Flora Growth Raises $5M Via Equity Offering

Flora Growth Corp FLGC has entered into securities purchase agreements with institutional investors for the purchase and sale of 12.5 million shares.
The agreement also includes warrants to purchase up to 12.5 million common shares.
The combined purchase price for one common share and one warrant will be $0.40.
The aggregate gross proceeds from the offering will be approximately $5.0 million.
The company expects to use the offering net proceeds for capital expenditures, increasing operating capacity, working capital, and other corporate purposes.
Price Action: FLGC shares are trading lower by 15.94% at $0.3740 on the last check Friday.