Canopy Growth equitizes C$12.5M of 4.25% notes due July 2023, issuing 24.3M shares

Canopy Growth Corp

Exchanged C$12.5M aggregate principal of 4.25% Convertible Senior Notes due 2023 for cash and 24,342,740 common shares.
Shares issued at 80% of five-day VWAP (C$0.5135 per share); notes cancelled upon closing on June 30, 2023.
Transaction conducted as a private placement under Section 4(a)(2) of the Securities Act.
CFO Judy Hong stated the equitization strengthens Canopy's financial position and provides additional flexibility.
HudsonWest LLC acted as financial advisor to the Company.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Canopy Growth Corp entered into Exchange Agreements with certain holders valued at C$12.5 million aggregate principal amount of the Notes (effective 2023-06-29).

Action: entry
Agreement: notes offering
Counterparty: certain holders
Value: C$12.5 million aggregate principal amount of the Notes
Effective: 2023-06-29

Exact text from the filing

On June 29, 2023, Canopy Growth Corporation (the “Company”) entered into five privately negotiated exchange agreements (collectively, the “Exchange Agreements”) with certain holders (the “Holders”) of its 4.25% Convertible Senior Notes due 2023 (the “Notes”).

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Canopy Growth Corp filing history →

Source: SEC EDGAR

accession 0001193125-23-181342

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