HEXO Closes $20M Share Issue That Tanked Stock
HEXO (NYSE: HEXO) has concluded its latest round of financing, the cannabis company announced after market hours on Thursday.
In a registered direct offering that was announced late last week, the company sold just under 12 million shares at a price of $1.67 per share. In the sale, HEXO also distributed warrants bearing the right to purchase almost 6 million shares of its stock. The warrants' exercise price is $2.45 per share, and they have a five-year term. All told, the company took in $20 million of gross proceeds with the issue.
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Source Fool.com
