With rescheduling on the horizon, Tilray Brands has filed a prospectus supplement with the U.S. Securities and Exchange Commission (SEC). This filing allows them to sell up to $250 million worth of their common stock through an "at-the-market" (ATM) equity program.
This means Tilray can sell their shares directly on the stock market at current market prices whenever they choose, up to the total value of $250 million. This flexibility allows them to raise money as needed, depending on market conditions.
The money raised from these stock sales will be used by Tilray to make strategic investments and acquisitions. Specifically, they are looking to buy other businesses or assets, particularly in the U.S. and internationally. They believe there will be new opportunities due to expected changes in regulations. Importantly, they do not plan to use the money from these stock sales for everyday business operations or general working capital.
To help with these sales, Tilray has teamed up with two financial firms, TD Securities and Jefferies. These firms will handle the sale of Tilray's shares on the Nasdaq Global Select Market. The shares will be sold at whatever the market price is at the time of each sale, which means the sale prices could vary.
For more information:
Tilray
www.tilray.com