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1606 Corp (OTCPK:CBDW) has entered into an equity financing agreement and registration rights with GHS Investments LLC. Under the terms of the equity financing agreement, GHS agreed to provide 1606 Corp with, up to $20 million, to be used for acquisition financing after the registration of an S-1 filed with the U.S. Securities and Exchange Commission.
1606 disclosed that the purchase price of all equity by GHS shall be 80% of the market price. Following an up-list to the NASDAQ or an equivalent national exchange by the registrant, the purchase price of equity related to this registration will be purchased at 90% of the market price, subject to a floor of $2.00 per share, below which the company shall not deliver any puts.
The use of funds for the $20 million equity financing is earmarked to acquire and develop additional CBD brands, distribution networks, and businesses. By building the portfolio of CBD businesses through acquisitions, 1606 Corp aims to add shareholder value by utilizing this equity line of credit.
"We're moving fast. Now that we have our feet underneath us since receiving the ticker symbol CBDW and now we're taking definitive steps toward adding shareholder value. This $20 million-dollar financing is going to allow us to buy profitable CBD companies and we'll be a great investment opportunity for investors around the world," stated CEO and chairman Greg Lambrecht.
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.
Photo: Benzinga edit with photo by Kindel Media on Pexels
Posted In: CBDW
