24/7 Market News Snapshot 14 Aug 2024 – Greenlane Holdings, Inc. Class A Common Stock (NASDAQ: GNLN)

August 14, 2024 9:06

Press Release

DENVER, Colo., 14 August, 2024 (247marketnews.com) – (NASDAQ:GNLN) are discussed in this article.
Greenlane Holdings, Inc. (NASDAQ:GNLN) commenced trading today at $10 and has surged to $12.220, capturing a notable 32.47% increase from its market open. This remarkable ascent also tops the prior session’s close of $10.010. The elevated trading volume of 1.2 million shares underscores significant investor interest and market momentum. This substantial price increase within a single trading session appears to be driven by strong bullish sentiment or potentially impactful news, warranting close monitoring by investors to gauge the sustainability of this upward trend.

The surge in Greenlane Holdings’ stock can be partly attributed to its recent announcement of a successful $6.5 million private placement with a leading institutional investor. The funds raised from this transaction will bolster Greenlane’s working capital and support general corporate purposes, providing enhanced operational flexibility and enabling strategic growth initiatives.

As part of the private placement, Greenlane issued 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. Each common warrant, exercisable at $2.50 per share, is set to activate on a specified initial date and will remain valid for five years. The exclusive placement agent for this transaction was Aegis Capital Corp., highlighting Greenlane’s strong connections with institutional financial entities. Legal services were rendered by Sichenzia Ross Ference Carmel LLP for Greenlane and Kaufman & Canoles, P.C. for Aegis Capital Corp.

Greenlane CEO Nicholas Kovacevich remarked that this significant capital injection affirms investor confidence in the company’s strategic direction and operational capabilities. This infusion will substantially support Greenlane’s efforts in expansion and innovation, ensuring the continued provision of premium products to its diverse clientele.

Conducted under the Securities Act of 1933, the private placement involved the issuance of unregistered securities. Greenlane is committed to filing requisite registration statements with the SEC for the resale of these securities.

Greenlane’s robust market presence, reflected by its extensive product portfolio and distribution networks, emphasizes its commitment to delivering superior products and maintaining industry leadership.

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