Business
Akanda Announces Closing of Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
London, United Kingdom--(Newsfile Corp. - February 2, 2024) - Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), an international medical cannabis
About this update from Akanda Corp.
[{"type":"text","content":"London, United Kingdom--(Newsfile Corp. - February 2, 2024) - Akanda Corp. (NASDAQ: AKAN) (\"Akanda\" or the \"Company\"), an international medical cannabis company, today announced that it has closed its previously announced registered direct offering for the sale and issuance of 280,851 common shares at a purchase price of $0.406 per share, and pre-funded warrants to purchase 1,462,991 common shares at a price of $0.4059 per share, priced at-the-market under the Nasdaq rules. The pre-funded warrants are immediately exercisable for $0.0001 per share and may be exercised at any time until all of the pre-funded warrants are exercised in full, subject to certain beneficial ownership limitations as set forth in the pre-funded warrant.\nUnivest Securities LLC is acting as the exclusive financial advisor in connection with the offering.\nThe gross proceeds to Akanda from this offering were approximately $708,000, before deducting the financial advisor fees and other offering expenses. Akanda intends to use the net proceeds from this offering on capital expenditures, operating capacity, working capital, general corporate purposes and the refinancing or repayment of existing indebtedness and acquisitions of complementary products, technologies or businesses..\nThe securities described above were offered pursuant to an effective shelf registration statement on Form F-3, as amended (File No. 333-276577) previously filed with the Securities and Exchange Commission (\"SEC\") and was declared effective on January 29, 2024. The securities were offered only by means of the prospectus supplement and the accompanying base prospectus that form a part of the registration statement. The final prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC on February 2, 2024 and will be available free of charge on the SEC's website at http://sec.gov.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registra...