High Tide Sees Senior Secured Debt Converted To Equity

High Tide Inc. (TSXV: HITI) (NASDAQ: HITI), this morning announced that the company’s senior secured lender has elected to convert “substantially” all of its debt held with the company. The firm however did not specifically identify exactly how much debt was converted to equity, or at what price.

The company is reportedly looking to eliminate its outstanding debts as it looks to transition to commercial-term credit facilities from Canadian banks, rather than lending from high-interest lenders. The current debt in question is believed to be related to funds provided by Windsor Private Capital, which had roughly $4.0 million outstanding on a credit facility that bore interest at a rate of 10%.

That debt notably had a pre-split conversion price of $0.17, which amounts to roughly $2.55 per share on a post-split basis.

The company stated in the release that their total debt is currently sitting at $31.6 million, and adds that only $3.8 Million of that is due within the next 12 months. The company has reportedly been able to remove upwards of $40 million of company debt in the last 6 months.

High Tide also went on record to announce that they were recently included on the AdvisorShares Pure Cannabis ETF (NYSE: YOLO), which is listed on the NYSE’s Archipelago Exchange,

High Tide Inc. last traded on the TSX Venture at $9.93.


Information for this briefing was found via Sedar and the companies mentioned. 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.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

High Tide Closes On $10 Million Acquisition Of Daily High Club

High Tide Inc. (TSXV: HITI) today announced the closing of its acquisition of DHC Supply...

Tuesday, July 6, 2021, 09:27:17 AM

High Tide Continues Ontario Expansion With 24th Store In Glueph

Within a month from putting up its first store in Brampton, High Tide Inc. (TSXV:...

Friday, September 17, 2021, 09:34:00 AM

High Tide Acquires Ontario Canna Cabana Retail Location

High Tide Inc (CSE: HITI) this morning became one of the first public firms to...

Monday, January 27, 2020, 09:19:47 AM

High Tide Files $100.0 Million Preliminary Base Shelf Prospectus

High Tide (TSXV: HITI) last night announced the filing of a preliminary short form base...

Friday, April 9, 2021, 07:39:11 AM

Meta Growth Sees Shareholders Approve Merger With High Tide

The shareholders of Meta Growth Corp (TSXV: META) have officially approved of the proposed merger...

Wednesday, October 28, 2020, 08:14:08 AM