Greenlane Holdings Inc. (GNLN) shares plunged 5.71% in after-hours on Friday, August 13, 2021, and closed the week at $2.31. In the regular trading session of Friday, GNLN’s stock lost 0.41%. GNLN shares have fallen 21.22% over the last 12 months, and they have moved down 20.71% in the past week. Over the past three months, the stock has lost 32.13%, while over the past six months, it has declined 62.13%.
Let’s have a brief look at its recent news and developments.
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GNLN Upcoming financial results announcement
Greenlane (GNLN) will host a scheduled conference call to discuss the results for its second quarter ended June 30, 2021, on Tuesday, August 17th at 8:30 a.m. Eastern Time. The Company will report its financial results for the second quarter in advance of the call.
GNLN preliminary financial results announcement
On July 30, 2021, Greenlane Holdings, Inc (GNLN) announced preliminary financial results for its second quarter ended June 30, 2021.
Q2 2021 preliminary highlights
For the Q2, the Company is expecting
- Net sales of approximately $34.5 million.
- Gross margin in the range of 21% to 22%.
- Total cash balance of approximately $11.5 million.
GNLN registered directed offering
On August 09, 2021, Greenlane Holdings, Inc (GNLN) entered into definitive agreements with institutional investors for the purchase and sale of 10,126,583 shares of the Company’s common stock and warrants to purchase up to an aggregate of 6,075,950 shares of the Company’s common stock, at an effective purchase price of $3.16 per share of common stock.
GNLN Merger Update with KushCo
On July 06, 2021, Greenlane Holdings, Inc (GNLN), and KushCo Holdings, Inc. (KushCo) announced the commencement of the proxy solicitation in connection with their previously announced proposed merger.
Greenlane will hold an annual meeting on August 26, 2021, at 10:00 AM ET for its shareholders to vote to approve the proposals relating to the Transaction. The Transaction has already been unanimously approved by the boards of directors for both Greenlane and KushCo.
Background of the merger
On March 31, 2021, Greenlane Holdings, Inc. and KushCo Holdings, Inc entered into a definitive merger agreement according to which KushCo will become a wholly-owned subsidiary of Greenlane.
KushCo’s stockholders will receive approximately 0.2546 shares of Greenlane Class A common stock for each share of KushCo common stock. The Base Exchange Ratio is expected to result in KushCo stockholders owning approximately 49.9% of the combined company’s common stock and Greenlane stockholders owning approximately 50.1% of the combined company’s common stock.