Greenlane Holdings, Inc. GNLN, announced the pricing of its "reasonable best efforts" public offering of 8.3 million units at a public offering price of $0.9 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 $0.90 per share. The common warrants will be 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. Gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, are expected to be approximately $7.5 million.
The closing of the offering is expected to occur on or about November 1, 2022, subject to the satisfaction of customary closing conditions. 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 is acting as the sole placement agent for the offering.
Price Action
Greenlane Holdings shares were trading 62.30% lower at 0.4599 per share at the time of writing Friday morning.
Photo: Benzinga; Sources: courtesy of Stefan Balaz via Shutterstock and Peter Pike via Pixabay
Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.
Related News
Greenlane Products Reaching Puerto Rico Via Partnership With GreenDirect
Greenlane Introduces Groove - Ancillary Cannabis Products 'At A Reasonable Price Point'
Greenlane To Distribute Vaporization Brand AUXO By CCELL Via New Partnership
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
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.