Greenlane prices 3.8M units at $1.05 in public offering

Greenlane Holdings announced the pricing of its “reasonable best efforts” public offering of 3,809,524 units at a public offering price of $1.05 per unit. Each unit consists of one share of Class A common stock and two common warrants each exercisable for one share of Class A common stock at an exercise price of $1.05 per share. The common warrants will be immediately exercisable and expire five years from the date of issuance. The pre-funded warrants and accompanying common warrants are identical to the units, except that each pre-funded warrant is immediately exercisable for one share of Class A common stock at an exercise price of $0.0001, the purchase price for a pre-funded warrant and accompanying common warrants is $1.0499 and the pre-funded warrants do not expire until exercised. Gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $4 million. The closing of the offering is expected to occur on or about July 3, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes. In connection with the offering, the Company has entered into an agreement with existing investors of the Company who participated in this offering to reduce the exercise price of outstanding warrants to purchase up to 1,674,567 shares of common stock, in the aggregate, which were issued in the Company’s October 2022 public offering and the Company’s June 2022 registered direct offering from $9.00 per share and $50.00 per share, respectively, to $1.05 per share, effective upon the closing of this offering. All of the other terms of the Prior Warrants will remain unchanged. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.