Green Giant Announces Pricing Of Public Offering; To Sell $5.95M Of Its Units; Agreed To Sell 35M Units At Per Unit Purchase Price Of $0.17
Portfolio Pulse from Benzinga Newsdesk
Green Giant Energy (GGE) has priced its public offering, planning to sell 35 million units at $0.17 each, totaling $5.95 million. The offering includes Class A and Class B common warrants with exercise prices of $0.17 and $0.27, respectively. Class A warrants are exercisable upon an increase in authorized shares, while Class B warrants can be exercised immediately with cashless options under certain conditions. A shareholder meeting is to be held within 120 days to vote on increasing the company's authorized shares, and warrant holders have agreed not to exercise cashlessly below $1.50 in the initial 20 trading days post a reverse stock split.
December 12, 2023 | 2:02 pm
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Green Giant Energy (GGE) announces a public offering of units at $0.17, with Class A and B warrants exercisable under specific terms. The offering aims to raise $5.95 million, and a future shareholder meeting will discuss increasing authorized shares.
The pricing of the public offering is likely to have a neutral short-term impact on GGE's stock price. While the offering could dilute current shareholders, the terms of the warrants may be seen as favorable, and the planned shareholder meeting indicates potential for future corporate actions. The market's reaction will depend on investor perception of the offering's terms and the company's growth prospects.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100