Flora (NASDAQ: FLGC), a global consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution, today announced its entry into securities purchase agreements with institutional investors for the purchase and sale of 1,369,000 of the company’s common shares, no par value, pursuant to a registered direct offering, and warrants to purchase up to 1,369,000 common shares in a concurrent private placement (together with the registered direct offering, the “offering”). The combined purchase price for one common share and one warrant will be $2.00. At an exercise price of $2.50 per common share, the warrants will be exercisable six months following the date of issuance and will expire five and one-half years from the initial date of issuance. The aggregate gross proceeds to Flora will be approximately $2.7 million, of which the company expects to use the net proceeds to increase operating capacity, for working capital and for other general corporate purposes. Subject to the satisfaction of customary conditions, the offering is expected to close on or about Sept. 21, 2023. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.
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About Flora Growth Corp.
Flora is a global consumer-packaged goods leader and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ points of distribution. For more information on Flora, visit www.FloraGrowth.com.
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