Greenlane Holdings, Inc. GNLN announced the pricing of its "reasonable best efforts" public offering of 3.8 million units at a public offering price of $1.05 per unit. Each unit consists 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 $1.05 per share.
The common warrants will be immediately exercisable and expire five 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 $1.0499 and the pre-funded warrants do not expire until exercised. Gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, are expected to be approximately $4 million.
The closing of the offering is expected to occur on or about July 3, 2023, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from the offering for working capital and general corporate purposes. In connection with the offering, the company has entered into an agreement with existing investors of the company who participated in this offering to reduce the exercise price of outstanding warrants to purchase up to 1.7 million shares of common stock, in the aggregate, which were issued in the company's October 2022 public offering and the company's June 2022 registered direct offering from $9.00 per share and $50.00 per share, respectively, to $1.05 per share, effective upon the closing of this offering. All of the other terms of the prior warrants will remain unchanged.
Price Action
Greenlane shares were trading 23.68% lower at $1.015 per share at the time of writing Thursday morning.
Photo: Benzinga edit with photos by Stefan Balaz on Shutterstock and Peter Pike on Pixabay
Related News
Greenlane Launches Its Latest Cooling Vaporizer: The ARTIQ By DaVinci
Edge Rankings
Price Trend
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving—don’t get left behind!
Curious about what’s next for the industry and how to stay ahead in today’s competitive market?
Join top executives, investors, and industry leaders at the Benzinga Cannabis Capital Conference in Chicago on June 9-10. Dive deep into market-shaping strategies, investment trends, and brand-building insights that will define the future of cannabis.
Secure your spot now before prices go up—this is where the biggest deals and connections happen!
