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Charlotte's Web Announces Exercise of Over-Allotment Option in connection with Underwritten Secondary Offering of Common Shares
Charlotte's Web Announces Exercise of Over-Allotment Option in connection with Underwritte...
About this update from Charlotte's Web Holdings, Inc.
[{"type":"text","content":"\n\n\n\nCharlotte's Web Announces Exercise of Over-Allotment Option in connection with Underwritten 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 24, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES/\n BOULDER, CO, May 24, 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 that the Underwriters (as defined below) 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 (the \"Offering Price\") have exercised in full their option to purchase an additional 1,050,000 common shares from the Selling Shareholders at the Offering Price. The gross proceeds to the Selling Shareholders under the exercise of this over-allotment will be C$21,000,000, and together with the gross proceeds from the initial closing on May 15, 2019 of C$140,000,000, the aggregate gross proceeds of the offering (the \"Offering\") will be $161,000,000. \n\n \n \n\n \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\"). \nThe Offering was conducted pursuant to the terms of an amended and restated underwriting agreement among the Company, the Underwriters 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. \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 www.sedar.com and from C...