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Flower One Holdings announced virtual meetings for Debentureholders regarding restructuring proposals for its 9.5% Unsecured Convertible Debentures. The meetings will occur on April 15, 2021, for the November and March Debentureholders. The management circular includes details on voting and participation due to COVID-19. Flower One, a leading cannabis cultivator in Nevada, urges Debentureholders to vote in favor of the proposed resolutions. The company's operational capacity includes a 400,000 sq. ft. greenhouse and a 55,000 sq. ft. production facility.
Flower One Holdings has successfully closed the third tranche of its 2021 convertible debenture offering, raising approximately CAD$2.55 million. This brings the total gross proceeds from the offering to approximately CAD$24.13 million. Each debenture unit consists of a 9.0% unsecured convertible debenture and warrants, with an exercise price of CAD$0.39. The funds will be allocated for working capital and debt obligations, aiming to boost operations in Nevada's cannabis market.
Flower One Holdings announced the close of the second tranche of its 2021 convertible debenture offering, raising CAD$8,757,643.92 (USD$6,896,217.02). This brings total proceeds from the offering to approximately CAD$21,583,835.90 (USD$16,996,217.02). The company is converting CAD$413,490 in vendor debts into common shares and satisfying conditions for a loan modification agreement. With increased product demand and improved operations, Flower One aims to achieve its goals for 2021 and beyond. The company has also secured support for restructuring its convertible debentures.
Flower One Holdings (CSE: FONE) (OTCQX: FLOOF) has announced a restructuring initiative concerning its convertible debentures, gaining majority support from holders of both March and November Debentures. The amendments involve extending the maturity date to January 31, 2024, adjusting interest rates, and implementing a forced conversion option. The restructuring aims to improve cash flow and reduce debt service burdens. Furthermore, the board unanimously supports this transaction, viewing it as beneficial for stakeholders.
Flower One Holdings Inc. (CSE: FONE; OTCQX: FLOOF) announced that several vendors will convert their debt into equity as part of its restructuring plan. This follows the receipt of US$10.1M in convertible-debt funding. President Kellen O’Keefe expressed gratitude for the support, emphasizing that these conversions reduce overall debt and position the company for future success. Additional vendors may also convert their debt in the near future. Flower One is the largest cannabis cultivator in Nevada, providing a wide range of products for industry-leading brands.
Flower One Holdings announced it has made interest payments totaling CAD$2,457,985.50 on its unsecured convertible debentures due December 31, 2020. The Company is engaging legal and financial advisors to discuss potential restructuring of the Debentures, with a goal of finalizing a deal by March 5, 2021. However, no agreements have been reached yet, posing a risk to financial stability. The Company has also completed initial debt restructuring and management changes to enhance operational efficiency.
Flower One Holdings announced significant changes to its Board and executive management, including the appointments of Mitchell Kahn, Eliza Gairard, and Kellen O’Keefe. The company completed an initial debt restructuring, retiring 20 million common shares, and closed US$10,100,000 of a US$25 million convertible debenture offering. The new management aims to capitalize on operational improvements and address previous challenges, enhancing Flower One's position in the Nevada cannabis market amidst financial restructuring efforts.
Flower One Holdings has appointed Richard Groberg as the new Interim CFO, succeeding David Kane. Groberg, with expertise in finance and a history of capital raising exceeding $2 billion, is expected to enhance the company's financial operations, particularly in the Nevada cannabis market. The company is a leader in cannabis cultivation and production, providing a range of products to top brands. This leadership change comes as Flower One continues to focus on expanding its business and operational capabilities.
Flower One Holdings announced it will not make the interest payment of CDN$2,457,983 on its Unsecured Convertible Debentures due December 31, 2020. The outstanding principal on these Debentures amounts to US$28,194,970, bearing 9.5% interest. The company has 30 days to address this payment before an event of default occurs. To conserve cash, Flower One is exploring financing options and has formed a special committee for this purpose. The company remains a top cannabis cultivator in Nevada, producing a variety of products for leading cannabis brands.
