Hexo Corp (TSX: HEXO) (NYSE: HEXO) needs money in a bad way. The problem, it seems, is they don’t even know how much they’ll be able to raise given the performance of the equity as of late. The company announced this morning that it has proposed a public offering of units, however Canaccord Genuity, the lead underwriter on the financing, hasn’t even provided the company with an estimate of how much it can expect to raise.
With Hexo Corp currently in a bad way right now, the company elected to go ahead with the announcement that it is conducting a public offering. However, none of the terms are currently set – the final price per unit, nor timeline, nor total funding size has been finalized yet. To that end, the company has resorted to indicating that it will be “priced in context of the market.”