24/7 Market News Snapshot 12 Aug 2024 – Greenlane Holdings, Inc. Class A Common Stock (NASDAQ: GNLN)

August 12, 2024 3:09

Press Release

DENVER, Colo., 12 August, 2024 (247marketnews.com) – (NASDAQ:GNLN) are discussed in this article.
Greenlane Holdings, Inc. (NASDAQ:GNLN) experienced a substantial fluctuation in its stock price, opening today at $9.51 and currently trading at $7.25. This represents a remarkable 760.50% increase from the previous session’s close of $2.471. The trading volume has surged to an extraordinary 45.8 million shares, reflecting heightened market interest and potential volatility. This spike in both price and trading activity may indicate investor speculation or a response to recent company developments. Support levels should be monitored around $7.00, with resistance anticipated near the $9.50 opening price for strategic trading decisions.

In a significant financial move, Greenlane Holdings, Inc. has secured a $6.5 million investment through a securities purchase agreement with a single institutional investor. This funding is expected to significantly bolster the company’s operational capabilities and strategic goals. The agreement involves the issuance of 2,363,637 units and pre-funded units, with each unit comprising one share of common stock (or one pre-funded warrant) and two common warrants, exercisable at $2.50 per share. The warrants are set to be viable for up to five years from the initial exercise date, reflecting Greenlane’s focus on sustaining growth while maintaining strategic flexibility.

According to Nick Kovacevich, CEO of Greenlane Holdings, the capital infusion will reinforce working capital and support initiatives that drive sustainable growth and innovation within the industry. Aegis Capital Corp. has facilitated the transaction as the Exclusive Placement Agent, with legal counsel from Sichenzia Ross Ference Carmel LLP and Kaufman & Canoles, P.C. for Greenlane and Aegis Capital Corp., respectively.

The net proceeds from this private placement are set to enhance corporate capabilities and support day-to-day operations, consolidating Greenlane’s standing as a premier provider in the cannabis accessory market. The transaction is expected to close around August 13, 2024, contingent upon standard closing conditions.

Founded in 2005, Greenlane maintains a robust portfolio of brands, including exclusively licensed Marley Natural and K.Haring products, and a variety of leading third-party products available through direct sales and proprietary e-commerce platforms such as Vapor.com and PuffItUp.com.

This strategic funding not only strengthens Greenlane’s financial position but also paves the way for ongoing growth and innovation, solidifying its leadership in the global cannabis accessory market.

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