Tilray Sees Gotham Green Look To Sell Recently Acquired Shares

It appears that Gotham Green Partners has approximately zero interest in being a shareholder of Tilray Inc (TSX: TLRY) (NASDAQ: TLRY). On Friday, the issuer filed an 8-K indicating that the fund was already looking to sell its stake in the company that it just recently obtained.

In total, Gotham Green and its affiliates are looking to sell up to 9.8 million shares of Tilray, as per a secondary offering filed on Friday. A total of 8.4 million common shares are held directly by Gotham Green, while a further 1.1 million are held by Pura Vida, and 0.3 million are held by Parallax.

The shares being sold are believe to have just recently been obtained, in connection with Tilray’s purchase of certain outstanding convertible notes in Medmen Enterprises (CSE: MMEN).

With a proposed maximum offering price of $12.68, the offering is expected to provide up to $124.5 million in gross proceeds from the selling shareholders, from which Tilray will see nothing.

A timeline for the transaction was not provided, with the prospectus also acting as a registration statement for the shares.

Tilray last traded at $15.45 on the TSX.

Information for this briefing was found via Edgar 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.

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