High Times cuts $28.6 million of debt with equity conversion
Hightimes Holding Corp, the owner of cannabis-focused High Times magazine, disclosed it had reduced $28.6 million of existing debt through a conversion and warrant exercise, trimming its overall debt burden by more than half.
The company also said it has raised $13.2 million from more than 15,000 investors and extended the offer period until the end of January.
The former stockholders of Trans High Corp, a company Hightimes acquired in February 2017, have agreed to immediately convert $25.6 million of convertible 12% notes into shares for $11 per share, the same per share price as the shares in the IPO.
A senior secured lender has also agreed to exercise its warrants and reduce another $3 million of debt.
READ: Namaste Technologies to open cannabis cafés and launch H.E.A.L. health foods
“This transaction enables us to simplify our balance sheet and further our business development efforts. We are pleased to have the support of some of our largest shareholders as we take this next step in the maturation of our company,” said Hightimes Holding CEO Adam Levin in a statement.
The news comes as Hightimes Holding Corp is raising up to $50 million in a Regulation A+ IPO open to all investors. Reg A+ offerings have less stringent listing requirements and are open to a wider range of investors.
The company, which also operates the well-known Cannabis Cup events, plans to use the IPO proceeds to invest in growth across both existing and new business platforms.
In September, it agreed to acquire DOPE Media for $1.2 million, of which 10,000,420 will be paid in High Times stock and $1,000,000 in cash.
Contact Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/210613/high-times-cuts-286-million-of-debt-with-equity-conversion-210613.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Lion’s Mane Mushroom
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, But it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes:
Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity.
Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins.
Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system.
Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome.
Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function.
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules. Today Be 100% Satisfied Or Receive A Full Money Back Guarantee Order Yours Today By Following This Link.
| Online: | |
| Visits: | 1,609,573,705 |
| Stories: | 8,168,102 |
Whistler Blowers, Insiders
