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.

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Photo by Giorgio Trovato on Unsplash

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