The Flowr Corporation Announces Withdrawal of Equity Offering
July 19 2019 - 8:03AM
The Flowr Corporation (TSX.V: FLWR; OTC: FLWPF) (“Flowr” or the
“Company”) has decided, at this time, to withdraw its previously
announced public offering (the “Offering”) as set forth in the
(final) short form base PREP prospectus filed on July 18, 2019,
with the securities regulatory authorities in each of the provinces
of Canada except Quebec (the “Prospectus”).
The Company is not proceeding with the Offering
due to prevailing market conditions, which were not conducive to
the completion of the Offering on terms that would be in the best
interest of Flowr’s current shareholders. Flowr will continue
to monitor market conditions as it evaluates options to drive
long-term growth.
The Prospectus was also filed in the United
States with the United States Securities and Exchange Commission as
part of a registration statement on Form F-10 (the “Form F-10”), in
accordance with the Multijurisdictional Disclosure System
established between Canada and the United States. No
securities have been sold in connection with the Offering pursuant
to the Form F-10. The Company is also assessing the timing of its
Nasdaq listing, as a result of the current market conditions.
About The Flowr Corporation
Flowr, through its subsidiaries, holds cannabis
production and sales licenses granted by Health Canada. With a head
office in Toronto and a production facility in Kelowna, BC, Flowr
builds and operates large-scale, GMP-designed cultivation
facilities utilizing its own growing systems. Flowr expects to
provide premium-quality cannabis to the adult-use recreational
market and the medicinal market.
On behalf of The Flowr Corporation: Vinay
ToliaCEO and Director
CONTACT INFORMATION
MEDIA:Sean GriffinVice President, Communications & Public
Relations (877) 356-9726 ext. 1526sean.griffin@flowr.ca
INVESTORS:Thierry ElmalehHead of Capital Markets(877) 356-9726
ext. 1520thierry@flowr.ca
Forward-Looking Information and Statements
This press release contains “forward-looking
information” within the meaning of Canadian Securities laws and
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and other
applicable United States safe harbor laws, which may include, but
are not limited to: Flowr monitoring market conditions; Flowr
evaluating options to enhance shareholder value and drive long-term
growth; the timing of the Nasdaq listing; Flowr building and
operating large-scale, GMP-designed cultivation facilities; Flowr’s
expectation that it will provide premium quality cannabis to the
adult-use recreational market and the medicinal market; and Flowr’s
business, production and products. Often, but not always,
forward-looking information can be identified by the use of words
such as “plans”, “is expected”, “expects”, “scheduled”, “intends”,
“contemplates”, “anticipates”, “believes”, “proposes” or variations
(including negative and grammatical variations) of such words and
phrases, or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved.
Such information and statements are based on the current
expectations of Flowr’s management and are based on assumptions and
subject to risks and uncertainties. Although Flowr’s management
believes that the assumptions underlying such information and
statements are reasonable, they may prove to be incorrect. The
forward-looking events and circumstances discussed in this press
release may not occur by certain specified dates or at all and
could differ materially as a result of known and unknown risk
factors and uncertainties affecting Flowr, including risks relating
to: Flowr being unable to enhance shareholder value and/or drive
long-term growth; Flowr not completing its Nasdaq listing; Flowr’s
inability to create long-term growth and/or enhance shareholder
value without the completion of the Offering; Flowr having to seek
alternative financing sources which may not be available or on
terms that are less favourable than the proposed Offering; the
construction and development of the Company’s cultivation and
production facilities; general economic and stock market
conditions; adverse industry events; loss of markets; future
legislative and regulatory developments in Canada, the United
States and elsewhere; the cannabis industry in Canada generally;
the ability of Flowr to implement its business strategies; risks
and uncertainties detailed from time to time in Flowr’s filings
with the Canadian Securities Administrators; and many other factors
beyond the control of Flowr.
Although Flowr has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information or statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended. No forward-looking information
or statement can be guaranteed. Except as required by applicable
securities laws, forward-looking information and statements speak
only as of the date on which they are made and Flowr undertakes no
obligation to publicly update or revise any forward-looking
information or statements, whether as a result of new information,
future events or otherwise. When considering such forward-looking
information and statements, readers should keep in mind the risk
factors and other cautionary statements in Flowr’s Annual
Information Form dated April 3, 2019 (the “AIF”) and filed with the
applicable securities regulatory authorities in Canada and the
United States. The risk factors and other factors noted in the AIF
could cause actual events or results to differ materially from
those described in any forward-looking information or
statements.
Neither the TSX.V nor the NASDAQ accepts
responsibility for the adequacy or accuracy of this press
release.
The Flowr (TSXV:FLWR)
Historical Stock Chart
From Mar 2024 to Apr 2024
The Flowr (TSXV:FLWR)
Historical Stock Chart
From Apr 2023 to Apr 2024