By Devika Patel
Knoxville, Tenn., June 22 – Jushi Holdings Inc. has received subscriptions for a $15.25 million private placement of 10% senior secured notes due Jan. 15, 2023, according to a press release. The financing has already raised $12.35 million and has non-binding indications of interest for an additional $10 million, and the company expects all funds to be received by July 11.
Investors will also receive 75% warrant coverage. Each warrant will be exercisable at $1.25 until Dec. 23, 2024.
Chairman and chief executive officer Jim Cacioppo subscribed for $1.5 million of the notes with other insiders subscribing for $3.35 million of the notes.
The offering is expected to close on or before the date that the previously announced acquisition of a Pennsylvania grower-processor permit holder is completed.
Proceeds will be used to fund the cash portion of the acquisition.
Based in Boca Raton, Fla., Jushi is a cannabis and hemp operator.
| Issuer: | Jushi Holdings Inc.
|
| Issue: | Senior secured notes
|
| Amount: | $15.25 million
|
| Maturity: | Jan. 15, 2023
|
| Coupon: | 10%
|
| Warrants: | 75% coverage
|
| Warrant expiration: | Dec. 23, 2024
|
| Warrant strike price: | $1.25
|
| Investor: | Jim Cacioppo (for $1.5 million)
|
| Announcement date: | June 22
|
| Distribution: | Private placement
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
