Jushi Holdings Inc. Announces Acceleration of Warrants Expiry Date Issued in Conjunction with April 2018 and June 2018 Private Placements
- Warrant acceleration has a potential value of approximately USD$30 million in gross proceeds to the Company
- Gross proceeds further bolster strong balance sheet and Company’s plans to aggressively expand its market share
BOCA RATON, Fla., Nov. 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 April 2018 and June 2018 (the “Offerings”). Participants have thirty days from the date of notice of the acceleration to exercise their Warrants.
Each Warrant issued in conjunction with the Offerings 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$2.00 per share, subject to adjustment in certain events. Jushi retained the right to require the acceleration of the expiry date of these Warrants if the Company’s twenty-trading-day volume-weighted-average-price (“VWAP”) on the Canadian Securities Exchange (CSE) exceeded USD$3.00 (“Accelerated Expiry Date”). This was achieved during the trading period from October 27, 2020 through November 23, 2020. Management expects redemptions of the Warrants to result in the issuance of approximately 15 million additional subordinate voting shares and cash proceeds of approximately USD$30 million, however, there can be no assurance that any of the Warrants will be exercised prior to the Accelerated Expiry Date.
Jushi continues to build scale and tactically expand our footprint in both our current and developing markets, with a focus on high quality, limited license opportunities. We are grateful for the continued support of our shareholders and expect to leverage these proceeds together with our strong balance sheet to accelerate our growth while continuing to generate strong shareholder value.
Jim Cacioppo, Chief Executive Officer, Chairman and Founder of Jushi
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 firstname.lastname@example.org. Any Warrants that have not been exercised by 5:00 p.m. (eastern time) at the end of 30 days notice will automatically be cancelled.
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.