What's Going On With Canopy Growth Stock?
Portfolio Pulse from Henry Khederian
Canopy Growth Corp (NASDAQ:CGC) shares are trading lower by 6.7% after the company filed for an offering of up to 45.9 million shares of common stock by the selling securityholders. The company will not receive proceeds from the sale of the shares but would receive approximately $31 million upon the full exercise of the warrants held by the selling securityholders. The proceeds will be used for general corporate purposes.
September 21, 2023 | 1:41 pm
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Canopy Growth Corp's stock is trading lower after the company filed for an offering of up to 45.9 million shares. The company could receive approximately $31 million from the full exercise of the warrants held by the selling securityholders.
The company's stock is trading lower due to the dilution effect of the new share offering. However, the potential $31 million from the exercise of warrants could provide a financial boost for the company.
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