Hexo shares tumble after company announces new share issue at discounted price GlobeBusiness
This translation has been automatically generated and has not been verified for accuracy.Shares in cannabis firm Hexo Corp. tumbled Friday by as much as 21 per cent on the Toronto Stock Exchange after it announced it would issue about 15 million new shares, a move that could dilute the value of its existing stock.
Hexo announced on Thursday it had struck a deal with institutional investors to buy and resell 14.97 million common shares at US$1.67 per share, representing a 14-per-cent discount to its US$1.94 close on Tuesday on the New York Stock Exchange. The offering is expected to close by Dec. 30.The dual-listed shares fell to US$1.53 in New York on Thursday but rebounded to as much as US$1.67 on Friday.
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