Jones Soda Co. (CSE:JSDA) (OTCQB:JSDA) has closed the second tranche of its previously announced private placement offering of its units for aggregate gross proceeds of $640,000.
What Happened
The offering is composed of one common share in the company's capital and one‐half of one detachable share purchase warrant.
The Seattle-based company closed the first tranche of a previously announced private placement offering of its units for aggregate gross proceeds of $3,013,960 on Monday.
The weed-infused drinks innovator first announced a private placement of up to 7.5 million units for 40 cents per unit, for total gross proceeds of $3 million earlier in July, only to increase the size of its private placement shortly after. According to a July 11 press release, Jones Soda said it will issue up to 10 million units of the company for $0.40 per unit, for aggregate gross proceeds of $4 million.
Following the upsizing of the offering, Jones Soda announced that it intends to issue up to a maximum of 12. 5 million of its units for $0.40 per unit, for aggregate gross proceeds of up to $5 million, according to a subsequent press release.
Read Also: Cannabis-Infused Innovator Jones Soda Co. Partners With Street League Skateboarding In Multi-Year Deal
Why It Matters
Jones Soda plans to use the funds to support growth and for general corporate purposes.
What's Next
The Company expects to close a third tranche of the offering on or about August 8, 2024.
In addition, the company is slated to hold a conference call on Tuesday, August 13, 2024, at 4:30 pm Eastern Time to discuss its financial results for the second quarter that ended June 30, 2024.
- Jones Soda's Marijuana Drinks Bring In 200% Higher Q1 Revenue, Co. Eyes Expansion And Praises New Hemp Delta-9 Products
JSDA Price Action
Jones Soda's shares traded 6.25% lower at 45 cents per share after the market close on Wednesday afternoon.
To keep on top of what's happening with cannabis stocks and everything else going on across the industry, join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices go up by following this link.
