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Ascend Wellness Holdings Plans To Raise $80M Via IPO, Debut On CSE, OTCQX Best Market

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.

05/11/2021 13:16

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.

Related content: Benzinga's Full Upcoming and Recent IPOs Calendar

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.

AWH recently opted to support MedMen Enterprises, Inc.'s (CSE:MMEN) (OTCQX:MMNFF) subsidiary with $73 million ahead of New York becoming the 15th U.S. state to legalize cannabis.

Photo source: CNW Group/Ascend Wellness Holdings, LLC.