iAnthus forces conversion of remaining 8% debentures due 2019

New York, July 16 – iAnthus Capital Holdings, Inc. said it exercised its right to convert its C$2,671,487 of 8% unsecured convertible debentures due Feb. 28, 2019 into stock.

The conversion will take place on Aug. 16, according to a news release.

Holders will receive stock at a conversion price of C$3.10 per share for the principal amount and accrued interest up to July 13. In total, iAnthus will issue 861,770 shares.

Under the terms of the convertibles, the company may force conversion if the volume-weighted average trading price of its common shares on the Canadian Securities Exchange equals or exceeds C$4.50 for 10 consecutive trading days. The stock has closed above C$4.50 on every trading day since May 7.

The company originally issued C$20 million of the convertibles on Feb. 28, 2017.

iAnthus is an operator of cannabis cultivation, processing and dispensary facilities throughout the United States. It is based in New York and Toronto.

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