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Aug. 20, 2021, 9:21 a.m. EDT

Hexo stock tumbles after $140 million share offering pricing

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By Tomi Kilgore

The U.S.-listed shares of Hexo Corp. /zigman2/quotes/206508254/composite HEXO -1.09% tumbled 18.4% in premarket trading Friday, after the Canada-based cannabis company announced the pricing of its previously announced public share offering, in which the company raised $140 million. The company said it sold 47.46 million units in the offering, consisting of one share of common stock and one half of one common share purchase warrant, at $2.95 per unit. Each warrant will be exercisable to buy one common share at an exercise price of $3.45 for a period of five years. The stock's Thursday's closing price was $3.20. Plans for the offering were announced after Thursday's closing bell. A.G.P./Alliance Global Partners and Cantor Fitzgerald Canada were the lead underwriters of the offering. Hexo plans to use the proceeds from the offering to help pay for the Redecan acquisition. Hexo's stock has plunged 44.9% over the past three months through Thursday, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX +0.08% has dropped 13.6% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.30% has gained 5.9%.

/zigman2/quotes/206508254/composite
US : U.S.: Nasdaq
$ 1.82
-0.02 -1.09%
Volume: 10.55M
Oct. 21, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$495.97 million
Rev. per Employee
$75,208
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/zigman2/quotes/213173823/composite
US : U.S.: NYSE Arca
$ 12.63
+0.01 +0.08%
Volume: 49,976
Oct. 21, 2021 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,549.78
+13.59 +0.30%
Volume: 1.90B
Oct. 21, 2021 5:03p
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