London, May 17, 2024 – Akanda Corp. ("Akanda" or the “Company”), an international medical cannabis company, today announced that it has entered into a securities purchase agreement with an accredited investor whereby the investor has agreed to purchase 2,491,381 common shares at a purchase price of $0.1031 and 21,756,922 pre-funded warrants to purchase 21,756,922 common shares at $0.103 per share in a registered direct offering priced at the Minimum Price under Nasdaq rules. The pre-funded warrants are immediately exercisable at an exercise price of $0.0001 and may be exercised at any time until all of the pre-funded warrants are exercised in full, subject to certain beneficial ownership limitations as set forth in the pre-funded warrant.
Univest Securities LLC is acting as the exclusive financial advisor in connection with the offering,
The gross proceeds to Akanda are estimated to be approximately $2,500,000 before deducting the financial advisor fees and other offering expenses. The offering is expected to close on or about May 17, 2024, subject to the satisfaction of customary closing conditions. Akanda intends to use the net proceeds from this offering for general working capital and general corporate expenses.
The offering is being made pursuant an effective shelf registration statement on Form F-3, as amended (File No. 333-276577) previously filed with the Securities and Exchange Commission (“SEC”) and declared effective on January 29, 2024. The securities may be offered only by means of the prospectus supplement and the accompanying prospectus that form a part of the registration statement. A final prospectus relating to the Offering will be filed with the SEC and will be available free of charge on the SEC's website at http://sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About Akanda Corp.
Akanda is an international medical cannabis and wellness platform company seeking to help people lead better lives through improved access to high quality and affordable products. Akanda's portfolio includes CanMart, a UK-based fully licensed pharmaceutical importer and distributor which supplies pharmacies and clinics within the UK. The Company's seed-to-patient supply chain also includes partnerships Cellen Life Sciences' Leva Clinic, one of the first fully digital pain clinics in the UK. Akanda also acquired the right to develop a Canadian farming property in British Columbia, including farming land and related operations and licenses. The Company plans to develop THC and cannabinoid (CBD) facilities at this site.
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