Flora Growth (NASDAQ: FLGC) is the latest cannabis sector participant looking to raise cash in the capital markets. The company this morning revealed the pricing of a $30 million public offering of units.
The company will look to sell units at a price of $3.00 per each, with a total of 10.0 million units expected to be sold under the offering. Each unit is to consist of one common share and one half of a purchase warrant, with each warrant valid for a period of five years at an exercise price of $3.75 per share, with warrants immediately exercisable.
An over-allotment option has also been granted, which allows for a 45-day period for the underwriters of the offering to sell an additional 15% of the units under the offering.
A use of proceeds of was not provided.
The offering is slated to close November 23.
Flora Growth last traded at $3.69 on the Nasdaq, but is currently down 33.60% in pre-market trading to $2.45.
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