Business
Charlotte's Web Announces Closing of Secondary Offering of Common Shares
Charlotte's Web Announces Closing of Secondary Offering of Common Shares Canada Ne...
About this update from Charlotte's Web Holdings, Inc.
[{"type":"text","content":"\n\n\n\nCharlotte's Web Announces Closing of Secondary Offering of Common Shares\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nBOULDER, CO, May 15, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES/\n BOULDER, CO, May 15, 2019 /CNW/ - (CSE:CWEB, OTCQX:CWBHF) Charlotte's Web Holdings, Inc. (\"Charlotte's Web\" or the \"Company\"), the market share leader in hemp-derived CBD extract products, is pleased to announce today the closing of its previously announced underwritten public offering of 7,000,000 common shares of the Company sold by certain current shareholders (the \"Selling Shareholders\") at a price of C$20.00 per share for total gross proceeds of C$140 million (the \"Offering\"). \n\n \n \n\n \nThe Offering was conducted pursuant to the terms of an amended and restated underwriting agreement among the Company, the Underwriters (as defined below) and the Selling Shareholders dated May 13, 2019 (the \"Underwriting Agreement\"). The Company did not receive any proceeds from the sale of common shares by the Selling Shareholders under the Offering. \nThe Offering was conducted by a syndicate of underwriters led by Canaccord Genuity Corp. and including Cormark Securities Inc., Eight Capital and PI Financial Corp. (collectively, the \"Underwriters\"). \nPursuant to the terms of the Underwriting Agreement, the Selling Shareholders have granted the Underwriters an over-allotment option to purchase up to an additional 1,050,000 common shares, representing 15% of the Offering, on same terms and conditions as the Offering, exercisable in whole or in part at any one time for a period of 30 days from the closing of the Offering. If exercised in full, this would increase the total size of the Offering to approximately C$161 million.\nIn connection with the Offering, the Company filed a prospectus supplement dated May 13, 2019 (the \"Supplement\") to the final base shelf prospectus of the Company dated April 8, 2019 (the \"Base Prospectus\"). Copies of the Supplement and Base Prospectus may be obtained on SEDAR at ww...