The Valens Company closed its previously announced bought deal public offering of units of the Company for total gross proceeds of $39.7mm. The Company sold 19.4mm Units at a price of $2.05/unit, including 2.3mm units sold pursuant to the exercise of the underwriters’ over-allotment option. The Company plans to use $32.0mm of the net proceeds to pursue strategic M&A and business expansion opportunities in Canada and international markets, with the balance of the net proceeds for working capital requirements and general corporate purposes. None of the proceeds of the Offering will be used for the previously announced proposed acquisition of LYF Food Technologies Inc.
Source: Company filings