Tilray Floating Up to $400 Million in New Stock [The Motley Fool]
Cowen Inc. - Class A (COWN)
Last cowen inc. - class a earnings: 4/29 07:01 am
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Source: The Motley Fool
Tilray Floating Up to $400 Million in New Stock The new shares will be sold in conjunction with investment bank Cowen and Company. Marijuana stock Tilray ( NASDAQ:TLRY ) is tapping the equity market for new funding. The company has revealed in a regulatory filing that it is floating a secondary issue of stock. Up to $400 million worth of Tilray's Class 2 common stock will be offered in the flotation and will be sold in collaboration with investment bank Cowen and Company. Tilray did not specify how many shares would be offered. At the most recent closing price of $30.71, that upper-limit $400 million would equate to just over 13 million shares. Tilray and Cowen will be cooperating closely, according to the filing. Tilray is to formally notify Cowen every time it wishes to sell stock under the agreement, specifying certain parameters for that divestment. Cowen will then be responsible for effecting the transaction. Tilray did not specify when the new stock flotation would begin, nor
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