Grove, which makes and sells CBD products, raised $11 million by offering 2.2 million shares at $5, within the range of $4.50 to $5.50. At pricing, the company commands a fully diluted market value of $79 million.
Grove develops, produces, markets, and sells raw materials, white label products, and end consumer products containing the industrial hemp plant extract, Cannabidiol (CBD). The company primarily conducts business through its wholly-owned subsidiaries, including Steam Distribution, One Hit Wonder, and Havz.
Grove plans to list on the Nasdaq under the symbol GRVI. EF Hutton acted as sole bookrunner on the deal.
