Tilray (NASDAQ:TLRY) to complete “downstream” merger, shares soar
- Majority shareholder Privateer Holdings to sell stake over the next 24 months
- TLRY shares to be sold to strategic and institutional investors in first year
- Shares advance 21$ to $47 before the first bell
Tilray Inc (NASDAQ:TLRY) shares spiked 21% in Monday’s premarket on news of a deal with majority shareholder Privateer Holdings, which will see the private-equity fund release its entire stake during the next two years.
Tilray is set to complete a “downstream” merger by the end of that period, and the move will result in a portion of the cannabis company’s 75 million shares steadily released. TLRY was set to open at $47 after closing at $38.80 on Friday.