Tilray Brands, Inc. has filed a prospectus supplement with the U.S. Securities and Exchange Commission pursuant to which the company may offer and sell up to $250 million in aggregate proceeds of its common stock through a market share program.
Tilray has entered into an equity distribution agreement with TD Securities (USA) LLC and Jefferies LLC. Pursuant to the equity distribution agreement, TD Securities and Jefferies may sell Tilray’s common stock in transactions that may be deemed to be a “public offering” as defined in Rule 415 of 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 depend on various factors considered by Tilray. Sales may be made at or related to market prices at the time of the sale. As a result, the sale price may fluctuate.
Tilray intends to use the net proceeds from the ATM Program, if any, to fund strategic and profitable acquisitions or investments in its business, including potential acquisitions of assets in the U.S. and internationally, to take advantage of anticipated regulatory developments and expansion opportunities. The Company does not currently intend to use the net proceeds from the ATM Program for general working capital purposes.