Shares of urban-gro Inc. (UGRO), a Colorado-based horticulture company that designs commercial Controlled Environment Agriculture or CEA facilities, are plunging more than 71 percent or $33.40 in Friday's morning trade at $13.60.
Thursday, urban-gro said it has priced an underwritten public offering of 5.40 million shares of its common stock at $10 per share for aggregate gross proceeds of $54 million. The stock had closed Thursday's trading at $16.00.
The company said it has received approval to list its common stock on the Nasdaq Capital Market under the symbol "UGRO", with the stock expected to begin trading on February 12, 2021. Urban-gro's shares are moving to the Nasdaq from the OTCQX Marketplace.
Urban-gro said it plans to use the net proceeds to support organic growth, to expand in the European CEA market and for general corporate purposes, including to fund potential future investments and acquisitions.
urban-gro has traded in a range of $0.37 to $16.00 in the past 52 weeks.
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