Tilray Brands, Inc. (NASDAQ:TLRY) shares are trading lower Thursday, and the stock has dropped by more than 18% over the past five days.

What To Know:

According to an SEC filing, Tilray entered into an assignment and assumption agreement with Double Diamond Holdings Ltd. (DDH) on Jan. 9. Tilray acquired a promissory note in the amount of $26,134,500.00 from DDH, and Tilray issued 12,386,019 shares of its common stock to DDH as consideration for the note.

Tilray reported its second-quarter financial results on Tuesday with earnings of $0.00 per share, representing a 95% percent decrease over earnings of 2 cents per share year-over-year.

The company also reported quarterly sales of $193.77 million which missed the analyst consensus estimate of $195.10 million.

“Our Q2 financial results demonstrate the strength of our brands, our global team, and our diversified growth strategy,” said Irwin D. Simon, CEO of Tilray.

Tilray shares are dipping on heavy volume Thursday with more than 21.1 million shares already traded in the session. According to data from Benzinga Pro, the stock’s 100-day average volume is 17.677 million shares.

Related News: What’s Going On With AMC Entertainment Stock?

TLRY Price Action: According to Benzinga Pro, Tilray Brands shares are down 7% at $1.86 at the time of publication.

Image: Javier Garcia from Pixabay