GrowGen expects the gross proceeds from the Offering to be approximately $42.0 million.
GrowGeneration Corp. (NASDAQ: GRWG), the largest chain of stand-alone specialty hydroponic and organic garden centers, currently with 27 locations, today announced the pricing of an underwritten public offering of 7,500,000 shares of its common stock at an offering price of $5.60 per share. GrowGen expects the gross proceeds from the Offering to be approximately $42.0 million, before deducting the underwriting discount and other estimated offering expenses. The Offering was upsized from the previously announced offering size of $35.0 million of common stock. GrowGen has also granted the underwriters a 30-day option to purchase up to an additional 1,125,000 shares of common stock offered in the public market. The Company expects to close the Offering on or about July 2, 2020, subject to the satisfaction of customary closing conditions.
GrowGen intends to use the net proceeds from the Offering primarily to expand its network of hydroponic/garden centers through organic growth and acquisitions, and for general corporate purposes.
Oppenheimer & Co. Inc. is acting as the sole book-running manager for the Offering. Ladenburg Thalmann & Co. Inc. and Lake Street Capital Markets, LLC are acting as co-managers for the Offering.
The Offering is being made pursuant to a registration statement on Form S-1 (File No. 333-239058) that was declared effective by the Securities and Exchange Commission on June 29, 2020. The Offering may only be made by means of a prospectus. The preliminary prospectus related to the Offering was filed with the SEC on June 23, 2020. The final prospectus will be filed with the SEC and, when available, may be obtained by visiting EDGAR on the SEC's website at www.sec.gov, or by contacting Oppenheimer & Co. Inc., Attn: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at (212) 667-8563, or by email at [email protected]
To learn more about GrowGeneration, visit the company HQ here.
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