With the stock posting its lowest prices since it debuted in late May on Wednesday, MedMen (CSE: MMEN) (OTC: MMNFF) co-founders Adam Bierman and Andrew Modlin purchased shares on the open market on Thursday. Bierman, according to a press release, purchased 342,660 Class B Subordinate Voting Shares at C$3.905, spending C$1.34 million. Modlin bought 335,815 Class B Subordinate Voting Shares at C$3.901, spending C$1.3 million. Following the purchases, Bierman and Modlin each own 13.2% of the company on a fully-diluted basis.
Shares of MedMen, which traded in Canada as low as C$3.11 on Wednesday,when U.S. markets were closed, rallied more than 20% on Thursday, ending the day at C$4.10 after trading as high as C$4.20. The stock traded above C$10 in October. The company closed a $75 million capital raise yesterday, selling shares at C$5.50 with warrants at C$6.87.
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