U.S.-listed shares of Canadian cannabis company Hexo Corp. /zigman2/quotes/206508254/composite HEXO +19.69% /zigman2/quotes/200008967/delayed CA:HEXO +19.05% slid 13% in premarket trade Thursday, after the company announced a $25 million registered direct share offering. The company has agreed to sell 14.9 million shares priced at $1.67 each, a discount over its closing price Tuesday of $1.96. It has further agreed to issue warrants to purchase 7.5 million common shares with an exercise price of $2.45 a share. Proceeds of the deal will be used for working capital and other general corporate purposes, including financing research and development. Shares have fallen 43% in 2019, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ +3.72% has fallen 31% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.18% has gained 29%.