A recent announcement of good Tilray news today has TLRY stock soaring.
The good bit of Tilray (NASDAQ:TLRY) news comes from investor Privateer Holdings. A statement from the investor says that it continues to believe in the long-term potential of TLRY stock. It says that it will keep its stake in the company at least until the second half of 2019.
Privateer Holdings’ Tilray news statement is giving investors major confidence in the stock. That’s not too much of a surprise. The investor doesn’t just have a small stake in the company. It currently holds 76% of all outstanding shares of TLRY stock.
“When we decide to distribute shares, we will do so in an orderly and deliberate manner to maximize tax-efficiency considerations for Privateer investors, while also taking into consideration potential impacts on Tilray’s public float,” Michael Blue, a Privateer Holdings managing partner, said in a statement obtained by TheStreet.com. “And we will do it in a way that reflects our long-term confidence in Tilray’s business model and management team.”
This Tilray news is important as the company is approaching the end of the stock sale restriction from its IPO. This will occur on Jan. 15, 2018. Oftentimes, investors will choose to sell their shares of at this point to take in profits. Privateer Holdings’ decision not to do so is a boon to TLRY stock, reports Motely Fool.
TLRY stock was up 23% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.