Tilray exchanges $18.5M of convertible notes for 9.6M shares in private transactions

Tilray Brands, Inc.

Issued 9,601,538 common shares to retire $18.5M aggregate principal of 5.25% Convertible Senior Notes due June 2024.
Two private debt-for-equity exchanges closed on Dec 15 and Dec 21, 2023.
Shares issued under Section 3(a)(9) exemption; no commissions paid for solicitation.
Transaction reduces debt by $18.5M but increases diluted share count by approximately 1%.
Retires notes with near-term maturity (June 2024), eliminating refinancing risk for that tranche.

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