MedMen Enterprises Inc. (OTCMKTS:MMNFF) was up 5% after completing a $100 million private placement of units at $0.24 per unit to Serruya Private Equity-led group of investors. Each unit comprises one MedMen share and a 0.25 share purchase warrant, and each whole warrant permits warrant holders to acquire one MedMen stake for five years from the day of issuance at $0.288 per share.
Notably, the units issued to some funds related to Serruya also comprised a near-term proportionate interest entitling warrant holders to buy 125 million units at $0.24 per unit upon payment of $30 million or conversion of the principal amount convertible notes into 125 million shares at $0.24 per share.
Cassels acted on behalf of MedMen in the private placement, and the team included Shaun Khullar, Gregory Hogan, Patients Kalu Omokhodion, Jackson Philips, Melissa Montana, and Richard Ngo. MedMen is a cannabis operator with operations in Massachusetts, California, Florida, Nevada, Illinois, and New York. MedMen is worth keeping an eye on.
Market Reaction:
On Wednesday, MMNFF stock jumped 5% at $0.30 with more than 2.73 million shares, compared to its average volume of 2.86 million shares. The stock has moved within a range of $0.2850 – 0.3025 after opening the trade at $0.2977.
