Company News

BUZZ-Tilray: Shares fall on convertible notes offering

** Tilray shares fall ~9 pct after hours as cannabis maker looks to raise capital less than 3 months after going public

** Co offering privately $400 mln, 5-year convertible senior notes for working capital, future acquisitions among other purposes

** Alongside offering, Tilray says expects Q3 revenue between $10-10.5 mln and has cash/cash equivalents between $117.5-$118 mln as of Sept 30

** Tilray shares closed today’s regular session up 13.5 pct at $156.83

** Stock has traded as high as $300/sh and now sits 823 pct above its mid-Jul $17 IPO price

** Tilray’s market cap is currently about $15 bln. Shares were boosted last month after co’s CEO expressed interest in market for marijuana-based consumer products and after a U.S. regulator approved import of Tilray’s cannabis study drug to the U.S. from Canada for a clinical study