Hempacco Co., Inc. (NASDAQ:HPCO), a vertically integrated hemp manufacturing company, announced the pricing of an upsized underwritten public offering of 4.2 million shares of its common stock. Each share of common stock is being sold to the public at a price of $1.50 per share. The gross proceeds to the company from this offering are expected to be approximately $6.3 million before deducting underwriting discounts, commissions, and other offering expenses, and excluding the exercise of the over-allotment option, if any. In addition, Hempacco has granted the underwriters a 45-day option to purchase up to an additional 630,000 shares to cover over-allotments, if any. The offering is expected to close on February 14, 2023, subject to customary closing conditions.
Hempacco intends to use the net proceeds of the offering for sales and marketing, potential acquisitions, upgrades to its existing manufacturing facility, working capital, and other general corporate purposes.
Boustead Securities, LLC and EF Hutton, a division of Benchmark Investments, LLC, are acting as the representatives of the underwriters for the offering.
Price Action
Hempacco shares were trading 56.36% lower at $1.92 per share at the time of writing Friday morning.
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