GrowGeneration Floating $125 Million in New Stock Issue
Hydroponic products retailer GrowGeneration (NASDAQ: GRWG) is about to grow its share count. The company announced Monday that it is floating a $125 million secondary issue of its common stock. Additionally, the company expects to grant the issue's underwriters -- Oppenheimer and Stifel -- a 30-day option to buy up to an additional 15% of the shares offered in the flotation.
The company has not yet specified how many shares it will issue.
It also was not immediately apparent for what GrowGeneration intends to use its share of the proceeds. In recent times it has been busy acquiring complementary assets, signing deals to purchase hydroponics retail stores in locations such as Arizona and Michigan. It's very possible that it will utilize the funds for more acquisitions.
Source Fool.com
