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OrganiGram Holdings Inc. (NASDAQ:OGI) (TSX:OGI), a Toronto-based cannabis company, has officially announced the pricing of its overnight marketed public offering.
In collaboration with ATB Securities Inc. as the lead underwriter, OrganiGram is set to offer 7,740,000 units at CA$3.23 ($2.39) each. This decision is poised to inject approximately CA$25 million ($18.5 million) in gross proceeds, signaling a significant leap forward for the company's financial and growth strategy.
The offering includes an over-allotment option, allowing underwriters to acquire up to 1,161,000 additional units. This flexibility aims to stabilize the market post-offering and address potential over-allotments. Also, each unit in this offering comprises one common share and a half warrant, with each full warrant enabling the purchase of one common share at CA$3.65 over the next four years, subject to adjustments.
Top executives leading some of the largest cannabis operators are slated to share valuable advice and insights at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16-17. The two-day event that returns to The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow.
Slated for closure around April 2, 2024, this financial endeavor is contingent upon standard market conditions and regulatory nods, including the Toronto Stock Exchange and and NASDAQ’s approval. The anticipated proceeds have been earmarked for propelling OGI's growth initiatives alongside covering general corporate expenses.
Prospective investors are advised to review the offering’s detailed documentation, accessible through SEDAR+ and EDGAR. Moreover, this documentation includes a prospectus supplement and a base shelf prospectus, providing a comprehensive overview of Organigram’s strategic intentions and financial outlook.
The initial market response to Organigram’s public offering was a downturn in its stock value. This event follows closely on the heels of the company’s latest earnings report, which highlighted a 16% year-over-year decrease in revenue for the first quarter of 2024, marking a pivotal moment in OGI's financial trajectory.
There's no better time to dive deeper into the ever-changing landscape of cannabis investing. Join us at the upcoming Benzinga Cannabis Capital Conference in Florida at the new Hollywood venue on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!
