Tilray Shares Plunge On The Heels Of $90.4M 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.
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.
Photo courtesy of Tilray.
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