Tilray Brands, Inc. has filed a prospectus supplement with the U.S. Securities and Exchange Commission under which it may offer and sell shares of its common stock having an aggregate offering value of up to $250 million through an at-the-market equity program.
Tilray has entered into an equity distribution agreement with TD Securities (USA) LLC and Jefferies LLC. Under the equity distribution agreement, TD Securities and Jefferies may sell Tilray’s common stock in transactions that are deemed an “at-the-market offering” defined in Rule 415 under the Securities Act of 1933, as amended, including sales made directly on or through the Nasdaq Global Select Market. The timing and amount of any such sales will be determined by a variety of factors considered by Tilray. Sales may be made at market prices prevailing at the time of a sale or at prices related to prevailing market prices. As a result, sales prices may vary.
Tilray intends to use the net proceeds from the ATM Program, if any, to fund strategic and accretive acquisitions or investments in businesses, including potential acquisitions of assets in the U.S. and internationally in order to capitalize on expected regulatory advancements or expansion opportunities. The company does not currently intend to use the net proceeds from the ATM Program for general working capital purposes.