HEXO Corp (HEXO) has amended and restated its short form base shelf prospectuses.
The shelf prospectus related to the offering for sale by Hexo, from time to time, during the 25 month period commencing Nov 19, 2018, of up to $8 million in the aggregate of common shares, warrants, subscription receipts and units of the company.
Between Jan 2019 and Aug 2020, the company issued securities under the shelf prospectus for aggregate gross proceeds of $254.3 million. HEXO Corp has determined not to file another short form base prospectus at this time.
HEXO CFO Trent MacDonald said since the prospectus was initially filed, HEXO has made tremendous improvements to its operations, product offering and overall business on the path toward profitability.
"The first quarter of this fiscal year was our sixth sequential quarter of Adjusted EBITDA improvement as we march towards being Adjusted EBITDA positive. We are also progressing on the path of becoming cash-flow positive from our operations.”
MacDonald added that the company continues to hold the number one position for market share in Quebec.
"In light of our solid financial position, and most notably our excellent liquidity and cashflow position, we do not see the need to conduct further rounds of financing in the near future,” MacDonald said.
HEXO Corp is a Canadian consumer packaged good cannabis company.
HEXO Corp is currently up 1.55 per cent and is trading at C$1.31 per share 1:18 pm EST.