Harvest Health & Recreation Inc. Announces Acceleration of Expiry Date of Warrants
Harvest Health & Recreation Inc. announced the acceleration of the expiry date for 8,484,047 subordinate voting share purchase warrants, originally issued on October 28, 2020. Each warrant can be exercised at a price of Cd$3.05, potentially raising total proceeds of Cd$25,876,343.40. The acceleration was triggered after the closing price exceeded Cd$4.97 for ten consecutive trading days as of July 7, 2021. The new expiry date is set for 2:00 PM on August 13, 2021. Notice has been provided to the warrant holders as per the warrant indenture terms.
- Potential to raise Cd$25,876,343.40 if all warrants are exercised.
- Warrants' acceleration demonstrates strong shareholder interest with stock price exceeding Cd$4.97.
- Warrants that remain unexercised will be canceled post-expiry, potentially limiting future capital raising efforts.
PHOENIX, July 12, 2021 /PRNewswire/ -- Harvest Health & Recreation Inc. ("Harvest" or the "Company") (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today announced it has elected to accelerate the expiry date of 8,484,047 outstanding subordinate voting share purchase warrants issued on October 28, 2020 (each whole subordinate voting share purchase warrant, a "Warrant"). Each outstanding Warrant is exercisable to acquire one subordinate voting share of the Company at an exercise price of Cd
Pursuant to the terms of the warrant indenture governing the Warrants, Harvest may accelerate the expiry date of the Warrants when the closing price of the subordinate voting shares on the Canadian Securities Exchange exceeds Cd
About Harvest Health & Recreation Inc.
Headquartered in Tempe, Arizona, Harvest Health & Recreation Inc. is a vertically integrated cannabis company and multi-state operator. Since 2011, Harvest has been committed to expanding its retail and wholesale presence throughout the U.S., acquiring, manufacturing, and selling cannabis products for patients and consumers in addition to providing services to retail dispensaries. Through organic license wins, service agreements, and targeted acquisitions, Harvest has assembled an operational footprint spanning multiple states in the U.S. Harvest's mission is to improve lives through the goodness of cannabis. We hope you'll join us on our journey: https://harvesthoc.com
Facebook: @HarvestHOC
Instagram: @HarvestHOC
Twitter: @HarvestHOC
Forward-looking Statements
This press release may contain "forward-looking statements" regarding Harvest's business strategies or prospects, which may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. Such statements include, but are not limited to, the following: the warrant exercise's effect on our stock price and any associated shareholder dilution, our growth potential in our core cannabis markets, and the sustainability of such growth; our ability to successfully and timely execute our business and operational plans in such markets; statements regarding our proposed strategic business combination with Trulieve Cannabis Corp. ("Trulieve"), including without limitation, the expected terms, timing and closing of the combination, the timing and nature of all required regulatory approvals, estimates of pro-forma financial information of the combined company, Trulieve's and Harvest's expected financial performance for fiscal 2021, the combined operations and prospects of Trulieve and Harvest, and the current and projected market and growth opportunities for the combined company and value for shareholders; the development of favorable federal and state cannabis regulatory frameworks in the United States applicable to multi-state cannabis operators; and adverse changes in the public perception of cannabis. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including assumptions in respect of current and future market conditions. Actual results, performance or achievement could differ materially from that expressed in, or implied.
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SOURCE Harvest Health & Recreation Inc.
FAQ
What is Harvest Health & Recreation Inc. announcing regarding warrants on July 12, 2021?
What is the exercise price of the warrants announced by Harvest Health?
What are the total proceeds if all warrants are exercised for Harvest Health?
What conditions triggered the acceleration of the warrants' expiry date?
What happens to unexercised warrants after the new expiry date?
