Akanda, a UK cannabis producer with growing facilities in Southern Africa, narrowed the price range for its upcoming IPO on Monday.
The London, United Kingdom-based company now plans to raise $16 million by offering 4 million shares at $4. The company had previously filed to offer the same number of shares at a range of $4 to $6. At the proposed price, Akanda will raise 20% less in proceeds than previously anticipated.
Akanda cultivates, manufactures and distributes cannabis, with plans to supply medicinal-grade cannabis biomass, cannabis flower, and cannabis concentrates to wholesalers in international markets. Incorporated in Canada, headquartered in the UK, and with cultivation facilities in the South African country of Lesotho, Akanda acquired the international operations of Toronto-listed Halo Collective (NEO: HALO) in late 2021 in exchange for roughly two-thirds of Akanda’s stock.
Akanda’s cultivation operations began in 2018, and the company booked only nominal sales for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol AKAN. Boustead Securities is the sole bookrunner on the deal.
