HEXO (HEXO) traded down 20% on Boxing Day after the company had a surprise equity raise. Considering the company recently completed a sizable convertible debt offering, the move on an inopportune day to raise equity doesn’t offer a promising outlook for the stock of the struggling Canadian cannabis company.Boxing Day Equity OfferingOn December 26 or Boxing Day in Canada, HEXO announced a definitive agreement to sell 14,970,062 shares to institutional investors at an offering price of $1.67. The deal was an ~14% discount to market prices and raised gross proceeds of $25 million. In addition, the offering includes warrants to …read more
Source:: Yahoo Finance
