Why HEXO's Stock Is Getting Hammered Today

HEXO Corp HEXO shares are trading lower by 20% at $2.56 after the company announced a proposed public offering.

HEXO says the underwriters for the offering have agreed to purchase 47,457,628 units at a price of US$2.95 per unit for total gross proceeds to the company of approximately US$140 million, before deducting underwriting commissions and offering expenses.

HEXO is engaged in producing and selling cannabis and cannabis products. The company is focused on smoke-free and traditional cannabis products. The firm's products include dried flowers, oils and vapes.

HEXO has a 52-week high of $11.04 and a 52-week low of $2.32.