Canadian Cannabis Retail Giant High Tide Announces Closing Of $10.8M In Subordinated Debt Facility
Portfolio Pulse from Jelena Martinovic
High Tide Inc. (NASDAQ:HITI) announced the closing of a $10.8 million subordinated debt facility. The debentures will mature in 2029 with a 12% annual interest rate. The funds will be used for debt repayment, business development, and working capital. High Tide's shares fell 4.62% in pre-market trading.
August 05, 2024 | 1:36 pm
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High Tide Inc. closed a $10.8 million subordinated debt facility to be used for debt repayment, business development, and working capital. The debentures mature in 2029 with a 12% annual interest rate. Shares fell 4.62% in pre-market trading.
The closing of the debt facility indicates a strategic move to manage finances, but the high interest rate and the issuance of new shares may concern investors. The immediate drop in share price suggests a negative short-term impact.
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