Canopy Growth Corp (NASDAQ:CGC) shares are trading lower Monday after the company announced a private placement of up to $50 million.
What Happened: Canopy said it entered into subscription agreements with institutional investors for a private placement of nearly 23 million units at a price of $1.09 per unit. Each unit will consist of one common share and one warrant, entitling the holder to acquire one common share for $1.35 at any time within five years of issuance.
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