Tilray Brands Inc

TLRY: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 2.50	Gtklg	Yyxtmzxtx

Tilray: Shares Plunge on Dilutive Convertible Notes Offering, but Magnitude Is an Overreaction

Kristoffer Inton

May 26, 2023

On May 25, no-moat Tilray issued $150 million of 5.2% unsecured convertible senior notes, with another $22.5 million possible for over-allotments. The proceeds will be used to partially refinance near-term maturities of the 5% convertible senior notes due 2023 and 5.25% convertible senior notes due 2024, of which $223 million and $138 million, respectively, were outstanding at the end of the fiscal third quarter.

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