Jushi Holdings Inc. Announces Acceleration of Warrants Expiry Date Issued in Conjunction with March 2019 Private Placements
Warrant acceleration has a potential value of approximately USD$11 million in gross proceeds to the Company
BOCA RATON, Fla., Dec. 24, 2020 (GLOBE NEWSWIRE) — Jushi Holdings Inc. (“Jushi” or the “Company”) (CSE: JUSH) (OTCMKTS: JUSHF), a vertically integrated, multi-state cannabis operator, announced that it has exercised its right to accelerate the expiry date of subordinate voting share purchase warrants (the “Warrants”) issued to participants in the Company’s previously-announced private placement offerings, which closed in March 2019 (the “Offering”). Participants have thirty days from the date of notice of the acceleration to exercise their Warrants.
We are strategically expanding our footprint and scaling our operations in some of the most attractive markets in the Cannabis industry.
Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi
The funds raised through the exercise of these Warrants, along with our robust balance sheet will ensure we remain well positioned to execute on our growth strategy and continue to deliver value for our shareholders.
Each Warrant issued in conjunction with the Offering entitled the holder to purchase one subordinate voting share in the capital of Jushi for a period of 24 months from June 10, 2019 (i.e. June 10, 2021) at an exercise price of USD$3.00 per share, subject to adjustment in certain events. Jushi retained the right to require the acceleration of the expiry date of the Warrants if the Company’s thirty-trading-day volume-weighted-average-price (“VWAP”) on the Canadian Securities Exchange (CSE) exceeded USD$4.00 (“Accelerated Expiry Date”). This was achieved during the trading period from November 13, 2020 through December 24, 2020. Management expects redemptions of the Warrants to result in the issuance of approximately 3.6 million additional subordinate voting shares and cash proceeds of approximately USD$11 million, however, there can be no assurance that any of the Warrants will be exercised prior to the Accelerated Expiry Date.
Warrant holders who wish to exercise their Warrants should contact their investment advisor and submit an exercise notice form to Jushi’s Investor Relations Department at [email protected]com. Any Warrants that have not been exercised by 5:00 p.m. (eastern time) at the end of 30 days notice will automatically be canceled.
About Jushi Holdings Inc.
We are a vertically integrated cannabis company led by an industry-leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis assets through opportunistic acquisitions, distressed workouts and competitive applications. Jushi strives to maximize shareholder value while delivering high-quality products across all levels of the cannabis ecosystem. For more information please visit www.jushico.com or our social media channels, Instagram, Facebook, Twitter and LinkedIn.
Original press release