HEXO Floats $20 Million Share Issue, Sinking Stock
HEXO (NYSE: HEXO) is, once again, dipping into the investor well to obtain funds. The company announced Friday that it is raising gross proceeds of $20 million in a fresh issue of stock and warrants, effected through a registered direct offering.
Specifically, the company will sell just under 12 million shares at an offering price of $1.67 apiece. Those snapping up the new stock will also receive warrants -- almost 6 million of these are to be disbursed. The warrants have an exercise price of $2.45 per share, with a five-year term.
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Source Fool.com
