HEXO Corp Announces Lapse of Base Shelf Prospectus
December 22 2020 - 6:30AM
HEXO Corp (“HEXO”, or the “Company”) (TSX: HEXO; NYSE:HEXO)
announces that its amended and restated short form base shelf
prospectus dated December 14, 2018, amending and restating its
short form base shelf prospectus dated November 19, 2018 (the
“Shelf Prospectus”), lapsed today.
The shelf prospectus related to the offering for
sale by the Company, from time to time, during the 25-month period
commencing November 19, 2018, of up to $800,000,000 in the
aggregate of common shares, warrants, subscription receipts and
units of the Company. Between January 2019 and August 2020, the
Company issued securities under the Shelf Prospectus for aggregate
gross proceeds of $254.3 million. The Company has determined not to
file another short form base shelf prospectus at this time.
“Since the prospectus was initially filed, HEXO
has made tremendous improvements to its operations, product
offering and overall business on the path toward profitability. The
first quarter of this fiscal year was our sixth sequential quarter
of Adjusted EBITDA improvement as we march towards being Adjusted
EBITDA positive. We are also progressing on the path of becoming
cash-flow positive from our operations.” said HEXO CFO, Trent
MacDonald. “We continue to hold the number one position for market
share in Quebec, while continuing to aggressively expand into other
markets and are now top four in adult-use market share by net sales
dollars in Canada. We have also moved into the top beverage spot
through Truss, our joint venture with Molson Coors, and have
reached the number one market share position for hash, which we
believe will continue to be an important category for the industry.
In light of our solid financial position, and most notably our
excellent liquidity and cashflow position, we do not see the need
to conduct further rounds of financing in the near future.”
About HEXO
HEXO Corp is an award-winning consumer packaged
goods cannabis company that creates and distributes innovative
products to serve the global cannabis market. The Company serves
the Canadian adult-use markets under its HEXO Cannabis, Up Cannabis
and Original Stash brands, and the medical market under HEXO
medical cannabis. For more information please visit
hexocorp.com.
Forward Looking Statements
This press release contains forward-looking
information and forward-looking statements within the meaning of
applicable securities laws (“forward-looking statements”).
Forward-looking statements are based on certain expectations and
assumptions and are subject to known and unknown risks and
uncertainties and other factors that could cause actual events,
results, performance and achievements to differ materially from
those anticipated in these forward-looking statements.
Forward-looking statements should not be read as guarantees of
future performance or results. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company disclaims
any intention or obligation, except to the extent required by law,
to update or revise any forward-looking statements as a result of
new information or future events, or for any other reason.
Investor Relations:
invest@HEXO.com www.hexocorp.com
Media Relations: (819) 317-0526
media@hexo.com
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