Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) announced Thursday (July 18) that it has completed a private placement with existing and new investors, resulting in US$41.4 million in gross proceeds to the company.
As quoted in the press release:
John Moretz, Chairman of the Board, and Michael Cammarata, President and CEO of Neptune, invested US$5.0 million in the aggregate as part of this Offering. Upon closing of the Offering, the Company issued an aggregate of 9,415,910 common shares of the Company (“Shares”) at a purchase price of US$4.40 per Share.
“The Board joins me in thanking investors who participated in this offering and in welcoming our new shareholders to Neptune. Given recent contracts and the announced extraction capacity expansion plans, we are highly confident in the strength of Neptune’s business outlook”, said John Moretz. “My incremental investment in Neptune reflects my conviction in our new CEO and management team and their ability to execute on Neptune’s strategy. We opted for this accelerated financing structure to stay on track with the previously announced SugarLeaf closing timeline.”