Las Vegas Cannabis Powerhouse Planet 13’s $11.3M Infusion To Fuel Florida Expansion And More
Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNH) announced on Tuesday the pricing of its underwritten public offering of 18.75 million units at $0.60 per unit for total gross proceeds of roughly $11.3 million.
The Details
Each unit will consist of one share of the company’s common stock and one warrant, with each warrant entitling the holder to purchase one share of common stock for 5 years following the closing of the offering at $0.77.
The company has granted the underwriters a 30-day option to purchase any combination of up to an additional 2,812,500 shares and/or warrants – representing 15% of the number of Units to be issued and sold by the company – to cover over-allotments, if any, on the same terms and conditions.
If the option is exercised in full, the company will be entitled to roughly $12.9 million from the offering.
The offering is expected to close on or about Thursday, March 7.
Planet 13 said it intends to use the net proceeds from the offering for working capital and general corporate purposes …