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BUZZ-Tilray gains as co releases 11 mln shares from lock-up

Tue 31st March, 2020 5:45pm
** Tilray  TLRY.O  up 5.4% to $6.97 as cannabis maker
releases shares from lock-up under its Privateer merger
agreement
    ** Lock-up release of 11 mln shares takes effect on Fri (Apr
3) and shares may be sold on or after date, subject to
applicable securities law or contractual limitations
 urn:newsml:reuters.com:*:nBw5Tjvjda
    ** Per the Sept merger agreement, Tilray shares were subject
to a 2-yr lock-up period beginning in Dec, and could only be
sold under certain circumstances
    ** 11 mln shares represents ~14.5% of locked-up shares;
Tilray has 110 mln shares outstanding, per Refinitiv data
    ** TLRY sunk to record low of $2.43 just days after co on
Mar 13 priced $90 mln stock-and-warrants offering at $4.76
 urn:newsml:reuters.com:*:nL1N2B60QU
    ** ~20 mln TLRY shares have traded on Tues vs their 30-DMA
volume of ~11.2 mln and 90-DMA volume of ~5.8 mln (Refinitiv
data)
    ** Despite Tues advance, stock has halved this month and has
lost ~90% of value over the past one year

 (Reporting by Lance Tupper)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))
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