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April 12, 2022, 8:24 a.m. EDT

Tilray buys Hexo debt and inks alliance

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By Steve Gelsi

Share of Hexo Corp. /zigman2/quotes/206508254/composite HEXO -3.65% /zigman2/quotes/200008967/delayed CA:HEXO 0.00% rose about 6% on Wednesday after Tilray Brands Inc. said it would acquire Hexo's remaining $193 million senior secured convertible note. Tilray said the deal would give it a significant equity stake in Hexo, as well as a seat on the company's board; also Tilray will name a board observer. The two companies also inked an alliance that could yield cost savings of about $80 million. Tilray Brands would acquire 100% of the remaining $193 million outstanding principal balance of Hexo's note to debt holder HTI. The initial conversion price on the note will be C85 cents a share and will amount to about 35% of the Hexo shares on a basic basis. Shares of Tilray fell 0.2% in premarket trades. Hexo shares also gave up 0.2% after rising earlier in the day.

/zigman2/quotes/206508254/composite
US : U.S.: Nasdaq
$ 0.18
-0.0068 -3.65%
Volume: 7.25M
Dec. 5, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$107.01 million
Rev. per Employee
$218,512
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/zigman2/quotes/200008967/delayed
CA : Canada: Toronto
$ 0.24
0.00 0.00%
Volume: 2.30M
Dec. 5, 2022 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$144.24 million
Rev. per Employee
$277,363
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