Greenlane Holdings Announces $32 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
August 09 2021 - 7:30AM
Greenlane Holdings, Inc. (“Greenlane” or "the Company”) (Nasdaq:
GNLN), a global house of brands and one of the largest sellers of
premium cannabis accessories, child-resistant packaging, and
specialty vaporization products, today announced it has entered
into definitive agreements with institutional investors for the
purchase and sale of 10,126,583 shares of the Company’s common
stock (or common stock equivalents) and warrants to purchase up to
an aggregate of 6,075,950 shares of the Company’s common stock, at
an effective purchase price of $3.16 per share of common stock (or
common stock equivalent) and associated warrant, in a registered
direct offering priced at-the-market under Nasdaq rules. The
offering is expected to close on or about August 11, 2021, subject
to customary closing conditions.
A.G.P./Alliance Global Partners is acting as
sole placement agent for the offering.
The warrants have an exercise price of $3.55 per
share, are exercisable immediately and have a term of five
years.
This offering is being made pursuant to an
effective shelf registration statement on Form S-3 (File No.
333-257654) previously filed with the U.S. Securities and Exchange
Commission (the “SEC”). A prospectus supplement describing the
terms of the proposed offering will be filed with the SEC and will
be available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the prospectus supplement may be obtained,
when available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, NY 10022, or by telephone at (212)
624-2060, or by email at prospectus@allianceg.com. Before investing
in this offering, interested parties should read in their entirety
the prospectus supplement and the accompanying prospectus and the
other documents that the Company has filed with the SEC that are
incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about the
Company and such offering.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
About Greenlane Holdings
Greenlane Holdings, Inc. (NASDAQ: GNLN) is a
global house of brands and one of the largest sellers of premium
cannabis accessories, child-resistant packaging, and specialty
vaporization products to smoke shops, dispensaries, and specialty
retail stores, as well as direct to consumer through its online
e-commerce platform, vapor.com. Founded in 2005, Greenlane serves
more than 8,000 retail locations and has over 250 employees with
operations in United States, Canada, and Europe. With a strong
global footprint, Greenlane has been the partner of choice for many
of the industry’s leading brands, who chose to leverage its strong
distribution platform, unparalleled customer service, and highly
efficient operations and logistics to accelerate their growth.
Greenlane’s curated portfolio of owned brands includes EYCE,
packaging innovator Pollen Gear™, VIBES™ rolling papers, Marley
Natural™ Accessories; K.Haring Glass Collection, Aerospaced
grinders, and Higher Standards which offers both an upscale product
line as well as an innovative retail experiences with flagship
stores located in Chelsea Market, New York and Malibu,
California.
Forward Looking Statements
Certain matters within this press release are
discussed using forward-looking language as specified in the
Private Securities Litigation Reform Act of 1995, and, as such, may
involve known and unknown risks, uncertainties and other factors
that may cause the actual results or performance to differ from
those projected in the forward-looking statements. These
forward-looking statements include, among others: comments relating
to the current and future performance of the Company’s business;
the pending merger with KushCo; the impacts of acquisitions and
other similar transactions; and the Company’s financial outlook and
expectations. For a description of factors that may cause the
Company’s actual results or performance to differ from its
forward-looking statements, please review the information under the
heading “Risk Factors” included in the Company's most recent Annual
Report on Form 10-K for the year ended December 31, 2020, the
Company’s Quarterly Report on Form 10-Q for the quarterly period
ended March 31, 2021 and the Company's other filings with the SEC,
which are accessible on the SEC’s website at www.sec.gov.
Additional information is also set forth in Greenlane's Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2021.
Undue reliance should not be placed on the forward-looking
statements in this press release, which are based on information
available to Greenlane on the date hereof. Greenlane undertakes no
duty to update this information unless required by law.
Media Contact:MATTIO
CommunicationsGreenlane@mattio.com
Investor Contact:Rob
KellyInvestor Relations, MATTIO
CommunicationsGreenlane@mattio.com1-416-992-4539
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