Stock of Flower One Holdings Inc. (OTCQX: FLOOF) gained 16.81% or $0.039 in Thursday’s trading session, closing the day at $0.271 a share. Flower One stock 52-week low has now moved to $0.0814 with the FLOOF stock 52-week high at $0.66 per share. As a result of a modification to a loan agreement, the FLOOF stock price has increased.
What were the modifications?
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Flower One is Nevada’s largest cultivation, production and full-service cannabis fulfillment company. Flower One offers reliable and scalable fulfillment services across a growing number of the greatest cannabis brands. We combine more than 20 years of greenhouse operational excellence with industry-leading cannabis operators. Among FLOOF’s brands are Kiva, Heavy Hitters, Huxton, Cookies, 22Red Old Pal, Lift Ticket’s, The Clear, and Flower One’s own NLVO.
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According to the previously signed loan modification agreement, Flower One has issued 1,996,742 shares of common stock to RB Loan Portfolio II, LLC, a Delaware limited partnership and its lenders.
A loan modification agreement was recently entered into by the FLOOF and its subsidiaries with RB Loan Portfolio for loan obligations over USD30 million secured against FLOOF’s facility at 3950 N. Bruce St., North Las Vegas, NV.
RB Loan Portfolio entered into the Loan Modification Agreement and agreed to forebear some existing default events in the current term loan and financing documents, in addition to making certain modifications thereto.
This also includes:
- It has been decided that the maturity date will be extended to December 21, 2021 which previously was June 27, 2021,
- The interest rate is modified to 14%, with 12% being paid monthly and 2% being paid at maturity,
- A fee of USD1 million will be added to the original loan amount when fully repaid by maturity date, and
- Throughout the period of May 19, 2020, to January 26, 2021, 3% of the outstanding principal of the Term Loan will be levied as loan modification fees.