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The latest announcement is out from Cann Group ( (AU:CAN) ).
Cann Group Limited has entered into a convertible securities agreement with U.S.-based investment group Obsidian Global GP, LLC to secure A$750,000 in new funding through the issue of 527,100 unquoted convertible notes. The notes, each with a face value of US$1.15, will increase the company’s cash reserves, create a redemption liability of up to US$551,000 and, if converted at the lowest possible price, could expand its share count from about 1.60 billion to 1.78 billion shares.
The company has issued a cleansing notice under Australian corporations law to allow ordinary shares issued on conversion of these notes to be on-sold to retail investors without further disclosure. This step streamlines secondary trading of any conversion shares and underscores Cann Group’s continued reliance on structured financing to support operations, with potential equity dilution for existing shareholders if full conversion occurs.
The most recent analyst rating on (AU:CAN) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on Cann Group stock, see the AU:CAN Stock Forecast page.
More about Cann Group
Cann Group Limited is an Australian company listed on the ASX that is engaged in the medicinal cannabis sector. The company raises capital and manages its balance sheet in public markets to fund its ongoing operations and growth initiatives.
Average Trading Volume: 12,112,118
Technical Sentiment Signal: Sell
Current Market Cap: A$11.12M
For detailed information about CAN stock, go to TipRanks’ Stock Analysis page.