Glass House Brands Inc. (OTCQX:GLASF) (OTCQX:GHBWF) (NEO:GLAS.A.U) (NEO:GLAS.WT.U) closed the first tranche of the non-brokered private placement of series B preferred stock, at face value of $1,000 per share of GH Group, Inc., a subsidiary of the company.
The initial closing of the offering included approximately $14.7 million of new money invested and approximately $22.6 million face value of existing series A preferred stock exchanged for new series B preferred stock. A total of 37,337 shares of series B preferred stock were issued, with an aggregate face value of approximately $37.4 million. The company expects to complete the offering in the next 30 days, after which a total of approximately $50.0 million of series B preferred stock is expected to be outstanding.
