KushCo Holdings, Inc. (OTC: KSHB) said Thursday it has signed agreements with investors for the purchase and sale of 17.2 million units.
Each unit is one common share with a price of $0.001 per share and a warrant to buy half a common share at an offering price of $1.75 per unit.
These warrants, while directly exercisable, have an expiration date set to five years and an exercise price of $2.25 per share.
The company expects the gross proceeds to reach around $30.1 million before deducting necessary fees and other offering costs, and said it plans to use the net proceeds for corporate purposes.
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The direct offering is expected to close Sept. 30.
KushCo Holdings is a company that provides various services and produces ancillary products meeting the needs of the cannabis and hemp industries.
The stock was falling by 4.59% to $1.63 at the time of publication.
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