Greenlane To Raise $6.5M Through Private Investment Deal With Large Institutional Investor
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Greenlane Holdings has entered into a securities purchase agreement with a large institutional investor to raise $6.5 million. The funds will be used for working capital and general corporate purposes. The company's shares surged by 244.40% following its plan to distribute Safety Strips, Inc.'s fentanyl detection test strips. The private placement is expected to close on or about August 13, 2024. Greenlane shares traded 9.57% lower at $10.40 per share in Tuesday's pre-market session.
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