Flora Growth Raises $34.5M Via Public Unit Offering

Flora Growth Corp. FLGC announced Tuesday the closing of its $34.5 million underwritten public offering of 11.5 million units. 

The Offering Details

Under the offering, each unit consisted of one share of the company and one-half warrant; each whole unit warrant entitles the holder thereof to purchase one common share.

The units sold include an additional 1.5 million units sold pursuant to the exercise in full of the overallotment option granted to the underwriters. The units were sold at a public offering price of $3.00 per unit, resulting in gross proceeds to the company of $34.5 million before deducting underwriting commissions and estimated expenses payable by the Company. The unit warrants will have an exercise price of $3.75 per share, will be immediately exercisable and will expire five years from the date of issuance.

A.G.P./Alliance Global Partners acted as the sole book-running manager for the public offering and BMO Capital Markets and Roth Capital Partners acted as co-managers. MKM Partners served as a financial advisor to the company

More recent news from Flora Growth:

Flora Growth's Stock Plummets On Announcing Pricing of $30 Million Public Offering

Flora Growth Completes Acquisition of Vessel Brand, Seeks To Diversify Its Premium Brand Portfolio

Flora Growth Buys Vessel Brand For $30M In Stock And Cash

Price Action

Flora Growth’s shares were trading 0.46% higher at $2.17 per share at the time of writing Wednesday morning.

Photo: Courtesy of Ryan Lange on Unsplash