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Tilray Inc. (NASDAQ: TLRY) announced Friday that it has priced a $90.4-million equity offering.
The Nanaimo, Canada-based company is offering 7.25 million Class 2 shares and, in place of Class 2 shares, pre-funded warrants to buy 11.75 million Class 2 shares and accompanying warrants to buy 19 million Class 2 shares at a price of $4.76 per share.
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Tilray said it plans to utilize the net proceeds from the offering for corporate purposes.
The warrants have a five-year term from the date of exercisability, which should be around six months upon issuance at a price of $5.95 per share of Class 2 shares, according to Tilray.
The offering is expected to be finalized March 17, the company said.
Canaccord Genuity LLC is the sole book-running manager for the offering.
The stock was down 32.77% at $4 at the time of publication Friday.
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Photo courtesy of Tilray.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.