Hexo Corp (TSX: HEXO) (NYSE: HEXO) is somehow looking for even more money. The company announced this morning, for what is at least the third month in a row, yet another financing. This time, its in the form of an at the market equity program, with total funds raised expected to total $34.5 million.
The funds will be raised via directly selling equity in the company on any exchange where Hexo’s common shares are traded at the prevailing market price. The program is expected to expire no later than December 21, 2020. The financing is being conducted by AltaCorp Capital in Canada, and Oppenheimer & Co in the USA.
The announcement this morning follows a $46 million public offering conducted in April, and a $50 million public offering in May, which upon closing grew to $57.5 million.Funds as always are stated to be used for working capital, capital expenditures, debt repayments, and potential future acquisitions.
Hexo Corp last traded at $0.94 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.
