This site uses cookies to ensure the best viewing experience for our readers.
Cannabis Company Panaxia Raises NIS 11.5 Million in Shelf Offering

Brief

Cannabis Company Panaxia Raises NIS 11.5 Million in Shelf Offering

The offering was done via Tel Aviv-listed shelf company Herodium, with which it is currently in the process of merging

Tzally Greenberg | 12:18, 19.09.19
Israel-based cannabis outfit Panaxia Pharmaceutical Industries Ltd. has raised NIS 11.5 million (approximately $3.25 million) in a shelf offering earlier this week. The company made the announcement Wednesday in a stock exchange filing by Herodium Investments Ltd., a Tel Aviv-listed shelf company it is currently in the process of merging with. The merger was approved in May.

Herodium, which is traded according to a market cap of NIS 54.3 million (approximately $15.4 million), has issued 19.5% of its shares at NIS 4 (approximately $1.13) per share, representing a 9.8% premium over its share price. The company intended to raise NIS 15 million (approximately $4.25 million).

Medical cannabis. Photo: Shutterstock Medical cannabis. Photo: Shutterstock Medical cannabis. Photo: Shutterstock

share on facebook share on twitter share on linkedin share on whatsapp share on mail

TAGS