Greenlane Announces Closing Of $7.5M Public Offering

Greenlane Holdings, Inc. GNLN has closed its previously announced "reasonable best efforts" public offering of 8.3 million units at a public offering price of $0.90 per unit. The units issued consist of one share of class A common stock and two common warrants each exercisable for one share of class A common stock at an exercise price of $0.90 per share.

The common warrants are immediately exercisable and expire seven years from the date of issuance. The pre-funded warrants and accompanying common warrants are identical to the units, except that each pre-funded warrant is immediately exercisable for one share of class A common stock at an exercise price of $0.0001, the purchase price for a pre-funded warrant and accompanying common warrants is $0.8999 and the pre-funded warrants do not expire until exercised.

The gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, were approximately $7.5 million. The company intends to use the net proceeds from the offering for general corporate purposes,which may include, without limitation, servicing debt obligations under promissory notes issued in conjunction with business acquisitions, working capital, product development and capital expenditures.

A.G.P./Alliance Global Partners acted as the sole placement agent for the offering.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo by Giorgio Trovato on Unsplash

Related News

Greenlane Partners With Leaf Trade To Increase B2B Visibility

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsPenny StocksMarketsAlliance Global Partnerspremium
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
CCC-Oct-24-Banner-1

Click on the image for more info.

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry?

Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. 

Get your tickets now before prices surge by following this link.