HempNewsBreaks – Flora Growth Corp. (NASDAQ: FLGC) Closes on $3.2M Public Offering

April 09, 2024 at 14:31 PM EDT

Flora Growth (NASDAQ: FLGC), a cannabis-focused consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000-plus points of distribution around the world, has closed on an underwritten public offering. The offering, which was comprised of 1.7 million common shares, resulted in $3.23 million in gross proceeds for Flora Growth, before deductions. Flora Growth plans to use the funds from the offering for general corporate and working capital needs. Aegis Capital Corp. acted as the sole book-running manager for the offering, which closed on April 8, 2024. In addition, the company announced that its CEO, Clifford Starke, purchased common shares in the offering. Specifically, Starke purchased 526,315 common shares for $1 million; he purchased the shares through YT Research Inc., which he owns. “Immediately before the completion of the offering, [Starke] owned an aggregate of 818,741 common shares, representing approximately 9.11% of the outstanding common shares of the issuer,” the announcement stated. “Immediately following the completion of the offering, the acquiror owned an aggregate of 1,345,056 common shares, representing approximately 12.59% of the outstanding common shares.” To view the full press releases, visit https://cnw.fm/0ITzR and https://cnw.fm/hHhOH About Flora Growth Corp. Flora Growth is a cannabis-focused, consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000-plus points of distribution around the world. For more information about the company, please visit www.FloraGrowth.com. NOTE TO INVESTORS: The latest news and updates relating to FLGC are available in the company’s newsroom at https://ibn.fm/FLGC About HempWire HempWire (“HW”) is a specialized communications platform with a focus on hemp-related news, information, and the latest developments in the hemp sector. HempWire is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, HW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, HW brings its clients unparalleled recognition and brand awareness. HW is where breaking news, insightful content and actionable information converge. To receive SMS alerts from HempWire, text “HempWire” to 888-902-4192 (U.S. Mobile Phones Only) For more information, please visit https://www.HempWire.com Please see full terms of use and disclaimers on the HempWire website applicable to all content provided by HW, wherever published or re-published: https://www.HempWire.com/Disclaimer HempWire Denver, Colorado www.HempWire.com 303.498.7722 Office Editor@HempWire.com HempWire is powered by IBN