Neptune Wellness Solutions Inc. Announces Termination of "At-The-Market" Offering

Rhea-AI Summary

Neptune Wellness Solutions, Inc. (NASDAQ: NEPT) announced the termination of its "at-the-market" equity offering program effective February 16, 2021. Under this program, Neptune sold approximately 9,570,735 common shares, raising gross proceeds of about US$18.6 million. The company, focused on sustainable and plant-based lifestyle brands, emphasizes its commitment to redefining health and wellness through environmentally friendly consumer goods. This strategic decision may impact Neptune's funding strategy moving forward.

Positive

• Raised approximately US$18.6 million through previous sales under the ATM Offering.
• Maintaining focus on sustainable, plant-based products aligns with growing consumer trends.

Negative

• Termination of the ATM Offering may limit future capital raising opportunities.

LAVAL, QC, Feb. 17, 2021 /PRNewswire/ - Neptune Wellness Solutions, Inc. ("Neptune" or the "Company") (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on natural, plant-based, sustainable and purpose-driven lifestyle brands, announced today the termination of its "at-the-market" equity offering program (the "ATM Offering") with Jefferies, LLC ("Jefferies") as sales agent.

The termination of the ATM Offering is effective as of February 16, 2021 and Neptune will make no further sales under the ATM Offering. As of the date of this announcement, Neptune had sold 9,570,735 of its common shares under the ATM Offering, raising approximately US$18.6 million in gross proceeds.

ABOUT NEPTUNE WELLNESS SOLUTIONS INC.:

Neptune Wellness Solutions is a unique global health and wellness company that is changing consumer habits through the creation and distribution of environmentally friendly, ethical and innovative consumer product goods. Neptune's simultaneous focus on B2C and B2B customer-oriented brand development provides the Company with international reach and scale from its owned and operated facilities that extract and create product formulation, all the way to the sales floor at top global retailers. Underpinned by a disruptive spirit, Neptune's diversified, and fully integrated business model focuses on natural, plant-based, sustainable and purpose-driven lifestyle brands and the use of cannabinoids in household products to make them safer, healthier and more effective. Its portfolio includes emerging brands such as Forest Remedies™, Ocean Remedies™, Neptune Wellness™, Mood Ring™, and OCEANO3™, which are poised for rapid growth and expansion. Backed with a cost-efficient manufacturing and supply chain infrastructure that can be scaled up and down or into adjacent product categories to identify new innovation opportunities, Neptune quickly adapts to consumer preferences and demand, and is bringing its products as well as other Fortune 100 brands to market through strategic distribution partnerships, mass retail partners and e-commerce channels. Neptune is committed to its core mission of redefining health and wellness and helping humanity thrive by providing sustainable consumer focused solutions. For additional information, please visit: https://www.neptunecorp.com/

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SOURCE Neptune Wellness Solutions Inc.

FAQ

Why did Neptune terminate its at-the-market offering program?

Neptune terminated the ATM Offering to reassess its funding strategy after raising approximately US$18.6 million.

How much did Neptune raise through the ATM Offering?

Neptune raised approximately US$18.6 million by selling 9,570,735 common shares under the ATM Offering.

What is the impact of terminating the ATM Offering on NEPT shareholders?

The termination may limit future capital-raising opportunities, potentially affecting shareholder value.

When was the ATM Offering terminated?

The ATM Offering was terminated effective February 16, 2021.