Tilray Shares Drop After Note Offering Prices
By Dean Seal
Shares of Tilray Brands are trading lower after the company announced the pricing for its registered offering of $150 million in unsecured convertible senior notes.
The stock was down 19.1% at $1.91 in premarket trading. Shares closed Thursday at $2.36, down more than 49% over the past 12 months.
The cannabis-lifestyle and consumer packaged goods company said just after midnight Friday that it is offering 5.2% convertible senior notes due in 2027 that have an aggregate principal amount of $150 million.
The company has also granted a 30-day option to underwriters for the purchase of up to an additional $22.5 million in notes to cover over-allotments.
Noteholders will have the right to convert their notes into Tilray shares at any time ahead of the notes' maturation on June 15, 2027.
The initial conversion rate is 376.6 shares per $1,000 of notes, representing an initial conversion price of about $2.66 a share.
The offering is expected to close on May 31.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 26, 2023 06:43 ET (10:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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