Summary by Moomoo AI
Canopy Growth Corporation, a Canadian company listed on the Nasdaq Global Select Market under the symbol CGC, filed a prospectus supplement on January 16, 2024, to update information related to the sale of 13,218,453 common shares. These shares were previously issued to certain securityholders through various agreements and amendments dating from May 17, 2022, to March 17, 2023. The company also announced the termination of a private placement agreement due to unforeseen delays caused by a third party, which prevented the company from meeting customary closing requirements. The private placement, which was intended to sell 6,993,007 units at $4.29 per unit to institutional investors for approximate gross proceeds of US$30 million, was mutually terminated on January 12, 2024. As a result, no securities were sold through this placement. Canopy Growth expects to complete the necessary closing requirements in the coming weeks and maintains sufficient liquidity through various financial sources. The company's fiscal third-quarter financial results are scheduled to be reported on February 9, 2024.