Flora Growth Closes $34.5 Million Public Offering
November 23 2021 - 5:00PM
Business Wire
Flora Growth Corp. (NASDAQ:FLGC) (“Flora” or the “Company”), a
leading all-outdoor cultivator and manufacturer of global cannabis
products and brands, today announced the closing of its
underwritten public offering of 11,500,000 units (the “Units”),
with each Unit consisting of one Common Share of the Company and
one-half warrant (“Unit Warrant”); each whole Unit Warrant
entitling the holder thereof to purchase one Common Share. The
Units sold includes an additional 1,500,000 Units sold pursuant to
the exercise in full of the overallotment option granted to the
underwriters. The Units were sold at a public offering price of
$3.00 per Unit, resulting in gross proceeds to the Company of
$34,500,000 before deducting underwriting commissions and estimated
expenses payable by the Company. The Unit Warrants will have an
exercise price of $3.75 per share, will be immediately exercisable
and will expire five years from the date of issuance.
A.G.P./Alliance Global Partners acted as the sole book-running
manager for the public offering and BMO Capital Markets and Roth
Capital Partners acted as co-managers. MKM Partners served as a
financial advisor to the Company.
The offering was made by means of a prospectus. A copy of the
final prospectus related to the offering may be obtained from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
New York, NY 10022, or by telephone at (212) 624-2060, or by email
at prospectus@allianceg.com or by visiting EDGAR on the SEC’s
website at www.sec.gov.
A registration statement relating to these securities was filed
with the Securities and Exchange Commission and declared effective
on November 18, 2021. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy these
securities, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Flora Growth Corp. Flora is building a connected,
design-led collective, of plant-based wellness and lifestyle
brands, that delivers the most compelling customer experiences in
the world, one community at a time. As the operator of one of the
largest outdoor cannabis cultivation facilities, Flora leverages
natural, cost-effective cultivation practices to supply cannabis
derivatives to its diverse business divisions of cosmetics, hemp
textiles, and food and beverage.
Cautionary Statement Concerning Forward-Looking
Statements This document contains forward-looking statements.
In addition, from time to time, we or our representatives may make
forward-looking statements orally or in writing. We base these
forward-looking statements on our expectations and projections
about future events, which we derive from the information currently
available to us. Such forward-looking statements relate to future
events or our future performance, including: our financial
performance and projections; our growth in revenue and earnings;
and our business prospects and opportunities. You can identify
forward-looking statements by those that are not historical in
nature, particularly those that use terminology such as “may,”
“should,” “expects,” “anticipates,” “contemplates,” “estimates,”
“believes,” “plans,” “projected,” “predicts,” “potential,” or
“hopes” or the negative of these or similar terms. In evaluating
these forward-looking statements, you should consider various
factors, including our ability to change the direction of the
Company; our ability to keep pace with new technology and changing
market needs; and the competitive environment of our business.
These and other factors may cause our actual results to differ
materially from any forward-looking statement. Forward-looking
statements are only predictions. The forward-looking events
discussed in this press release and other statements made from time
to time by us or our representatives may not occur, and actual
events and results may differ materially and are subject to risks,
uncertainties and assumptions about us. We undertake no obligation
to publicly update or revise any forward-looking statement, whether
as a result of uncertainties and assumptions, or the
forward-looking events discussed in this document and other
statements made from time to time by us or our representatives not
occurring, except as may be required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211123006169/en/
Investor Relations: Evan Veryard
evan.veryard@floragrowth.com
Public Relations: Cassandra Dowell +1 (858) 264-6600
flora@cmwmedia.com
For Underwriter Inquiries: Alliance Global Partners (212)
624-2060 +1 949 502 4408 prospectus@allianceg.com
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