Sow Good (SOWG) said Tuesday it has completed a $1.5 million asset sale to Trea Grove LLC, and signed a $6 million private placement securities purchase deal with investor David Lazar to improve its liquidity while it evaluates growth opportunities and strategic alternatives.

The company said it sold a "significant portion" of assets related to its freeze-dried snacks and candy business to Trea Grove, payable in installments through March 31. Sow Good also said Trea Grove will be the exclusive distributor of certain Sow Good products through July 31, unless extended.

Separately, Sow Good signed a $6 million private placement securities purchase deal with investor David Lazar. The financing comprises two tranches of $3 million through the issuance of Series AA and Series AAA convertible non-redeemable preferred shares, the company added.

In addition, the company said Claudia Goldfarb stepped down as its chief executive officer and Ira Goldfarb resigned as its chairman. David Lazar was named the new CEO and chairman, while Claudia Goldfarb will remain as chief operating officer, Sow Good added.

Price: 0.48, Change: +0.01, Percent Change: +3.01