Flora Growth Corp. announces a $3.6 million registered direct offer by Investing.com

FORT LAUDERDALE, Fla.–(Newsfile Corp. – December 13, 2024) – Flora Growth Corp. (NASDAQ: FLGC ) (the “Company”) announced today that it has entered into definitive agreements in a registered direct offering with institutional investors to purchase and sell approximately $3.6 million of common stock at a price of $1.25 per common share.

The offer consists of the sale of 2,850,000 ordinary shares. The public offering price per common share is $1.25. The company’s total gross receipts are expected to be approximately $3.6 million. The transaction is expected to close on or about December 16, 2024, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds of the offering, together with its existing cash, for general corporate purposes and working capital.

Aegis Capital Corp. is acting as the exclusive placement agent for the offering. Dorsey & Whitney LLP is acting as counsel to the Company. Kaufman & Canoles, PC is acting as advisor to Aegis Capital Corp.

The registered direct offering is being made pursuant to an applicable registration statement on Form S-3, as amended (File No. 333-274204), previously filed with the United States Securities and Exchange Commission (
“SEC”), which the SEC has declared effective on September 6, 2023. A definitive prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at www. sec.gov/edgar. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th Floor, New York, NY 10105, via email at syndicate@ aegiscap.com, or by phone at +1 (212) 813-1010.

Interested parties should read in their entirety the prospectus supplement and accompanying prospectus and other documents filed by the Company with the SEC which are incorporated by reference in such prospectus supplement and accompanying prospectus, which provide more information about the Company and such offering.

This press release will not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of the value of any such state or jurisdiction.

About Flora Grove Corp.

Flora Growth Corp. is a leading cannabis-focused consumer packaged goods and pharmaceutical distributor serving all 50 states and 28 countries with 20,000+ distribution points worldwide.

Forward-looking statements

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s product development and business prospects, and may be identified by the use of words such as “may,” “will, “”expect”, “project”, “estimate”, “anticipate”, “plan”, “believe”, “potential”, “should”, “continue” or negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could materially affect current plans. If one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may differ materially from those predicted, believed, estimated, expected, intended or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance or achievements. Except as required by applicable law, including United States securities laws, the Company does not intend to update any forward-looking statements to conform these statements to actual results.

To view the original version of this press release, visit https://www.nevsfilecorp.com/release/233666