Leading Hydroponics Supplier Specializing in the Cannabis Industry
Shares Rights Offering Filing Information including Summary of Terms
KIRKLAND, Wash. -- (Business Wire)
GrowLife,
Inc. (OTCQB: PHOT), one of the nation’s most recognized indoor
cultivation product and service providers, today announced details of
its proposed Rights Offering that would allow the company’s shareholders
to acquire additional shares of common stock (the “Offering”). The
Offering is designed to give record shareholders the opportunity to
invest directly into PHOT at a set price with additional warrants to
support the company’s capital raise to be used for continued expansion.
“We have some of the most committed and passionate shareholders in our
industry, and we are excited to offer them the ability to directly
invest in GrowLife in a manner similar to large-scale investors,” said
GrowLife CEO Marco Hegyi. “We have experienced tremendous growth and
expansion over the last year. New markets are emerging almost daily and
to remain competitive and continue to capture market share, we needed to
continue to innovate our product offering while expanding our footprint
across North America.
“This Offering is intended to not only reward our long-time
shareholders, but to generate the additional capital needed to complete
our vertical grow system development and go-to-market programs with
sales and marketing, acquisitions, and resources necessary to expand the
company thereby capitalizing on the momentum our industry and company
are experiencing. Our new systems, which are testing well are entering
our second and third phases including AI software development, are
designed to reduce the costs associated with large-scale cannabis
production and we hope will create a significant new revenue stream for
the company,” added Hegyi.
SUMMARY OF THE TERMS OF 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 include one share of Common Stock and two one-half
warrants at a subscription price of $0.012. The purchase price will be
payable in cash to the company.
-
The warrants included in each Right will be exercisable for one-half
of the number of rights for one share of our Common Stock at an
exercise price of $0.018 per share and one-half warrant exercisable
for one share of our Common Stock at an exercise price of $0.024. For
example: if you subscribe for 100 Units 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 pursuant to the Subscription.
-
The Offering expires at 6:00 PM Eastern Time on November 12, 2018,
unless extended.
-
The company expects to mail subscription certificates evidencing the
Rights and a copy of the prospectus for the Offering to record date
shareholders beginning on September 18, 2018. Financial Advisors will
likely send notices to you shortly thereafter.
The complete S-1 Amendment No. 1, which is subject to final SEC
approval, can be found here.
For more information on the Offering including form download 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
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.
About GrowLife, Inc.
GrowLife,
Inc. (PHOT) aims to become the nation’s largest cultivation service
provider for cultivating organics, herbs and greens and plant-based
medicines. Our mission is to help make our customers successful. Through
a network of local representatives covering the United States and
Canada, regional centers and its e-Commerce team, GrowLife provides
essential goods and services including media, industry-leading
hydroponics and soil, plant nutrients, and thousands more products to
specialty grow operations. GrowLife is headquartered in Kirkland,
Washington and was founded in 2012.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180919005202/en/
Contacts:
Public Relations Contact:
CMW Media
Cassandra Dowell,
858-264-6600
cassandra@cmwmedia.com
www.cmwmedia.com
or
Investor
Relations Contact:
info@growlifinc.com
206-483-0059
Source: GrowLife, Inc.
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