Cronos Group Inc (NASDAQ:CRON) has today unveiled details about an AUD$20 million initial public offering linked to Cronos Australia Limited. In line with this deal, Cronos Australia will be issuing out a total of 40 million new shares. If all plays out according to plan, each share will be sold at a rate of AUD$0.50 per share.
A close outlook
This news comes at a
time when Cronos Australia is looking forward to getting listed on the
Australian Securities Exchange. This might be taking place on November 2019.
happens to be a joint venture between the NewSouthern Capital Pty Ltd and
Cronos Group. Peter Righetti and Rodney Cocks are its top leaders and are quite
happy with the launch. They view it as a major milestone on the part of Cronos
Group. The business is undoubtedly very much dedicated to pushing cannabis
research, production, and distribution to the next level. This group’s target
is to see to it that soon it can export its products to serve customers on a
The Chief Executive
Officer of Cronos Group Mike Gorenstein, has spoken about the recent move. He
says that he is quite pleased by the offering because it will see Cronos Group
succeed in its quest to deliver value to the stakeholders.
Planning for the future
The other thing will
be for Cronos Group to continue being one of the major forces supporting Cronos
Australia’s growth. This company says that it will continue directing its
efforts to activities that will help it expand to become a market leader. The medicinal
cannabis segment is quite dynamic, especially in the Asia-Pacific region.
However, Cronos Australia asserts that nothing will stand on its way to taking
lead in the competitive markets.
Activities are still
ongoing in line with the completion of the Cronos Australia IPO. In the end,
Cronos Group will be expected to take up almost 31 percent of the issued
capital of Cronos Australia. On the other hand, Cronos Australia will close
with an initial market capitalization adding up to AUD$64.4 million. All in
all, anything that happens will be subject to the guiding terms and conditions.