RE:Tilray Taps Cowen and Company to Sell up to $400 Million in
Sorry can't seem to copy the web address. Million in Stock September 10, 2019 at 5:44 pm Breaking News by Alan Brochstein, CFA In an 8-K filing released after the close, Tilray (NASDAQ: TLRY) announced that Cowen and Company has been selected to sell up to $400 million in stock once an S-3 registration statement is effective. Any sales will be an at-the-market offering: Pursuant to the Sales Agreement, each time Tilray wishes to issue and sell Shares under the Sales Agreement (each, a Placement), it will provide a notice to Cowen containing the parameters within which it desires to sell the Shares, which shall at a minimum include the number of Shares (Placement Shares) to be issued, the time period during which sales are requested to be made, any limitation on the number of Shares that may be sold in any one day and any minimum price below which sales may not be made (a Placement Notice). Upon Tilrays delivery of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended or otherwise terminated in accordance with the terms of the Sales Agreement, Cowen will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell on behalf of Tilray and as agent, such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice.