By Chris Wack
High Tide shares dropped after the cannabis company said that it has established an at-the-market equity-offering program.
Shares recently dropped 7%, to US$1.37. The stock closed Thursday’s session up 6%, but is down 6% in the past 12 months.
The program would allow High Tide to issue up to $30 million Canadian dollars (US$22 million) of shares to the public from time to time. Any shares sold through the ATM program will be sold at prevailing market prices when issued in ordinary brokers’ transactions.
The program replaces a previous at-the-market equity-offering program that ended May 22.
High Tide intends to use the proceeds of the offering to fund two specific strategic initiatives it is currently developing, to support the growth and development of its existing operations, and to fund future acquisitions, as well as for working capital and general corporate purposes.
Write to Chris Wack at [email protected]
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