LONDON - Akanda Corp. (NASDAQ: AKAN), an international medical cannabis company, has initiated a public offering of common shares and pre-funded warrants, aiming to raise approximately $5 million. The offering, underwritten by Univest Securities, LLC, involves the sale of up to 41,084,634 common shares or pre-funded warrants at a public offering price of $0.1217 per share and $0.1216 per pre-funded warrant, respectively.
The capital raised from this offering, which is expected to close on March 27, 2024, subject to customary closing conditions, is slated for various corporate uses. Akanda plans to allocate the proceeds for capital expenditures, increasing operating capacity, and general corporate purposes. Additionally, the funds will be used for refinancing or repaying existing debt and acquiring complementary products, technologies, or businesses.
This financial move is being conducted in accordance with a registration statement on Form F-1, as amended (File No. 333-277182), which the U.S. Securities and Exchange Commission (SEC) declared effective on March 19, 2024. A final prospectus related to the offering will be made available on the SEC's website, though this press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
Akanda's business encompasses Holigen, a Portugal-based cultivator and distributor with an EU GMP certified indoor facility, and CanMart, a UK-based pharmaceutical importer and distributor. The company's supply chain also includes partnerships with notable industry names such as Cookies, Cansativa Group, and Cellen Life Sciences' Leva Clinic.
The information regarding this offering is based on a press release statement, and it should be noted that forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Akanda has cautioned that such statements are only predictions and actual events or results may differ materially.
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