High Tide (NASDAQ: HITI) recently closed a $10 million deal equity financing deal.
The agreement includes the exercise in full of the underwriter’s over-allotment option. In relation to the offering, the Canada-based company issues a total of 4.96 million units at a price of $2.32 per unit, for aggregate gross proceeds of $11.5 million.
The company noted it plans to use the net proceeds from the offering for constructing and opening new retail cannabis stores, debt repayments, and standard corporate practices.
Cantor Fitzgerald’s Pablo Zuanic kept a ‘Neutral’ rating on High Tide stock lowering their price target to CA$2.80 ($2.18) from CA$4.45.
The analyst said he lowered the price target to address the increased share count and higher operations risks.
High Tide stock fell 25% over the …