Kaival Brands slumps on stock-and-warrants offering

Kaival Brands Innovations

29/09/2021 21:26

** Kaival Brands Innovations Group  KAVL.O  down 13% in
extended trading as vaping products distributor looks to raise
equity
    ** Stock closed regular session on Weds up 9.1% at $1.91
    ** Co launches stock offering to fund working capital and
general corporate purposes; deal size not disclosed  urn:newsml:reuters.com:*:nPn3fyJCQa
    ** KAVL has ~23.63 mln shares outstanding for ~$45 mln
market cap, per Refinitiv data, and ~6.55 mln of public float
    ** Maxim Group sole bookrunner for offering
    ** On Sept 15, shares fell 42% to $2.61 after co slashed its
rev forecast over regulatory uncertainty, and said COVID-19-led
supply-chain disruptions impacted development of Bidi Pouch, a
synthetic nicotine-based smokeless pouch  urn:newsml:reuters.com:*:nL4N2QH31O

 (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))