DENVER, June 30, 2020 /PRNewswire/
- GrowGeneration Corp. (NASDAQ: GRWG), ("GrowGen" or
the "Company"), the largest chain of stand-alone specialty
hydroponic and organic garden centers, currently with 27 locations,
today announced the pricing of an underwritten public offering
of 7,500,000 shares of its common stock at an offering price of
$5.60 per share (the "Offering").
GrowGen expects the gross proceeds from the Offering to be
approximately $42.0 million, before
deducting the underwriting discount and other estimated offering
expenses. The Offering was upsized from the previously announced
offering size of $35.0 million of
common stock. GrowGen has also granted the underwriters a 30-day
option to purchase up to an additional 1,125,000 shares of common
stock offered in the public market. The Company expects to close
the Offering on or about July 2,
2020, subject to the satisfaction of customary closing
conditions.
GrowGen intends to use the net proceeds from the Offering
primarily to expand its network of hydroponic/garden centers
through organic growth and acquisitions, and for general corporate
purposes.
Oppenheimer & Co. Inc. is acting as the sole book-running
manager for the Offering. Ladenburg Thalmann & Co. Inc. and
Lake Street Capital Markets, LLC are acting as co-managers for
the Offering.
The Offering is being made pursuant to a registration statement
on Form S-1 (File No. 333-239058) that was declared effective by
the Securities and Exchange Commission (the "SEC") on June 29, 2020. The Offering may only be made by
means of a prospectus. The preliminary prospectus related to the
Offering was filed with the SEC on June 23,
2020. The final prospectus will be filed with the SEC and,
when available, may be obtained by visiting EDGAR on the SEC's
website at www.sec.gov, or by contacting Oppenheimer & Co.
Inc., Attn: Syndicate Prospectus Department, 85 Broad Street,
26th Floor, New York, New York 10004, by telephone at
(212) 667-8563, or by email
at EquityProspectus@opco.com.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy any securities in the Offering,
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 GrowGeneration Corp.:
GrowGen owns and operates specialty retail hydroponic and
organic gardening stores. Currently, GrowGen has 27 stores, which
include 5 locations in Colorado, 5 locations
in California, 2 locations in Nevada, 1 location
in Washington, 4 locations in Michigan, 1 location
in Rhode Island, 4 locations in Oklahoma, 1 location
in Oregon, 3 locations in Maine and 1 location
in Florida. GrowGen also operates an online superstore for
cultivators. GrowGen carries and sells thousands of products,
including organic nutrients and soils, advanced lighting technology
and state of the art hydroponic equipment to be used indoors and
outdoors by commercial and home growers. The Company's mission is
to own and operate GrowGeneration branded stores in all the major
states in the US and Canada.
Forward Looking Statements:
This press release contains forward-looking statements regarding
our future business expectations, which are subject to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These include statements regarding, but not limited to,
the anticipated closing of the Offering and the expected uses of
the proceeds from the Offering. Forward-looking statements can be
identified by the use of words such as "may," "will," "plan,"
"should," "expect," "anticipate," "estimate," "continue" or
comparable terminology. Such forward-looking statements are
inherently subject to certain risks, trends and uncertainties,
including market conditions and future decisions regarding the
Company's use of cash resources, many of which the Company cannot
predict with accuracy and some of which the Company might not even
anticipate, and involve factors that may cause actual results to
differ materially from those projected or suggested. Readers are
cautioned not to place undue reliance on these forward-looking
statements and are advised to consider these and other potential
factors and uncertainties that could cause actual results to differ
from the results predicted, including those described in more
detail in the Company's public reports filed with the SEC,
including the risks discussed in the "Risk Factors" section in the
registration statement on Form S-1 (File No. 333-239058) and in the
Company's prior press releases, which are available on the
Company's Investor Relations website
at www.growgeneration.com and on the SEC's website
at www.sec.gov. We undertake no obligation to update these
statements as a result of new information or future events.
- Website: www.GrowGeneration.com
- E-commerce: https://growgen.pro/
- Instagram: growgen
- Facebook: GrowGenerationCorp
- Twitter: @GrowGenOK
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SOURCE GrowGeneration