Curaleaf Ready To Raise C$16.2M With Securities Offering

Curaleaf Holdings Inc CURA/CURLF announced on Thursday the pricing of its previously announced marketed offering of its subordinate voting shares at CA$6 ($4.43) per security.

What HappenedCanaccord Genuity, which is acting as the sole underwriter and bookrunner, agreed to purchase 2.7 million offered securities from Curaleaf for total gross proceeds of CA$16.2 million.

The securities will be offered in each of the Provinces of Canada, other than Québec, pursuant to a prospectus supplement to the company’s base shelf prospectus dated Dec. 30, 2022, and in the U.S. on a private placement basis to “qualified institutional buyers.”

Why It Matters: The company is making the offering to satisfy a condition required for a potential listing of the subordinate voting shares on the Toronto Stock Exchange and plans to use a portion of the proceeds of the offering to fund the working capital requirements of its international business operated by Curaleaf Holdings International, as well as for general corporate purposes.

What’s Next: The prospectus supplement is expected to be filed on Sept. 28, 2023.

The closing date of the offering is expected to be Oct. 3, 2023, and will be subject to market and other customary conditions, including requirements of the Canadian Securities Exchange.

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