Zinger Key Points
- Tilray partners with TD Securities and Jefferies to execute share sales on the Nasdaq as U.S. cannabis laws anticipate changes.
- Potential acquisitions aim to expand Tilray’s footprint both domestically and internationally.
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Tilray Brands, Inc. TLRY TLRY, a Canadian medical cannabis giant, announced Friday that it has filed a prospectus supplement with the U.S. Securities and Exchange Commission (SEC), under which it may offer and sell shares of its common stock having an aggregate offering value of up to $250 million from time to time through an at-the-market equity program.
Details Of ATM Program
Under the equity distribution agreement with TD Securities (USA) LLC and Jefferies LLC, Tilray will intermittently sell shares directly on the Nasdaq Global Select Market, among other platforms. This arrangement allows the sale of shares “at-the-market,” which implies sales at prevailing market prices. Such flexibility is crucial for Tilray, enabling it to capitalize opportunistically on market conditions without predefined timing or price constraints.
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Purpose And Use Of Proceeds
The proceeds from this equity program are earmarked specifically for strategic investments and potentially lucrative acquisitions both in the U.S. and internationally. This proactive approach is particularly aimed at leveraging anticipated regulatory changes in the U.S. cannabis sector. Notably, the funds are not intended for general working capital but are targeted towards specific growth initiatives.
Legal And Investor Considerations
Investors and interested parties are advised to consult the prospectus supplement and accompanying documents filed with the SEC, accessible for free on the EDGAR system online. Physical copies can also be obtained from the managing firms, TD Securities and Jefferies, ensuring transparency and availability of all pertinent information.
TLRY Price Action
TLRY's shares were trading 4.72% lower at $2.02 per share at the time of this writing around 10 AM ET Friday.
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