Akanda Corp. Announces Registered Direct Offering

17 May

Akanda Corp. (NASDAQ: AKAN), an international medical cannabis company, has recently disclosed its participation in a registered direct offering priced at the Minimum Price under Nasdaq rules. The company has entered into a securities purchase agreement with an accredited investor for the acquisition of 2,491,381 common shares at a purchase price of $0.1031. Additionally, the investor will obtain 21,756,922 pre-funded warrants to purchase 21,756,922 common shares at $0.103 per share.

The pre-funded warrants are immediately exercisable at an exercise price of $0.0001 and are subject to certain beneficial ownership limitations as outlined in the pre-funded warrant.

Technical Outlook
Akanda Corp. (NASDAQ: AKAN) stock is up 24.98% as of the time of writing with a bullish Relative Strength Index (RSI) of 66.87 which is slightly overbought. The stock has risen from a falling wedge pattern.