05:10:45 EDT Tue 21 May 2019
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Charlotte's Web Holdings Inc
Symbol C : CWEB
Shares Issued 25,375,294
Close 2019-05-15 C$ 19.90
Recent Sedar Documents

Charlotte's Web closes $140M secondary offering

2019-05-15 13:47 ET - News Release

Mr. Richard Mohr reports

CHARLOTTE'S WEB ANNOUNCES CLOSING OF SECONDARY OFFERING OF COMMON SHARES

Charlotte's Web Holdings Inc. has closed the previously announced underwritten public offering of seven million common shares of the company, sold by certain current shareholders at a price of $20 per share for total gross proceeds of $140-million.

The offering was conducted pursuant to the terms of an amended and restated underwriting agreement among the company, the underwriters (as defined below) and the selling shareholders, dated May 13, 2019. The company did not receive any proceeds from the sale of common shares by the selling shareholders under the offering.

The offering was conducted by a syndicate of underwriters led by Canaccord Genuity Corp., which included Cormark Securities Inc., Eight Capital and PI Financial Corp.

Pursuant to the terms of the underwriting agreement, the selling shareholders have granted the underwriters an overallotment option to purchase up to an additional 1.05 million common shares, representing 15 per cent of the offering, on same terms and conditions as the offering, exercisable in whole or in part at any one time for a period of 30 days from the closing of the offering. If exercised in full, this would increase the total size of the offering to approximately $161-million.

In connection with the offering, the company filed a prospectus supplement dated May 13, 2019, to the final base shelf prospectus of the company dated April 8, 2019. Copies of the supplement and base prospectus may be obtained on SEDAR and from Canaccord, 161 Bay St., Suite 3000, Toronto, Ont., M5J 2S1. The supplement and base prospectus contain important detailed information about the company and the offering.

About Charlotte's Web Holdings Inc.

Charlotte's Web is the market leader in the production and distribution of innovative hemp-derived cannabidiol (CBD) wellness products. Founded by the Stanley brothers, the company's premium quality products start with proprietary hemp genetics that are responsibly manufactured into hemp-derived CBD extracts naturally containing a full spectrum of phytocannabinoids, including CBD, terpenes, flavonoids and other beneficial hemp compounds. Industrial hemp products are non-intoxicating. Charlotte's Web product categories include CBD oil tinctures (liquid products), CBD capsules and CBD topicals, as well as CBD pet products.

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