Greenlane Holdings, Inc. (GNLN) has experienced an increase of 10.20% in the premarket on 10th September 2021. However, the last trading session closed at $2.55 with a decline of 3.77%.
What’s happening?
GNLN has not released any latest news on today’s date. But let’s dive deep into some of the recent news about the company.
GNLN merges with KushCo
On 1st September 2021, GNLN announces the completion of the merger with KushCo. Greenlane is the result of the merger of two pioneering cannabis ancillary product and service firms. They have a history of more than 26 years, resulting in an unchallenged leader in the cannabis market.
Furthermore, Greenlane Shares, the Company’s Class A common stock, will continue to trade on the Nasdaq Global Market under the ticker code “GNLN.” For every share of KushCo ordinary stock, each KushCo stockholder will receive 0.3016 of a Greenlane Share. Lastly, the holders of Greenlane Shares prior to the Transaction’s completion will keep their Greenlane Shares.
GNLN Reports Q2 2021 Revenue
GNLN reports Q2 2021 revenue on 17th August 2021.
- In Q2 2021, total revenue grew 7.1 percent to $34.7 million, more than $32.4 million in Q2 2020.
- Core revenue (non-nicotine revenue) increased 14.9 percent to $34.5 million in Q2 2021, compared to $30.0 million in Q2 2020.
- Greenlane Brands set a third consecutive quarterly sales record in Q2 2021, with sales of $9.0 million, more than 62.5 percent from $5.5 million in Q2 2020.
- Greenlane Brands accounted for 25.9% of total revenue in Q2 2021, more than 17.1% in Q2 2020.
GNLN Holdings Announces $32 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
GNLN announced its entry into a merger agreement with investment firms on 9th August 2021. This is done for the purchase and sale of 10,126,583 shares of the Company’s common stock and warrants. Also, it is done to buy up to 6,075,950 shares of the Company’s common stock, at an effectual purchase price of $3.16 per share of common stock (and affiliated warrants.
The warrants have a $3.55 per share exercise price. They are instantaneously exercisable and have a five-year duration.
This offering is pursuant to a valid shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission of the United States.
Commencement of Proxy Solicitation in Connection with their Previously Announced Merger
GNLN stated on 6th July 2021 that the proxy solicitation for its previously announced proposed merger has begun.
If authorized, the Transaction would create a major ancillary cannabis firm. That firm will serve a select set of clients, including several of the country’s largest multi-state operators and licensed producers, as well as millions of consumers worldwide.
If both Greenlane and KushCo shareholders approve the transaction, and all other closing conditions are met or waived. Lastly, the transaction will conclude in the third quarter of 2021.
