KIRKLAND, Wash. -- (Business Wire)
GrowLife, Inc. (OTCQB: PHOT), one of the nation’s most recognized indoor
cultivation product and service providers, today announced it has
extended until Friday, November 30, 2018, its previously disclosed
rights offering pursuant to which it plans to raise up to $6,000,000
through the distribution of subscription rights and exercise thereof
(the “Offering”).
The Company has chosen to extend the offering period to give
stockholders, particularly those holding shares in street name who may
have only recently received applicable materials, additional time to
participate in the Offering should they desire to do so and due to the
original expiration date falling on a holiday.
SUMMARY OF THE TERMS OF THE OFFERING
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Each shareholder will receive one non-transferable right (the
“Right”) for each share of common stock held on the record date
(October 12, 2018).
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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.
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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).
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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.
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The Offering expires at 6:00 PM Eastern Time on Friday, November 30,
2018.
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The complete S-1 Amendment No. 2, which is subject to final SEC
approval, can be found here.
This press release is not intended to and does not constitute an offer
to sell or the solicitation of an offer to subscribe for or buy or an
invitation to purchase or subscribe for any securities in any
jurisdiction, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in contravention of applicable law. No
offer of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of 1933, as
amended.
The Offering is made pursuant to the company’s effective shelf
registration statement.
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.
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
in the US and GrowLifeHydro.ca/
in Canada.
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/20181116005301/en/
Contacts:
Public Relations Contact:
CMW Media
Cassandra Dowell,
858-264-6600
cassandra@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
info@growlifinc.com
206-483-0059
Source: GrowLife, Inc.
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