Akerna Raises $15 Million From Two Institutional Investors

Akerna Closes $17 Million Debt Financing

DENVER, June 09, 2020 (GLOBE NEWSWIRE) — Akerna Corp. (Nasdaq: KERN), a leading provider of enterprise software solutions for the cannabis industry, has closed a $17 million debt financing with two institutional investors. Proceeds from the financing will be used to support Akerna’s ongoing growth initiatives, continued investment in technology infrastructure and general corporate purposes.

“This financing further strengthens our balance sheet and gives us the ability to capitalize on the significant opportunities that are emerging for Akerna on the heels of the COVID-19 epidemic,” said Jessica Billingsley, chief executive officer, Akerna.

We are seeing more states pursue accelerated cannabis legalization as a means to close budget gaps, as the industry is proving to be recession resilient and, in many states, has been deemed an essential industry.

Jessica Billingsley, chief executive officer, Akerna

With this financing, we are taking advantage of our unique access to the capital markets to fortify our position as the only scaled technology provider serving the cannabis industry.

The financing is in the form of a Senior Secured Convertible Note (the “Note”), which is convertible into common stock at $11.50 per share. The Note, maturing on June 1, 2023, has a face value of $17 million and is being issued with an original issue discount of approximately 12%. The Note does not bear interest except upon the occurrence of an event of default and is to be repaid in monthly installments beginning on October 1, 2020.

A.G.P./Alliance Global Partners acted as the sole placement agent for the financing. For additional details regarding the agreement, please reference the Form 8-K filed with the U.S. Securities and Exchange Commission on June 9, 2020.

About Akerna

Akerna is a global regulatory compliance technology company. Akerna’s service offerings include MJ Platform®, Leaf Data Systems®, solo sciences tech platform and Trellis. Since its establishment in 2010, Akerna has tracked more than $18 billion in cannabis sales. Akerna is based in Denver. For more information, please visit www.akerna.com and follow us on Twitter @AkernaCorp.

Original press release

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Published by NCV Newswire
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