Greenalne Stock Plunges On $7.5M Public Offering – Greenlane Hldgs…

Greenalne Stock Plunges On $7.5M Public Offering – Greenlane Hldgs…

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Greenlane Holdings, Inc. GNLNannounced the pricing for its “reasonable efforts.” public offer from 8.3 million units at a public offering price of $0.9 per unit. Each unit will consist of one Class A common share and two common warrants, each exercisable for one Class A common share at an exercise price of $0.90 per share. The joint warrants are immediately exercisable and expire seven years from the date of issuance. The Funded Warrants and accompanying Common Warrants are identical to the Units except that each Funded Warrant is exercisable immediately for one Class A common share at an exercise price of $0.0001, the purchase price for a Funded Warrant and the accompanying Common Warrants are 0, $8999 and the pre-funded warrants do not expire until exercised. The gross proceeds from the offering, before deducting placement agent fees and other offering costs, are expected to be approximately $7.5 million.

Closing of the offering is expected to occur on or about November 1, 2022, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include, among other things, servicing debt obligations under promissory notes issued in connection with corporate acquisitions, working capital, product development and capital expenditures.

AGP/Alliance Global Partners acts as the sole placement agent for the offering.

price action

Greenlane Holdings Stocks were traded 62.30% lower at 0.4599 per share at the time of writing on Friday morning.

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