[October 31, 2018]
GrowLife Reminds Shareholders That Rights Offering is Now Active and Expects It to Expire Nov. 12, 2018
GrowLife, Inc. (OTCQB: PHOT), one of the nation's most recognized indoor cultivation product and service providers, today provided an update on its previously announced Rights Offering (the "Offering") and reminds shareholders of important dates. Shareholders should begin seeing the Offering in their online accounts, as well as be receiving information in the mail or from their brokerage on participation in the Offering.
The Offering provides shareholders the opportunity to invest directly into PHOT through the purchase of units at a set price of $0.012. Each unit consists of one share of common stock along with additional warrants, with details below. Stockholders interested in participating are advised to work with their brokerages to participate and file the appropriate documentation and payment with Direct Transfer, LLC, which must be received before 6:00 PM Eastern Time on November 12, 2018, unless extended. Also, shareholders are encouraged to find additional information regarding the Offering including a FAQ on the Company's website at: Growlifeinc.com/investors/rights-offering.
For more information on the Offering, including form downloads and information on how to participate, visit Growlifeinc.com/investors/rights-offering. Additional inquiries regarding the Offering should be directed to the company at 206-483-0059 or investors@growlifeinc.com.
SUMMARY OF IMPORTANT INFORMATION ON (News - Alert) THE OFFERING
Each shareholder will receive one non-transferable right (the "Right") for each share of common stock held on the record date (October 12, 2018).
Each Right will provide the shareholder with the opportunity to purchase one unit, which includes: (i) one share of Common Stock at a subscription price of $0.012 and (ii) one warrant to purchase the Company's common stock for a period of 3 years, one-half of which is exercisable for one share of our Common Stock at an exercise price of $0.018 per share and one-half of which is exercisable for one share of our Common Stock at an exercise price of $0.024.
For example: if you are issued 100 Rights, and you subscribe for 100 Units, exercising all of your rights, you will receive 100 common stock shares and 100 warrants divided into 50 warrants exercisable at $0.018 and 50 warrants exercisable at $0.024.
Record date shareholders who fully exercise their Subscription Rights will be eligible for an over-subscription privilege entitling these shareholders to subscribe, subject to certain limitations and a pro-rata allotment, for any additional shares of common stock not purchased by others participating in the Offering.
The Offering expires at 6:00 PM Eastern Time on November 12, 2018, unless extended.
The complete S-1 Amendment No. 1 can be found here.
The Offering is made pursuant to the company's effective shelf registration statement.
For more information about GrowLife, including the CEO's most recent video statement, visit the company's website. Products can be purchased at ShopGrowLife.com.
