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GrowGeneration raises $42 million in equity offering

MarketWatch logo MarketWatch 6/30/2020 Ciara Linnane

GrowGeneration Corp. (grwg) priced an upsized offering of 7.5 million shares at $5.60 each on Tuesday, to raise $42 million. The operator of hydroponic and organic garden centers originally planned to raise just $35 million in the offering. Proceeds will be used to expand its network of centers which currently stands at 27 locations either through organic growth or acquisitions, and for general corporate purposes. The Denver, Colo-based company joins the many companies raising capital via debt or equity offerings during the pandemic. Oppenheimer was sole book-runner on the deal, with Ladenburg Thalmann and Lake Street Capital Markets acting as co-managers. Shares fell 2.8% in premarket trade, but have gained 48% in the year to date, while the S&P 500 (spx) has fallen 6%.


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