Background of Filing Person

(a) *Name and Address*. The filing person, the Company, is also the subject company, with its address
and telephone number provided in Item 2(a) above. The name of each director and executive officer is set forth below.

---

| | |
|:---|:---|
| **Name** | **Position** |
| Richard Anthony Cunningham | Chief Executive Officer and Director |
| Joseph F. Lawler | Chairman of the Board |
| Aron R. English | Director |
| Jason M. Aryeh | Director |
| Nathanel Calloway | Director |
| Areta Kupchyk | Director |
| Kenneth Lin | Director |
| Bimal Shah | Director |
| Daniel George | Part time Chief Financial Officer |
| Kenneth C. Cundy, Ph.D. | Chief Scientific Officer |

---

The address of each director and executive officer of the Company is c/o Anebulo Pharmaceuticals, Inc., 1017 Ranch Road 620 South, Suite 107, Lakeway, Texas 78734.

(b) *Business and Background of Entities*. Not applicable.

(c) *Business and Background of Natural Persons*. The information set forth in the Proxy Statement under
"INFORMATION ABOUT THE COMPANY—Directors and Executive Officers" is incorporated herein by reference.

Neither the Company nor, to the Company's knowledge, any of the Company's directors or executive officers been convicted in a criminal proceeding during the past five years (excluding traffic violations or similar misdemeanors) or been a party to any judicial or administrative proceeding during the past five years (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.

Each of the Company's directors and executive officers is a citizen of the United States.

(d) *Tender Offer*. Not applicable.

Item 4. Terms of the Transaction

(a) *Material Terms*. The information set forth in the Proxy Statement under "SUMMARY TERM SHEET"
and "SPECIAL FACTORS" is incorporated herein by reference.

(c) *Different Terms*. The information set forth in the Proxy Statement under "SUMMARY TERM SHEET—The
Reverse Stock Split," "—Effects of the Transaction," "—Fairness of the Transaction," "—Treatment
of Beneficial Holders (Stockholders Holding Shares in "Street Name")," and "—Material Federal Income Tax
Consequences;" and SPECIAL FACTORS—Effects of the Transaction (including the Reverse Stock Split)," "—Fairness
of the Transaction," and "—Material Federal Income Tax Consequences" is incorporated herein by reference.

(d) *Appraisal Rights*. The information set forth in the Proxy Statement under "SUMMARY TERM SHEET—No
Appraisal or Dissenters' Rights;" and "SPECIAL FACTORS—No Appraisal or Dissenters' Rights" is incorporated
herein by reference.

(e) *Provisions for Unaffiliated Security Holders*. The information set forth in the Proxy Statement
under "SPECIAL FACTORS——Fairness of the Transaction," is incorporated herein by reference.

(f) *Eligibility for Listing or Trading*. Not applicable.

Item 5. Past Contracts, Transactions, Negotiations and Agreements

(a) *Transactions*. The information set forth in the Proxy Statement under the caption "SPECIAL
FACTORS—Interests of Executive Officers, Directors and 10% Stockholders," is incorporated herein by reference.

(b) *Significant Corporate Events*. The information set forth in the Proxy Statement under the caption
"SPECIAL FACTORS—Background of the Transaction," is incorporated herein by reference.

(c) *Negotiations or Contacts*. None.

(e) *Agreements Involving the Subject Company's Securities*. The information set forth in the Proxy
 Statement under "SUMMARY TERM SHEET—Vote Required for Approval of the Reverse
 Stock Split Proposal and the Adjournment Proposal at the Special Meeting;" and "SPECIAL
 FACTORS— Purpose of and Reasons for the Transaction", "—Disadvantages
 of the Transactions", and "—Interests of Executive Officers, Directors
 and 10% Stockholders," is incorporated herein by reference.

Item 6. Purposes of the Transaction and Plans or Proposals

(b) *Use of Securities Acquired*. The fractional shares purchased by the Company will be cancelled and
returned to the status of authorized but unissued shares.

(c) *Plans*. The transaction is a Reverse
 Stock Split. The information set forth in the Proxy Statement under "SUMMARY TERM SHEET—Purpose
 of and Reasons for the Reverse Stock Split and the Transaction," "—Effects
 of the Transaction;" and "SPECIAL FACTORS—Purpose of and Reasons for the
 Transaction," "—Background of the Transaction," "—Effects
 of the Transaction (including the Reverse Stock Split)," "—Nasdaq; OTC
 Market," "—Fairness of the Transaction," and "—Planned
 Management Structure Adjustments," is incorporated herein by reference.

Item 7. Purposes, Alternatives, Reasons and Effects

(a) *Purposes*. The information set forth in the Proxy Statement under "SUMMARY TERM SHEET—Purpose
of and Reasons for the Reverse Stock Split and the Transaction;" and "SPECIAL FACTORS—Purpose of and Reasons for the
Transaction" and "—Background of the Transaction" is incorporated herein by reference.

(b) *Alternatives*. The information set forth in the Proxy Statement under "SPECIAL FACTORS—Background
of the Transaction," and "—Alternatives to the Transaction" is incorporated herein by reference.

(c) *Reasons*. The information set forth in the Proxy Statement under SUMMARY TERM SHEET—Purpose
of and Reasons for the Reverse Stock Split and the Transaction;" and "SPECIAL FACTORS—Purpose of and Reasons for the
Transaction," "—Background of the Transaction," "—Alternatives to the Transaction," and "—Fairness
of the Transaction" is incorporated herein by reference.

(d) *Effects*. The information set forth in the Proxy Statement under "SUMMARY TERM SHEET—The
Reverse Stock Split," "—Effects of the Transaction," and "—Material Federal Income Tax Consequences;"
and "SPECIAL FACTORS—Purpose and Reasons for the Transaction," "—Effects of the Transaction (including the
Reverse Stock Split)," "—Nasdaq; OTC Market," and "—Material Federal Income Tax Consequences"
is incorporated herein by reference.

Item 8. Fairness of the Transaction

(a) *Fairness*. The information set forth in the Proxy Statement under "SUMMARY TERM SHEET—Special
Committee and Board Recommendations Regarding the Transaction," and "—Fairness of the Transaction;" and "SPECIAL
FACTORS—Background of the Transaction," and "—Fairness of the Transaction" is incorporated herein by reference.

(b) *Factors Considered in Determining Fairness*. The information set forth in the Proxy Statement under
"SUMMARY TERM SHEET—Purpose of and Reasons for the Reverse Stock Split and the Transaction," "—Special Committee
and Board Recommendations Regarding the Transaction," "—Reservation of Rights," and "—Fairness of
the Transaction;" and "SPECIAL FACTORS—Purpose of and Reasons for the Transaction," "—Background of
the Transaction," "—Alternatives to the Transaction," "—Fairness of the Transaction," and "—Fairness
Opinion of Financial Advisor" is incorporated herein by reference.

(c) *Approval of Security Holders*. The information set forth in the Proxy Statement under "SUMMARY
TERM SHEET—Interests of Executive Officers, Directors and 10% Stockholders," and "—Vote Required for Approval
of the Reverse Stock Split and the Adjournment Proposal at the Special Meeting;" and "SPECIAL FACTORS—Fairness of the
Transaction" and "—Interests of Executive Officers, Directors and 10% Stockholders" is incorporated herein by
reference.

(d) *Unaffiliated Representatives*. The information set forth in the Proxy Statement under "SUMMARY
TERM SHEET—Special Committee and Board Recommendations Regarding the Transaction" and "—Fairness of the Transaction;"
and "SPECIAL FACTORS—Background of the Transaction," "—Fairness of the Transaction," and "—Fairness
Opinion of Financial Advisor" is incorporated herein by reference.

(e) *Approval of Directors*. The information set forth in the Proxy Statement under "SUMMARY TERM
SHEET—Special Committee and Board Recommendations Regarding the Transaction," and "—Fairness of the Transaction;"
and "SPECIAL FACTORS—Background of the Transaction," and "—Fairness of the Transaction" is incorporated
herein by reference.

(f) *Other Offers*. None.

Item 9. Reports, Opinions, Appraisals and Negotiations

(a) *Report, Opinion or Appraisal*. The information set forth in the Proxy Statement under "SUMMARY
TERM SHEET—Special Committee and Board Recommendations Regarding the Transaction" and "—Fairness of the Transaction;"
and "SPECIAL FACTORS—Background of the Transaction," "—Fairness of the Transaction," and "—Fairness
Opinion of Financial Advisor" is incorporated herein by reference.

(b) *Preparer and Summary of the Report, Opinion or Appraisal*. The information set forth in the Proxy
Statement under "SUMMARY TERM SHEET—Special Committee and Board Recommendations Regarding the Transaction" and "—Fairness
of the Transaction;" and "SPECIAL FACTORS—Background of the Transaction," "—Fairness of the Transaction,"
and "—Fairness Opinion of Financial Advisor" is incorporated herein by reference.

(c) *Availability of Documents*. The full
 text of the fairness opinion of Houlihan Capital, LLC ()"**Houlihan Capital** ")
 dated July 15, 2025 is attached as B to the Proxy Statement. The fairness opinion of
 Houlihan Capital, and the Presentation of Fairness of Houlihan Capital, dated July 15,
 2025 are each available for inspection and copying at the Company's principal
 executive offices, 1017 Ranch Road 620 South, Suite 107, Lakeway, Texas 78734, during its
 regular business hours by any interested equity security holder of the Company or representative
 who has been so designated in writing.

(a) *Source of Funds*. The information set forth in the Proxy Statement under "SUMMARY TERM SHEET—Financing
for the Transaction;" and "SPECIAL FACTORS—Effects of the Transaction (including the Reverse Stock Split)" and
"—Source of Funds and Expenses" is incorporated herein by reference.

(b) *Conditions*. None.

(c) *Expenses*. The information set forth in the Proxy Statement under "SPECIAL FACTORS—Source
of Funds and Expenses" is incorporated herein by reference.

(d) *Borrowed Funds*. None.

Item 11. Interest in Securities of the Subject Company

(a) *Securities Ownership*. The information set forth in the Proxy Statement under " Security
Ownership of Certain Beneficial Owners and Management " is incorporated herein by reference.

(b) *Securities Transactions*. None.

Item 12. The Solicitation or Recommendation

(d) *Intent to Tender or Vote in a Going-Private Transaction*. The information set forth in the Proxy
Statement under "SUMMARY TERM SHEET—Effects of the Transaction," "—Interests of Executive Officers, Directors
and 10% Stockholders," and "—Vote Required for Approval of the Reverse Stock Split Proposal and the Adjournment Proposal
at the Special Meeting;" "SPECIAL FACTORS—Effects of the Transaction (including the Reverse Stock Split)" and
"—Interests of Executive Officers, Directors and 10% Stockholders" is incorporated herein by reference.

### Item 10. Source and Amounts of Funds or Other Consideration

(e) *Recommendation of Others*. The information set forth in the Proxy Statement under "SUMMARY
TERM SHEET—Interests of Executive Officers, Directors and 10% Stockholders," and "—Vote Required for Approval
of the Reverse Stock Split Proposal and the Adjournment Proposal at the Special Meeting;" and "SPECIAL FACTORS—Background
of the Transaction," and "—Fairness of the Transaction" is incorporated herein by reference.

Item 13. Financial Statements

(a) *Financial Information*. The audited financial statements are incorporated by reference in the Proxy
 Statement from the Company's Annual Report on Form 10-K for the year ended June 30,
 2025. The information set forth in the Proxy Statement under "FINANCIAL INFORMATION—Summary
 Historical Financial Information" is incorporated herein by reference.

(b) *Pro forma Information*. The information set forth in the Proxy Statement under "FINANCIAL
INFORMATION—Pro Forma Financial Statements (Unaudited)" is incorporated herein by reference.

(c) *Summary Information.* The information set forth in
the Proxy Statement under "FINANCIAL INFORMATION — Summary Historical Financial Information" is incorporated herein
by reference.

Item 14. Persons/Assets, Retained, Employed, Compensated or Used

(a) *Solicitation or Recommendation*. The information set forth in the Proxy Statement under "QUESTIONS
AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING—Who is soliciting my vote?" and "—Who is paying for this proxy
solicitation?" is incorporated herein by reference.

(b) *Employees and Corporate Assets*. The information set forth in the Proxy Statement under "QUESTIONS
AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING—Who is soliciting my vote?" and "—Who is paying for this proxy
solicitation?" is incorporated herein by reference.

Item 15. Additional Information

(b) Not applicable.

(c) *Other Material Information*. The information
contained in the Proxy Statement, including all appendices attached thereto, is incorporated herein by reference.

Item 16. Exhibits

---

| | |
|:---|:---|
| (a)(i) | [Notice of Meeting and Preliminary Proxy Statement of the Company (incorporated herein by reference to the Company's Amendment No. 2 to Schedule 14A filed with the Securities and Exchange Commission on September 15, 2025).](https://www.sec.gov/Archives/edgar/data/1815974/000149315225013373/formprer14a.htm) |
| (a)(ii) | [Annual financial statements for the years ended June 30, 2025 and 2024 of Anebulo Pharmaceuticals, Inc. (appearing in the Annual Report on Form 10-K for the fiscal year ended June 30, 2025 filed with the SEC on September 29, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1815974/000149315225016015/form10-k.htm) |
| (a)(iii) | [Press Release issued by the Company, dated July 23, 2025 (filed as Exhibit 99.1 to the Company 's Current Report on Form 8-K filed on July 23, 2025 and incorporated herein by reference).](https://www.sec.gov/Archives/edgar/data/1815974/000149315225011342/ex99-1.htm) |
| (b) | Not applicable. |
| (c)(i) | [Opinion of Houlihan Capital dated July 15, 2025 (incorporated herein by reference to Annex B of the Company's Amendment No. 2 to Schedule 14A filed with the Securities and Exchange Commission on September 15, 2025).](https://www.sec.gov/Archives/edgar/data/1815974/000149315225013373/formprer14a.htm) |
| (c)(ii)\*\* | [Presentation, dated July 15, 2025 of Houlihan Capital to the Board of Directors of the Company.](https://www.sec.gov/Archives/edgar/data/1815974/000149315225013386/exc-ii.htm) |
| (c)(iii)\* | [Draft Presentation of Houlihan Capital dated July 10, 2025.](exc-iii.htm) |
| (c)(iv)\* | [Draft Opinion of Houlihan Capital dated July 11, 2025.](exc-iv.htm) |
| (d)(i) | [Form of Waiver and Consent which was executed by 22NW Fund, L.P., Joseph Lawler and Nantahala Capital Management, LLC](exd-i.htm) |
| d(ii)  | [Support Agreement dated as of July 22, 2025 by and between Anebulo Pharmaceuticals, Inc. and The Mangrove Partners Master Fund, Ltd.](exd-ii.htm) |
| (f) | Not applicable. |
| (g) | Not applicable. |
| (107)\*\* | [Filing Fee Table.](https://www.sec.gov/Archives/edgar/data/1815974/000149315225011341/ex107.htm) |

---

\*Filed herewith

\*\*Previously filed

 **SIGNATURE**

After reasonable inquiry and to the best of its knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | | |
|:---|:---|:---|
|  | **ANEBULO PHARMACEUTICALS, INC.** | **ANEBULO PHARMACEUTICALS, INC.** |
| Dated: October 10, 2025 |  |  |
|  | By: | */s/ Richard Anthony Cunningham* |
|  | Name: | Richard Anthony Cunningham |
|  | Title: | Chief Executive Officer |

---

## Ex-1

**Exhibit c(iii)**

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## Ex-2

**Exhibit c(iv)**

![](exc-iv_001.jpg)

July 11, 2025

Special Committee of the Board of Directors Anebulo Pharmaceuticals

1017 Ranch Road 620 South, Suite 107

Lakeway, TX 78734 Ladies and Gentlemen:

Houlihan Capital, LLC ("Houlihan Capital") understands that Anebulo Pharmaceuticals (NASDAQCM:ANEB), a Delaware corporation (collectively, the "Client" or "Company") is contemplating a transaction consisting of (i) a 1-for-5,000 a reverse stock split (the "Reverse Split") of its common stock with the purpose of taking the Company private, and (ii) the cash payment of $3.50 per share to shareholders whose shares are converted into less than one share in the Reverse Split (the "Fractional Share Consideration", and collectively with the Reverse Split, the "Transaction").

Pursuant to an engagement letter dated June 11, 2025, the Special Committee of the Board of Directors of the Company (the "Special Committee") engaged Houlihan Capital to render a written opinion (the "Opinion"), whether or not favorable, as to whether, as of the date hereof, the Transaction is fair from a financial point of view to the minority, unaffiliated shareholders of the Company.

In completing our analysis for purposes of the Opinion set forth herein, Houlihan Capital's investigation included, among other things, the following:

● Held discussions with certain members of the Company's senior management ("Management") regarding the Transaction, the historical performance of the Company, and the future outlook for the Company;

○ Review of information provided by Client including, but not limited to:

○ The Company's latest reports on Form 10-Q and 10-K and other relevant public documents as filed with the Securities and Exchange Commission;

○ The Company's unaudited financial statements for the year-to-date ("YTD") period ended March 31, 2025;

○ The Company's scenario-based revenue projections for Selonabant, dated November 26, 2024;

○ The Opportunity Assessment Report presented by IQVIA for the Company, dated November 26, 2024;

200 West Madison Suite 2150 Chicago, IL 60606

Tel: 312.450.8600 Fax: 312.277.7599

www.houlihan.com

Special Committee of the Board of Directors of Anebulo Pharmaceuticals

July 11, 2025

Fairness Opinion - Confidential

● Reviewed the industry in which the Company operates, which included a review of (i) certain industry research, (ii) certain comparable publicly traded companies and (iii) certain mergers and acquisitions of comparable businesses;

● Developed indications of value for the Company using generally accepted valuation methodologies; and

● Reviewed certain other relevant, publicly available information, including economic, industry, and Company specific information .

Our analyses contained herein are confidential and addressed to, and provided exclusively for use by, the Special Committee. Our written opinion may be used (i) by the Special Committee in evaluating the Transaction, (ii) in disclosure materials to Client's shareholders, (iii) in filings with the U.S. Securities and Exchange Commission (the "SEC") (including the filing of the Opinion and the data and analysis presented by Houlihan Capital to the Special Committee), and (iv) in any litigation pertaining to matters relating to the Transaction and covered in the Opinion.

This Opinion is delivered to each recipient subject to the conditions, scope of engagement, limitations and understandings set forth in the Opinion and subject to the understanding that the obligations of Houlihan Capital and any of its affiliates in the Transaction are solely corporate obligations, and no officer, director, principal, employee, affiliate, or member of Houlihan Capital or their successors or assigns shall be subjected to any personal liability whatsoever (other than for intentional misconduct, fraud, or gross negligence), nor will any such claim be asserted by or on behalf of you or your affiliates against any such person with respect to the Opinion other than Houlihan Capital.

Among the activities conducted in the course of our engagement, Houlihan Capital received and reviewed information provided by the Company. We have relied upon and assumed, without independent verification, the accuracy, completeness, and reasonableness of the financial, legal, tax, and other information discussed with or reviewed by us and have assumed such accuracy and completeness for purposes of rendering an opinion. In addition, we have not made any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of the Company, nor, except as stated herein, have we been furnished with any such evaluation or appraisal. Nothing has come to our attention in the course of this engagement which would lead us to believe that (i) any information provided to us or assumptions made by us are insufficient or inaccurate in any material respect or (ii) it is unreasonable for us to use and rely upon such information or make such assumptions.

We have further relied upon the assurances and representations from Company management that they are unaware of any facts that would make the information provided to us to be incomplete or misleading in any material respect for the purposes of the Opinion.

Special Committee of the Board of Directors of Anebulo Pharmaceuticals

July 11, 2025

Fairness Opinion - Confidential

Several analytical methodologies have been employed herein, and no one method of analysis should be regarded as critical to the overall conclusion reached. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. In arriving at the Opinion, Houlihan Capital did not attribute any particular weight to any single analysis or factor, but instead, made certain qualitative and subjective judgments as to the significance and relevance of each analysis and factor relative to all other analyses and factors performed and considered by us and in the context of the circumstances of the Transaction. Accordingly, Houlihan Capital believes that its analyses must be considered as a whole, because considering any portion of such analyses and factors, without considering all analyses and factors in their entirety, could create a misleading or incomplete view of the process underlying, and used by Houlihan Capital as support for, the conclusion set forth in the Opinion.

In our analysis and in connection with the preparation of the Opinion, Houlihan Capital has made numerous assumptions with respect to industry performance, general business, market and economic conditions and other matters, many of which are beyond the control of any party involved in the Transaction. Houlihan Capital's Opinion is necessarily based upon market, economic and other conditions that exist and can be evaluated as of the date of the Opinion. Houlihan Capital is under no obligation to update, revise, reaffirm or withdraw the Opinion, or otherwise comment on or consider events occurring after the date of the Opinion. This Opinion is conditioned upon the terms of the final Transaction being consistent in all material respects with the terms of the most recent draft of the Transaction documents.

The conclusions we have reached are based on all the analyses and factors presented herein taken as a whole and on the application of our own experience and judgment. Such conclusions may involve significant elements of subjective judgment or qualitative analysis. We therefore give no opinion as to the value or merit standing alone of any one or more part of the material that follows.

Our only opinion is the formal written opinion Houlihan Capital has expressed as to whether, as of the date hereof, the Transaction is fair from a financial point of view to the minority, unaffiliated shareholders of the Company. The Opinion does not constitute a recommendation to proceed with the Transaction. Houlihan Capital was not requested to opine as to, and the Opinion does not address, the (i) underlying business decision of the Company, its shareholders, or any other party to proceed with or effect the proposed Transaction, (ii) financial fairness of any aspect of the proposed Transaction not expressly addressed in the Opinion, (iii) terms of the Transaction (except with respect to financial fairness), including, without limitation, the closing conditions and any of the other provisions thereof, (iv) fairness of any portion or aspect of the proposed Transaction to the holders of any securities, creditors, or other constituencies of the Company, or any other party, other than those set forth in the Opinion, (v) relative corporate or other merits of the proposed Transaction as compared to any alternative business strategies that might exist for the Company, or (vi) tax, accounting, or legal consequences of the proposed Transaction to either the Company, its shareholders, or any other party.

Special Committee of the Board of Directors of Anebulo Pharmaceuticals

July 11, 2025

Fairness Opinion - Confidential

No opinion, counsel, or interpretation was intended or should be inferred with respect to matters that require legal, regulatory, accounting, insurance, tax, or other similar professional advice. Furthermore, the Opinion does not address any aspect of the Special Committee's recommendation to its shareholders with respect to the adoption of the Transaction or how any shareholder of the Company should vote with respect to such adoption or the statutory or other method by which the Company is seeking such vote in accordance with the terms of the Transaction, applicable law, and the Company's organizational instruments.

Houlihan Capital was not requested to and did not (i) initiate any discussions with, or solicit any indications of interest from, third parties with respect to the Transaction or any alternatives to the proposed Transaction, (ii) negotiate or recommend the terms of the proposed Transaction, or (iii) advise the Special Committee with respect to alternatives to the proposed Transaction.

Houlihan Capital, LLC, a Financial Industry Regulatory Authority (FINRA) member, as part of its investment banking services, is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, private placements, bankruptcy, capital restructuring, solvency analyses, stock buybacks, and valuations for corporate and other purposes. Neither Houlihan Capital, nor any of its principals or affiliates, has any ownership or other beneficial interests in any parties involved in the Transaction, and has provided no previous investment banking or consulting services to any party to the Transaction or any of their affiliates, other than providing a fairness opinion to one of their affiliates.

Houlihan Capital has received and is receiving a fee from the Company relating to its services in providing this Opinion that is not contingent on the consummation of the proposed Transaction. In an engagement letter dated June 11, 2025, the Company has agreed to indemnify Houlihan Capital for certain specified matters in connection with Houlihan Capital's services.

Based upon the foregoing, it is Houlihan Capital's opinion that, as of the date hereof, the Transaction is fair from a financial point of view to the minority, unaffiliated shareholders of the Company. The Opinion was unanimously approved by the Fairness Opinion Committee of Houlihan Capital.

Respectfully submitted,

![](exc-iv_002.jpg)

Houlihan Capital, LLC

## Ex-3

**Exhibit d(i)**

**Waiver and Consent**

The undersigned Person set forth on <u>Schedule A</u> hereto (the "***Stockholder***") is the beneficial owner of the number of shares of the common stock of Anebulo Pharmaceuticals, Inc., a Delaware corporation (the "***Company***") set forth opposite the Stockholder's name on <u>Schedule A</u> (all such shares set forth on <u>Schedule A</u> being referred to herein as the "***Subject Shares***").

**WHEREAS**, the Company has approved, as part of a going private transaction ***("Going Private Transaction")***, a reverse stock split at a ratio of not less than 1-for-2,500 and not greater than 1-for-7,500, with the exact ratio to be set within the Range at the discretion of the Board;

**WHEREAS**, the Company is seeking the Stockholder's consent to the Company's plan to effect the Going Private Transaction and waiver of various covenants contained in that certain Securities Purchase Agreement, dated December 22, 2024, by and between the Company and the Stockholder ***(the "Purchase Agreement")***.

**NOW THEREFORE**, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows:

The Stockholder hereby consents to the Company's plan to effect the Going Private Transaction and in connection therewith hereby waives the Company's compliance with the provisions of Section 4.2, entitled "Furnishing of Information", Section 4.7, entitled "Use of Proceeds", Section 4.10, "Listing of Common Stock" and Section 4.17 "Registration Statement", as set forth in the Purchase Agreement. For the avoidance of doubt, the Company shall have no further obligation to file any reports under the Exchange Act pursuant to Section 4.2 of the Purchase Agreement even if the Company is not then subject to the reporting requirements of the Exchange Act. In addition, the Stockholder waives any further covenants that would be triggered by the Going Private Transaction.

***[SIGNATURE PAGE FOLLOWS]***

 ****

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed as of the date first written above.

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| |
|:---|
| **STOCKHOLDER** |
| *(Print Name of Stockholder)* |
| *(Signature)* |
| *(Name and Title of Signatory, if Signing on Behalf of an Entity)* |

---

*[Signature Page to Support Agreement –* Anebulo Pharmaceuticals, Inc*.]*

 

 

**<u>SCHEDULE A</u>**

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| | |
|:---|:---|
| **Stockholder** | **Shares of Common Stock Beneficially Owned** |

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## Ex-4

**Exhibit d(ii)**

**SUPPORT AGREEMENT**

This **SUPPORT AGREEMENT** (this "***Agreement***") is made as of July 22, 2025, by and between of Anebulo Pharmaceuticals, Inc., a Delaware corporation (the "***Company***"), and the Person set forth on <u>Schedule A</u> hereto (the "***Stockholder***").

**WHEREAS**, as of the date hereof, the Stockholder is the beneficial owner of the number of shares of the common stock of the Company set forth opposite the Stockholder's name on <u>Schedule A</u> (all such shares set forth on <u>Schedule A</u> being referred to herein as the "***Subject Shares***"); and

**WHEREAS**, the Company has called a special meeting of stockholders (the "***Special Meeting***") to be held virtually on August 22, 2025, at 9:00 a.m. (Central Time); and

**WHEREAS**, at the Special Meeting, the Company's stockholders will be asked to consider and vote upon a proposal to amend the Company's Second Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split (the "***Reverse Stock Split***") of the Company's common stock, par value $0.001 per share (the "***Common Stock***"), at a ratio of not less than 1-for-2,500 and not greater than 1-for-7,500, with the exact ratio to be set within the Range without further approval or authorization of the Company's stockholders and at the discretion of the Company's Board of Directors (the "***Board***") and included in a public announcement, subject to the authority of the Board to abandon such amendment ("***Reverse Stock Split Proposal***"); and

**WHEREAS**, if approved, the Reverse Stock Split Proposal will enable the Company to "go private" and therefore by approving the Reverse Stock Split, the Company's stockholders are in effect authorizing the Board to effect a "going private" transaction ("***Going Private Transaction***") and terminate the registration of the Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended, and suspend the Company's duty to file periodic reports and other information with the Securities and Exchange Commission under Section 13(a) thereunder, and to delist the Common Stock from the Nasdaq Capital Market; and

**WHEREAS**, the Company has advised the Stockholder if the Stockholder does not support and vote in favor of the Reverse Stock Split Proposal and provide the waivers contained herein the Company will not proceed with, and will abandon, the Reverse Stock Split Proposal given the Company's contractual obligations to the Stockholder and the size of the Stockholder's equity holdings in the Company.

**NOW, THEREFORE**, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

The Stockholder hereby covenants and agrees that at the Special Meeting, and at every adjournment or postponement thereof, the Stockholder shall, or shall cause the holder of record on any applicable record date to, be present (in person or by proxy) and to vote the Subject Shares that the Stockholder beneficially owns and has in its control at the time of such meeting in favor of the Reverse Stock Split Proposal, as well as in favor of an adjournment of any such meeting of the Company's shareholders for purposes of obtaining further votes in favor of the Reverse Stock Split Proposal (the "***Adjournment Proposal***"). The Stockholder shall retain at all times the right to vote the Subject Shares in Stockholder's sole discretion and without any other limitation on those matters other than the Reverse Stock Split Proposal and the Adjournment Proposal that are at any time or from time to time presented for consideration to the Company's stockholders.

The Stockholder further consents to the Company's plan to effect the Going Private Transaction and in connection therewith hereby waives the Company's compliance with the provisions of Section 4.2, entitled "Furnishing of Information", Section 4.7, entitled "Use of Proceeds", Section 4.10, "Listing of Common Stock" and Section 4.17 "Registration Statement", as set forth in that certain Securities Purchase Agreement, dated December 22, 2024, by and between the Company and the Stockholder (the "Purchase Agreement"). For the avoidance of doubt, the Company shall have no further obligation to file any reports under the Exchange Act pursuant to Section 4.2 of the Purchase Agreement even if the Company is not then subject to the reporting requirements of the Exchange Act. In addition, the Stockholder waives any further covenants that would be triggered by the Going Private Transaction.

Stockholder agrees that, Stockholder will not, directly or indirectly, transfer, sell, offer, exchange, assign, gift, pledge or convey any legal or beneficial ownership interest in, or otherwise dispose of (by merger (including by conversion into securities or other consideration), by tendering into any tender or exchange offer, by operation of law, or otherwise), or encumber (each, a "Transfer"), any of the Subject Shares or enter into any contract, option, or other agreement with respect to, or consent to, a Transfer of any of the Subject Shares or Stockholder's voting or economic interest therein that would have the effect of preventing the Stockholder from performing the Stockholder's obligations hereunder. Any attempted Transfer of the Subject Shares or any interest therein in violation hereof shall be null and void.

Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and shall be delivered to the Stockholder at the e-mail address or facsimile number on the signature page hereto.

This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, letters and understandings relating to the subject matter hereof and are fully binding on the parties hereto.

This Agreement may be executed simultaneously in any number of counterparts. Each counterpart shall be deemed to be an original, and all such counterparts shall constitute one and the same instrument. This Agreement may be executed and accepted by facsimile or PDF signature and any such signature shall be of the same force and effect as an original signature.

The terms of this Agreement shall be binding upon and shall inure to the benefit of each of the parties hereto and their respective successors and assigns.

This Agreement may not be amended or modified except in writing signed by each of the parties hereto.

All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof.

***[SIGNATURE PAGE FOLLOWS]***

 ****

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed as of the date first written above.

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| |
|:---|
| **STOCKHOLDER** |
| The Mangrove Partners Master Fund, Ltd., By: Mangrove Partners, its investment manager, |
| Ward Dietrich |
| *(Print Name of Stockholder)* |
| */s/ Ward Dietrich* |
| *(Signature)* |
| Ward Dietrich, COO |
| *(Name and Title of Signatory, if Signing on Behalf of an Entity)* |

---

 

*[Signature Page to Support Agreement – Anebulo Pharmaceuticals, Inc.]*

 

 

**<u>SCHEDULE A</u>**

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| | |
|:---|:---|
| **Stockholder** | **Shares of Common Stock Beneficially Owned** |
| The Mangrove Partners Master Fund, Ltd. | 2525252 |
| Shares held on swap | 399219 |

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