# EDGAR Filing Document

**Accession Number:** 0001303523
**File Stem:** 0001193125-26-248450
**Filing Date:** 2026-5
**Character Count:** 11180
**Document Hash:** 50c3240c69e83dba5b86294b57e4f9b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-248450.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-248450

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260528

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** British American Tobacco p.l.c.
- **CENTRAL INDEX KEY:** 0001303523
- **STANDARD INDUSTRIAL CLASSIFICATION:** CIGARETTES [2111]
- **ORGANIZATION NAME:** 04 Manufacturing

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56364
- **FILM NUMBER:** 261045146

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GLOBE HOUSE
- **STREET 2:** 4 TEMPLE PLACE
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **BUSINESS PHONE:** 44-207-845-2000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GLOBE HOUSE
- **STREET 2:** 4 TEMPLE PLACE
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** BT DE Investments Inc.
- **CENTRAL INDEX KEY:** 0001848200

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56364
- **FILM NUMBER:** 261045147

**BUSINESS ADDRESS:**
- **STREET 1:** 103 FOULK ROAD
- **STREET 2:** SUITE 111
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19803
- **BUSINESS PHONE:** (302) 656-1950

**MAIL ADDRESS:**
- **STREET 1:** 103 FOULK ROAD
- **STREET 2:** SUITE 111
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19803
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Charlotte's Web Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001750155
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 981508633
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 700 TECH COURT
- **CITY:** LOUISVILLE
- **STATE:** CO
- **ZIP:** 80027
- **BUSINESS PHONE:** 1-720-617-7303

**MAIL ADDRESS:**
- **STREET 1:** 700 TECH COURT
- **CITY:** LOUISVILLE
- **STATE:** CO
- **ZIP:** 80027

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>BT DE Investments Inc.<br><sub>(Last) (First) (Middle)</sub><br>103 FOULK ROAD, SUITE 111<br><sub>(Street)</sub><br>WILMINGTON, DE 19803<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-05-28 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Charlotte's Web Holdings, Inc. [ CWBHF ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>British American Tobacco p.l.c.<br><sub>(Last) (First) (Middle)</sub><br>GLOBE HOUSE, 4 TEMPLE PLACE<br><sub>(Street)</sub><br>LONDON, UNITED KINGDOM WC2R 2PG<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-05-28 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Charlotte's Web Holdings, Inc. [ CWBHF ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Shares | 2026-05-28 |  | C |  | 95281277<sup>(1)</sup> | A | 0.68<sup>(2)</sup> | 95281277 | D<sup>(3)(4)</sup> |  |
| Common Shares | 2026-05-28 |  | A |  | 14662765<sup>(5)</sup> | A | 0.68<sup>(6)</sup> | 109944042 | D<sup>(3)(4)</sup> |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Convertible Debenture | 1.45<sup>(7)</sup> | 2026-05-28 |  | H |  |  |  | 2026-05-28 | 2029-11-14 | Common Shares | 37670540 | <sup>(9)</sup> | 0 | D<sup>(3)(4)</sup> |  |
| Convertible Debenture | 0.68<sup>(10)</sup> | 2026-05-28 |  | P |  |  |  | 2026-05-28 | 2029-11-14 | Common Shares | 95281277 | <sup>(9)</sup> | 95281277 | D<sup>(3)(4)</sup> |  |
| Convertible Debenture | 0.68<sup>(10)</sup> | 2026-05-28 |  | C |  |  |  | 2026-05-28 | 2029-11-14 | Common Shares | 95281277<sup>(11)</sup> | 0<sup>(11)</sup> | 0 | D<sup>(3)(4)</sup> |  |

---

### Footnotes:

(1) Reflects common shares issued upon conversion of the Convertible Debenture (the "Debenture") including accrued and unpaid interest thereunder.

(2) Represents a conversion price of C$0.94 Canadian dollars, converted to U.S. dollars at the exchange rate of U.S.$1.00 to C$1.3783 reported by the Bank of Canada on May 22, 2026.

(3) BT DE Investments Inc. ("BT DE") is a wholly owned subsidiary of BATUS Holdings Inc., which is a wholly owned subsidiary of Louisville Securities Limited, which is a wholly owned subsidiary of British-American Tobacco (Holdings) Limited, which is a wholly owned subsidiary of B.A.T. Industries p.l.c., which is a wholly owned subsidiary of Weston (2009) Limited, which is a wholly owned subsidiary of British American Tobacco (2009) Limited, which is a wholly owned subsidiary of British American Tobacco (2012) Limited, which is a wholly owned subsidiary of British American Tobacco (1998) Limited, which is a wholly owned subsidiary of British American Tobacco p.l.c. ("BAT"). BAT and the aforementioned wholly owned subsidiaries of BAT are collectively referred to herein as the "BAT Entities."  The BAT Entities may be deemed to beneficially own the securities held by BT DE by virtue of their indirect ownership of BT DE as described herein.

(4) (Continued from footnote 3) The BAT Entities disclaim such beneficial ownership except to the extent of their pecuniary interest therein.

(5) On March 30, 2026, BT DE agreed to purchase from the Issuer U.S.$10,000,000 of common shares for C$0.94 per share.  The closing of such purchase occurred on May 28, 2026.

(6) Represents a purchase price of C$0.94 Canadian dollars, converted to U.S. dollars at the exchange rate of U.S.$1.00 to C$1.3783 reported by the Bank of Canada on May 22, 2026.

(7) Represents a conversion price of C$2.00 Canadian dollars, converted to U.S. dollars at the exchange rate of U.S.$1.00 to C$1.3783 reported by the Bank of Canada on May 22, 2026.

(8) Represents a principal amount of C$75,341,080 Canadian dollars, converted to U.S. dollars at the exchange rate of U.S.$1.00 to C$1.3783 reported by the Bank of Canada on May 22, 2026.

(9) The first two transactions reported in Table II above involved an amendment to the Debenture on May 28, 2026 to reduce the then-current conversion price per share from C$2.00 per share to C$0.94 per share.  Consistent with existing SEC interpretive and no-action positions, the amendment is reported above as if such reduction consisted of the cancellation of the "old" Debenture and the acquisition of a "new" Debenture.  BT DE did not actually dispose of the Debenture as part of the amendment.

(10) Represents a conversion price of C$0.94 Canadian dollars, converted to U.S. dollars at the exchange rate of U.S.$1.00 to C$1.3783 reported by the Bank of Canada on May 22, 2026.

(11) On May 28, 2026, BT DE converted the entire C$75,341,080 initial principal amount of the Debenture and all accrued and unpaid interest thereunder into common shares.

**Signature:** BT DE Investments Inc., /s/ Natalie Bucceri, President  
**Date:** 2026-05-29

**Signature:** British American Tobacco p.l.c, /s/ Caroline Ferland, Secretary  
**Date:** 2026-05-29

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**