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.
Cronos Australia 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 global scale.
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.