Site icon Market Globalist

Clever Leaves Holdings Inc. (CLVR) stock surges during pre-market. Let’s see why?

Clever Leaves Holdings Inc. (NASDAQ: CLVR) stock declined by 0.79% at last close whereas the CLVR stock-price gains by 1.14% in the pre-market trading. Clever Leaves is a worldwide cannabis firm focused on ecologically sound, large-scale production, and pharmaceutical-grade manufacturing.

>> 7 Top Picks for the Post-Pandemic Economy << 

What is happening?

Clever Leaves Holdings has announced the completion of a $25.0 million financing from Catalina LP, a subsidiary of SunStream Bancorp Inc., and the redemption of the outstanding principal amount of the secured convertible notes due March 30, 2022.

3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free
Sponsored

Read More

Clever Leaves granted SunStream a secured convertible note with a three-year term and a 5.0 percent annual interest rate (depending on the rise in the case of certain circumstances of default). CLVR may opt to pay interest on the Convertible Note in cash or by raising the present value on the Convertible Note on a quarterly basis.

SunStream may exchange the principal and accrued interest on the Convertible Note into Clever Leaves common shares, without par value, at a price of $13.50 per share, pursuant to certain restrictions. Up to $12.5 million in aggregate principal on the Convertible Note may be exchanged under this feature in one year of issue, according to certain additional restrictions.

Moreover,

Clever Leaves and SunStream both provide the option to convert, depending on specific restrictions. However, the outstanding principal and interest on the Convertible Note will be converted into common shares in increments at the greatest of an 8.0 percent discount to the closing price per share on the respective redemption date or a floor conversion price. A total of $12.5 million in aggregate principal on the Convertible Note may be converted within one year of issuance, pursuant to certain additional restrictions.

>> 7 Top Picks for the Post-Pandemic Economy << 

The holder of the note can choose to obtain cash repayment of the principal and accumulated interest on the Convertible Note, pursuant to certain restrictions. Certain of CLVR’s subsidiaries support the Company’s commitments under the Convertible Note. The Company has committed to register all common shares issued or issuable in connection with the Convertible Note with the SEC for resale.

Exit mobile version