Cannabis co Hexo slides after filing C$1.2 bln mixed shelf offering

American Cannabis

16/04/2021 13:35

** U.S.-listed shares of cannabis co  HEXO.N  down 7.4% at
$5.28 premarket
    ** HEXO files https://www.sec.gov/Archives/edgar/data/1690947/000119312521117922/d48663df10.htm#toc48663_10
 for mixed shelf offering of up to C$1.2 bln (~$956 mln)
    ** Expects to use net offering proceeds for general corp
purposes, repay indebtedness, planned U.S. expansion, potential
future acquisitions
    ** HEXO has ~122.4 mln shares outstanding for market cap of
C$875 mln, or roughly $700 mln
    ** YTD, Toronto-listed shares  HEXO.TO  up 53%, while
U.S.-listed shares up 55%

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))