Greenlane (NASDAQ:GNLN) stock is dropping on Friday after the marijuana accessory and vape company revealed details of a public share offering.
According to a filing with the Securities and Exchange Commission (SEC), Greenlane is offering up to 2,941,176 units. These include both shares of GNLN stock and warrants to purchase additional shares.
Each of the units includes one share of GNLN stock, one pre-funded warrant, and one common warrant. The units are being sold for $3.40 each. That matches the closing price for the company’s stock on June 7, 2023.
The pre-funded warrants in the offering are exercisable for $0.0001 and grant the holder one share of GNLN stock. The common warrants in the offering have an exercise price of $3.3999 each. They also grant the holder one share of Greenlane stock.
What This Means for GNLN Stock
With this offering, Greenlane is increasing the total number of outstanding shares available. Doing so diluted the investments of current shareholders in the company. It also devalues GNLN stock, which helps explain why the shares are falling today.
GNLN stock is down 5.2% as of Friday morning as some 19,000 shares of the stock change hands. To put that in perspective, the company’s daily average trading volume is closer to 26,000 shares.
Investors can find more of the most recent stock market news ready to go below!
We have all of the latest stock happenings that traders need to know about on Friday! That includes why shares of Elevation Oncology (NASDAQ:ELEV), Advanced Health Intelligence (NASDAQ:AHI), and WeTrade (NASDAQ:WETG) stock are on the move today. You can find out all about these matters at the following links!
More Friday Stock Market News
- Why Is Elevation Oncology (ELEV) Stock Down 26% Today?
- Why Is Advanced Health Intelligence (AHI) Stock Up 114% Today?
- Why Is WeTrade (WETG) Stock Up Today?
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
