Tilray Floating Up to $400 Million in New Stock
Marijuana stock Tilray (NASDAQ: TLRY) is tapping the equity market for new funding. The company has revealed in a regulatory filing that it is floating a secondary issue of stock.
Up to $400 million worth of Tilray's Class 2 common stock will be offered in the flotation and will be sold in collaboration with investment bank Cowen and Company. Tilray did not specify how many shares would be offered. At the most recent closing price of $30.71, that upper-limit $400 million would equate to just over 13 million shares.
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Source Fool.com
