Greenlane Holdings (GNLN) said Tuesday it struck deals to sell about $25.0 million of shares and investor warrants at $1.19 per unit to institutional investors.
Each unit consisted of one share or one pre-funded warrant, one series A PIPE warrant to purchase one share and one Series B PIPE warrant to purchase one share, the company said.
It expects to close the transaction Feb. 19, with Aegis Capital Corp. as placement agent.
The company said it plans to use the net proceeds for debt repayment, general corporate purposes and working capital.
The shares were down about 30% in recent trading.
Price: 0.84, Change: -0.35, Percent Change: -29.16
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