Greenlane Holdings, Inc. Announces Closing of $25.0 Million Private Placement

About this update from Greenlane Holdings, Inc.

[{"type":"text","content":"BOCA RATON, FL / ACCESS Newswire / February 19, 2025 / Greenlane Holdings, Inc. (NASDAQ:GNLN) (the "Company"), one of the premier global sellers of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, today announced the closing of its previously announced private placement of approximately $25.0 million of shares of Common Stock and investor warrants at a price of $1.19 per Common Unit. The entire transaction was priced at the market under Nasdaq rules.","length":509,"tagName":"p"},{"type":"text","content":"The offering consisted of the sale of 21,008,405 Common Units (or Pre-Funded Units), each consisting of (i) one (1) share of Common Stock or one (1) Pre-Funded Warrant, (ii) one (1) Series A PIPE Common Warrant to purchase one (1) share of Common Stock per warrant at an exercise price of $1.4875 ("Series A Warrant") and (iii) one (1) Series B PIPE Common Warrant to purchase one (1) share of Common Stock per warrant at an exercise price of $2.975 ("Series B Warrant" and together with the Series A Warrant, the "Warrants"). The price per Common Unit was $1.19. The initial exercise price of each Series A Warrant is $1.4875 per share of Common Stock. The Series A Warrants are exercisable following stockholder approval and expire five (5) years thereafter. The number of securities issuable under the Series A Warrant is subject to adjustment as described in more detail in the report on Form 8-K filed in connection with the offering. The initial exercise price of each Series B Warrant is $2.975 per share of Common Stock or pursuant to an alternative cashless exercise option. The Series B Warrants are exercisable following stockholder approval and expire two and one-half (2.5) years thereafter. The number of securities issuable under the Series B Warrant is subject to adjustment as described in more detail in the report on Form 8-K filed in connection with the offering.","length":1413,"tagName":"p"},{"type":"text","content":"Aggregate gross proceeds to the Company were approximately $25.0 million. The transaction closed on February 19, 2025. The Company expects to use the net proceeds from the offering, together with its existing cash, for the repayment of existing indebtedness, general corporate purposes and working capital.","length":306,"tagName":"p"}...

More updates from Greenlane Holdings, Inc.