Ayr Wellness (CSE: AYR.A) this morning provided investors with a brief update following a warrant acceleration and the related incentive program that effectively lowered the conversion cost of such warrants. With the program now closed, the company provided financial details from the program.
The program saw 91% of warrant holders elect to convert warrants in exchange for cash, with such holders thereby participating in the incentive program to lower their conversion price by $0.75 per share. The remaining 9% of warrants were exercised for shares on a net basis and did not receive the incentive.
In total, the company raised gross proceeds of US$49.7 million from the exercise, with roughly 6.23 million shares issued.
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Following the exercise, there is 56.2 million shares outstanding of Ayr Wellness, while on a diluted basis, including outstanding M&A transaction, the company has roughly 70.3 million shares, including subordinate, limited and restricted voting shares.
Ayr Wellness last traded at $28.00 on the CSE.
Information for this briefing was found via Sedar and Ayr Wellness. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
