Very Good Food Company Inc (OTCMKTS:VRYYF) is trading slightly lower in the opening session on Friday. The stock has fallen 30% so far this year.
Market Action
As of 10:29, VRYYF stock is down 0.50% to $3.13 with more than 58k shares, compared to its average volume of 147k shares. The stock has moved within a range of $3.1150 – 3.2600 after opening the trade at $3.26.
Major Trigger:
The Very Good Food Company Announces Closing of Oversubscribed $20.7 Million Bought Deal Public Offering
- Very Good Food Company announced the closing of its previously announced bought deal prospectus offering (the “Offering”) of 5,594,750 units of the Company (the “Units”) at a price of $3.70 per Unit for aggregate gross proceeds of $20,700,575, which included the full exercise of the over-allotment option by the lead underwriter and sole bookrunner for the Offering, Canaccord Genuity Corp. (“Canaccord”).
- VERY GOOD intends to use the proceeds from the Offering to fund the commencement of operations at its production facility in Patterson, California (the “Patterson Facility”), US eCommerce and wholesale expansion efforts, International eCommerce launches and for general corporate purposes.
- Each Unit consisted of one common share in the capital of the Company (each, a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”), with each Warrant entitling the holder to purchase one additional Common Share (each, a “Warrant Share”) at a price of $4.60 per Warrant Share until January 2, 2023.
 Stock Continues to Move in a Narrow Range: What Next?){kind=link}