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Tilray News: Why TLRY Stock Is Tanking 33% Today

TLRY has a new offering for investors

Tilray (NASDAQ:TLRY) news for Friday concerning a new offering from the marijuana company has TLRY stock taking a beating.

Tilray News: Why TLRY Stock Is Tanking 33% Today
Source: Jarretera /

The new registered offering from the company has a total value of $90.4 million. That comes from it 11,750,000 shares of Class 2 common stock at a price of $4.76. The shares also include warrants to purchase 19,000,000 shares of the stock.

Tilray notes that it is the sole seller of these shares. It also points out that the warrants have a six-month wait period before investors can make use of them. The price on the warrants is $5.95 per share. The warrants have a five-year term after being issued.

According to the Tilray news release, the company is planning to use the funds from the offering for general purposes. It expects the deal to close next Tuesday, so long as the customary closing conditions are met. Canaccord Genuity is serving as the only book-running manager for the offering.

It’s worth pointing out that the per-share price in the offering is below the stock’s closing price on Thursday. Shares of TLRY stock were trading at $5.95 when the stock market closed on Thursday.

Tilray hasn’t been doing so hot the last couple of years. Its shares reached a peak of $148.30 back in October 2018, but have been on a steady decline since then.

TLRY stock was down 32.97% as of Friday afternoon. The shares are also down 63.72% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media,

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