Hexo Corp (TSX: HEXO) (NYSE: HEXO) this morning announced that it has stopped flooding the market with its paper as its at-the-market (ATM) financing program has come to an end. Announced just two months ago on June 16, the company dumped a total of 33,921,979 common shares on the open market for gross proceeds of $34,497,272.
The at the market program took place effectively between June 18 and July 31, with the company selling a total of C$17.2 million worth of shares on the TSX and US$12.8 million worth of shares on the NYSE. Net proceeds from the sale of the common shares are to be used for general corporate purposes, which may include working capital, capital expenditures, and debt repayments.
The ATM program was conducted by ATB Capital Markets within Canada, while Oppenheimer & Co conducted the sale of shares on US markets.
Hexo Corp last traded at US$0.71 on the NYSE.
Information for this briefing was found via Sedar and Hexo Corp. 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.
