High Tide, a leading cannabis company, has recently unveiled an at-the-market equity-offering program, causing a decline in its share prices. The stock experienced a 7% drop to US$1.37, following a 6% increase at the previous session’s close. Although the stock has faced a 6% decline over the past 12 months, this new program aims to bring positive changes.
Through this program, High Tide will have the opportunity to issue up to $30 million Canadian dollars (US$22 million) worth of shares to the public in a controlled and timely manner. The shares offered through the ATM program will be sold at prevailing market prices, maintaining transparency and fairness.
This new program replaces the previous at-the-market equity-offering initiative that concluded on May 22. High Tide’s objective behind this offering is to generate funds for two strategic initiatives currently under development. These initiatives will foster the expansion and advancement of the company’s existing operations while also providing the means for future acquisitions. Moreover, the proceeds will be utilized for working capital and other general corporate purposes.
High Tide remains committed to its mission of growth and innovation within the cannabis industry. By launching this new equity offering program, the company aims to leverage its potential and pave the way for further success.
