KIRKLAND, Wash. , Oct. 15, 2018 (GLOBE NEWSWIRE) -- GrowLife, Inc. (OTCQB: PHOT), one of the nation’s most recognized indoor cultivation product and service providers, today reminded shareholders of important dates and details of its previously announced Rights Offering (the “Offering”). The Offering allows the company’s shareholders as of record date October 12, 2018, the opportunity to invest directly into PHOT through the purchase of units which consist of common stock at a set price, with additional warrants, in order to support the company’s capital raise to be used for continued expansion. Stockholders interested in participating are advised to direct all questions and informational requests to the contacts listed below.
Under the offering, the Company will distribute non-transferable subscription rights to purchase one share of Common Stock for each share of Common Stock outstanding, at a subscription price per share of $0.012, to its stockholders of record as of October 12, 2018. As a part of the Offering, each unit (“unit”) purchased will consist of one share of Common Stock as well as warrants whereby holders may elect to purchase additional shares of common stock; up to half of the warrants will be exercisable at a share price of $0.018 and the other half exercisable at a share price of $0.024, with the warrants expiring three years from the issuance date.
“Our company has one of the largest and most enthusiastic shareholder bases in the industry and we wanted to provide them an opportunity to invest further and support the company’s need for capital as we expand our North American footprint in the plant cultivation equipment market,” said GrowLife CEO Marco Hegyi. “With new markets coming online every month and the development of our innovative vertical grow system, GrowLife hopes to continue to capture market share through the building of our sales and marketing programs which require additional capital. This opportunity allows our shareholders to invest in a way that larger, more institutional investors do and we hope this excites them for the future.”
SUMMARY OF IMPORTANT INFORMATION ON THE OFFERING
- Each shareholder will receive one non-transferable right (the “Right”) for each share of common stock held on the record date (October 12, 2018).
- Each Right will provide the shareholder with the opportunity to purchase one unit, which includes: (i) one share of Common Stock at a subscription price of $0.012 and (ii) one warrant to purchase the Company’s common stock for a period of 3 years, one-half of which is exercisable for one share of our Common Stock at an exercise price of $0.018 per share and one-half of which is exercisable for one share of our Common Stock at an exercise price of $0.024.
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- For example: if you are issued 100 Rights, and you subscribe for 100 Units, exercising all of your rights, you will receive 100 common stock shares and 100 warrants divided into 50 warrants exercisable at $0.018 and 50 warrants exercisable at $0.024.
- Record date shareholders who fully exercise their Subscription Rights will be eligible for an over-subscription privilege entitling these shareholders to subscribe, subject to certain limitations and a pro-rata allotment, for any additional shares of common stock not purchased by others participating in the Offering
- The Offering expires at 6:00 PM Eastern Time on November 12, 2018, unless extended.
- The company expects to mail subscription certificates evidencing the Rights and a copy of the prospectus for the Offering to record date shareholders beginning on October 18, 2018. Financial Advisors will likely send notices to you shortly thereafter if you hold your shares through your broker.
The complete S-1 Amendment No. 1 can be found here.
For more information on the Offering, including form download and information on how to participate, visit Growlifeinc.com/investors/rights-offering. Additional inquiries regarding the Offering should be directed to the company at 206-483-0059 or investors@growlifeinc.com.
The Offering is made pursuant to the company’s effective shelf registration statement.
For more information about GrowLife, including the CEO’s most recent video statement, visit the company’s website. Products can be purchased at ShopGrowLife.com.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Our mission is to help make our customers successful. Through a network of local representatives covering the United States and Canada, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media, industry-leading hydroponics and soil, plant nutrients, and thousands more products to specialty grow operations. GrowLife is headquartered in Kirkland, Washington and was founded in 2012.
Public Relations Contact:
CMW Media
Cassandra Dowell, 858-264-6600
cassandra@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
info@growlifinc.com
206-483-0059