Vertically integrated cannabis company Ascend Wellness Holdings, Inc. is poised to go public through an initial public offering of some 10 million shares of its Class A common stock at $8 per share.
The New York-based company said Wednesday that underwriters will have a month to buy up to an additional 1.5 million shares of its Class A common stock at the set price.
The company expects to close the offering and then debut on the Canadian Securities Exchange on Tuesday, May 4 under the ticker symbol "AAWH."
AWH said it anticipates seeing its shares quoted on the OTCQX Best Market once the offering is closed.
The company intends to utilize the $80 million raised through the IPO to fund certain transactions, including future investments in New York and Ohio, as well as capital expenditures, tax liabilities and working capital, to name a few.
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The offering is being carried out through a syndicate of underwriters led by Canaccord Genuity, which is acting as the sole book-running manager, Beacon Securities Limited, Eight Capital, ATB Capital Markets, Inc. and Cormark Securities Inc.
Photo source: CNW Group/Ascend Wellness Holdings, LLC.