Why Flora Growth Stock Is Falling 18% Friday

Flora Growth Corp FLGC shares are trading lower by 17.96% to $0.36 Friday morning after the company announced pricing of a $5 million registered direct offering.

Flora Growth expects to use the net proceeds from the offering (i) for capital expenditures; (ii) to increase operating capacity; (iii) for working capital and (iv) for other general corporate purposes.

The company says the offering is expected to close on or about December 13, subject to the satisfaction of customary closing conditions.

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According to data from Benzinga Pro, FLGC has a 52-week high of $2.38 and a 52-week low of $0.36.