Cannabis technology company Akerna closed a public offering of shares and share purchase warrants, raising gross proceeds of roughly $10 million for debt servicing and other purposes.
The Denver-based producer of marijuana industry software, including MJ Freeway, announced the underwritten public offering last week.
The company is pursuing a financial restructuring plan amid a going-concern warning.
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Net proceeds from the $10 million offering will be used “for general corporate purposes, including servicing our ongoing debt obligations under our convertible notes, working capital, marketing, product development and capital expenditures,” Akerna said in a late Tuesday news release.
Akerna shares trade on the Nasdaq exchange as KERN.