Why Flora Growth (FLGC) Shares Hit A New 52-Week Low Today
Portfolio Pulse from Henry Khederian
Flora Growth Corp (FLGC) shares dropped by 4.1% to $1.41 after the company announced the pricing of a $2.7 million registered direct offering and concurrent private placement. The company plans to use the proceeds to increase operating capacity, for working capital and for other general corporate purposes. The offering is expected to close on September 21.
September 20, 2023 | 7:43 pm
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Flora Growth Corp's stock price fell after the announcement of a $2.7 million registered direct offering. The company plans to use the proceeds for increasing operating capacity and for working capital.
The announcement of the direct offering has led to a decrease in Flora Growth Corp's stock price. This is likely due to the dilution of shares that typically occurs with such offerings, which can lead to a decrease in the stock's price. The funds raised will be used to increase operating capacity and for working capital, which could potentially lead to future growth for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100