Imperial Brands Extends $123M Convertible Debenture And Auxly Implements Board And Management Changes
Portfolio Pulse from Vuk Zdinjak
Auxly Cannabis Group Inc. and Imperial Brands PLC have agreed to extend the maturity date of their previously issued $123 million debenture by 24 months. The debentures are convertible into common shares at a price of $0.81 per share. Auxly remains Imperial Brands' exclusive global partner for cannabis products. Imperial Brands' nominee, Murray McGowan, has resigned from Auxly's board as Imperial Brands no longer holds the required percentage under the investor rights agreement. Auxly's CFO, Brian Schmitt, has also resigned and Travis Wong has been appointed interim CFO.
July 27, 2023 | 3:48 pm
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NEUTRAL IMPACT
Auxly's agreement with Imperial Brands to extend the maturity date of their debenture and the resignation of Imperial Brands' nominee from Auxly's board may impact the company's stock. The resignation of Auxly's CFO could also affect investor confidence.
The extension of the debenture maturity date could be seen as a positive sign of the ongoing partnership between Auxly and Imperial Brands. However, the resignation of Imperial Brands' nominee from Auxly's board and the resignation of Auxly's CFO could create uncertainty among investors, potentially impacting the stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100