Earlier Reported, Flora Growth Corp. Announces Pricing Of $2.7M Registered Direct Offering And Concurrent Private Placement
Portfolio Pulse from Benzinga Newsdesk
Flora Growth Corp. (NASDAQ:FLGC) has announced a registered direct offering and concurrent private placement, aiming to raise approximately $2.7 million. The company plans to sell 1,369,000 common shares and warrants to institutional investors. The proceeds will be used to increase operating capacity, for working capital, and for other general corporate purposes. The offering is expected to close on September 21, 2023.
September 19, 2023 | 5:19 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Flora Growth Corp. is raising funds through a registered direct offering and concurrent private placement. This could potentially dilute existing shareholders' equity, but the funds raised will be used for business expansion and working capital.
The announcement of a new share offering can have a mixed impact on a company's stock. On one hand, it can lead to dilution of existing shareholders' equity, which can put downward pressure on the stock price. On the other hand, the funds raised can be used for business expansion, which can potentially lead to future growth. In this case, Flora Growth Corp. plans to use the proceeds for increasing operating capacity and for working capital, which are positive for the company's future growth.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100