Flora Growth's Stock Plummets On Announcing Pricing of $30 Million Public Offering

Cannabis company Flora Growth Corp. (NASDAQ: FLGC) announced on Friday the pricing of an underwritten public offering of 10 million units, with each being sold at $3 per unit.

Pursuant to the offering, each unit consists of one common share and one-half warrant, with each unit warrant entitling the holder thereof to purchase one common share at $3.75 per share.

The unit warrants will be immediately exercisable and will expire five years from the date of issuance.

Based in Miami and Toronto, the company said that the transaction is scheduled to close on Tuesday, Nov. 23, subject to customary closing conditions.

In addition, Flora has granted the underwriters a 45-day option to purchase up to 15% of the total number of units to be offered by us pursuant to this offering - excluding Units subject to this option - solely for the purpose of covering over-allotments, if any, at the public offering price less the underwriting discount.

A.G.P./Alliance Global Partners is the sole book-running manager for the public offering, and BMO Capital Markets and Roth Capital Partners are acting as co-managers. MKM Partners is acting as a financial advisor to the company.

More recent news from Flora Growth:

Flora Growth Completes Acquisition of Vessel Brand, Seeks To Diversify Its Premium Brand Portfolio

Flora Growth Corp. Celebrates International Medical Cannabis Certification

Flora Growth Corp. Enters into Cannabinoid Science

Flora Growth's Beauty Division To Launch CBD Skincare Products With GlossWire

FLGC Price Action

Flora Growth's shares traded 34.42% lower at $2.42 per share during a pre-market session on Friday.

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