FLGC - Flora Growth stock dips after pricing $5M securities offering

• Flora Growth ( NASDAQ: FLGC ) shares fell 14% premarket after the company priced its $5M securities offering.
• The offering includes 12.5M of the company's common shares and warrants to purchase up to 12.5M shares.
• The combined purchase price for one common share and one warrant will be $0.40. The warrants will have an exercise price of $0.40/share, will be exercisable immediately following the date of issuance and will expire five years from the initial date of issuance.
• Gross proceeds from the offering will be approximately $5M. Net proceeds will be used for capital expenditures, to increase operating capacity, for working capital and for other general corporate purposes.
• The offering is expected to close on or about December 13, 2022, subject to the satisfaction of customary closing conditions.
• The company has also amended the terms of the warrants issued to certain institutional investors in the November 2021 public underwritten offering that are also purchasing shares in this offering to reduce the exercise price of such warrants to $0.40.

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