Canopy Growth Stock Tumbles 10% After It Announces Private Placement of up to $50 Million to Boost Liquidity

Dow Jones2023-09-18

Canopy Growth Corp. said Monday it has entered agreements with institutional investors for a private placement of up to $50 million as it again moves to boost liquidity.

The Canadian cannabis company said it is offering 22.9 million units priced at $1.09 for gross proceeds of about $25 million.

Investors have an over-allotment option for up to additional 22.9 million units at the same price at any time on or before Nov. 2. Each unit is equal to one common share plus a warrant to acquire an additional share at a price equal to $1.35 for a period of five years.

The stock was down 10% premarket, after adding about 12% on Friday after announcing it would move to file bankruptcy for its BioSteel sports drink unit and narrow the gap for the company’s adjusted losses moving forward.

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peng96
2023-09-18
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