Same happened with WEED !!! Down we go !!
Flora Growth Corp. Announces Pricing of $2.7 Million Registered Direct Offering and Concurrent Private Placement
Tuesday, September 19, 2023, 8:01 AM ET
Fort Lauderdale, Florida--(Newsfile Corp. - September 19, 2023) - Flora Growth Corp. (NASDAQ: FLGC) ("Flora" or the "Company"), a global consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution, announced today that it has entered into securities purchase agreements with institutional investors for the purchase and sale of 1,369,000 of the Company's common shares, no par value (the "Common Shares"), pursuant to a registered direct offering, and warrants to purchase up to 1,369,000 Common Shares (the "Warrants") in a concurrent private placement (together with the registered direct offering, the "Offering"). The combined purchase price for one Common Share and one Warrant will be $2.00. The Warrants will have an exercise price of $2.50 per Common Share, will be exercisable six months following the date of issuance, and will expire five and one-half years from the initial date of issuance.
The aggregate gross proceeds from the Offering will be approximately $2.7 million before deducting fees and other estimated expenses. The Company expects to use the net proceeds from the Offering (i) to increase operating capacity, (ii) for working capital and (iii) for other general corporate purposes. The Offering is expected to close on or about September 21, 2023, subject to satisfaction of customary closing conditions.