Tilray Prices $90.4 Million Equity Offering at $4.76

Tilray, Inc. Announces Pricing of its $90.4 Million Registered Offering

NANAIMO, British Columbia, March 13, 2020–(BUSINESS WIRE)–Tilray, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY), a global pioneer in cannabis production, research, cultivation and distribution, announced today that it has priced an underwritten registered offering of 7,250,000 shares of its Class 2 common stock and, in lieu of Class 2 common stock, pre-funded warrants to purchase 11,750,000 shares of Class 2 common stock, and accompanying warrants to purchase 19,000,000 shares of its Class 2 common stock (or, for investors who so choose, pre-funded warrants to purchase shares of Class 2 common stock) at a price to the public of $4.76 per share and accompanying warrant (or $4.7599 per pre-funded warrant and accompanying warrant). Tilray’s gross proceeds from this offering are expected to be approximately $90.4 million, before deducting underwriting discounts and estimated offering expenses. All of the securities in the offering are being sold by Tilray. The warrants will be exercisable beginning six months after issuance at a price of $5.95 per share of Class 2 common stock and have a term of five years commencing on the date of exercisability. The offering is expected to close on March 17, 2020, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering for general corporate purposes.

Canaccord Genuity LLC is acting as sole book-running manager for the offering.

The offering is being made only by means of a prospectus supplement and an accompanying prospectus filed as part of an automatically effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) on Form S- 3 on September 11, 2019. The prospectus supplement and accompanying prospectus for the offering will be filed with the SEC and will be available on the SEC’s website, www.sec.gov. Copies of the prospectus supplement and accompanying prospectus, when available, may also be obtained from Canaccord Genuity LLC Attention: Syndicate Department, 99 High Street, 12th Floor, Boston, Massachusetts 02110, or by telephone at (617) 371-3900 or by e-mail at prospectus@cgf.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Tilray®

Tilray (Nasdaq: TLRY) is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients and consumers in 15 countries spanning five continents.

Original press release

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