Hempacco flames out on stock offering

Hempacco Co

10/02/2023 14:21

** Shares of hemp-based cigarette maker Hempacco Co Inc
 HPCO.O  down 60% premarket after follow-on prices
    ** Co sells 4.2 mln shares at $1.50, raises $6.3 mln
    ** HPCO on Thurs surged nearly six-fold to close at $4.40
    ** Co plans to use net proceeds for sales and marketing,
potential acquisitions, manufacturing facility upgrades
    ** Hempacco has ~23.5 mln shares outstanding, per SEC
prospectus filing
    ** Boustead Securities and EF Hutton, division of Benchmark
Investments, underwriters for offering
    ** Co, which went public in Aug, saw its shares surge as
high as $41.80 vs $6 IPO price
    ** Nearly 10 mln shares have exchanged hands before the bell
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))