Ever been so strapped for cash that you announced a $90.4 million registered offering during the worst financial week in over a decade? Evidently, Tilray Inc (NASDAQ: TLRY) has. The company this morning announced that it will be conducting a financing for up to $90.4 million this morning, which is expected to close March 17, 2020.
The registered direct offering will see 7,250,000 class 2 common shares issued, as well as 11,750,000 pre-funded warrants to purchase class 2 common shares of its stock at a price of $4.76 per share. Each common share or pre-funded warrant is also accompanied by an additional warrant, which gives the holder the ability to acquire an additional share at a price of $5.95 for a term of five years.
19,000,000 units are expected to be issued in conjunction for the raise in total, with funding from the offering being used for general corporate purposes. Canaccord Genuity is acting as the sole book runner for the offering, which is expected to close March 17.
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Tilray Inc last traded at $4.92, down 17.31% on the Nasdaq.
Information for this briefing was found via Sedar and Tilray. 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.
