LONDON — Akanda Corp., an international medical cannabis company, on Monday announced the pricing of its initial public offering of 4 million common shares at a price of $4 per share to the public for a total of $16 million of gross proceeds prior to deducting underwriting discounts, commissions and other expenses.
All of the common shares are being offered by Akanda. The company intends to use the proceeds primarily for property, plant and equipment, operations, working capital and general corporate purposes.
The company has received approval to list its common shares on the Nasdaq Capital Market; common shares expected to begin trading on March 15 under the symbol "AKAN." The offering is expected to close on March 17, subject to customary closing conditions.
Boustead Securities LLC is acting the lead underwriter for the offering.
A registration statement on Form F-1, as amended (File No. 333-262436) relating to the common shares was filed with the Securities and Exchange Commission and was declared effective on March 14. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://sec.gov.