Summary by Futu AI
On June 6, 2024, Canopy Growth Corporation announced the initiation of an equity distribution agreement with BMO Capital Markets Corp. and BMO Nesbitt Burns Inc., allowing for the sale of up to $250 million worth of common shares. The sales, which can be conducted in both the United States and Canada, will be executed as 'at the market offerings' directly on the Nasdaq Global Select Market and the Toronto Stock Exchange, among other marketplaces. The agreement includes customary representations, warranties, and covenants, as well as indemnification rights and obligations. The offering is contingent on market conditions and the company's capital needs, with no obligation to sell any specific number of shares. Canopy Growth may suspend offers or terminate the agreement at any time. The U.S. offering is based on a shelf registration statement filed with the SEC, while the Canadian offering follows a short form base shelf prospectus filed with Canadian securities authorities.