The ancillary cannabis company
Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM), announced Wednesday that it priced an underwritten public offering of 4.81 million of its shares at a price of $59 per share to collect roughly $269.3 million.
The lead book-running managers for the offering are J.P. Morgan and Stifel, while Deutsche Bank Securities, Truist Securities and William Blair were chosen as book-running managers.
The hydroponics equipment producer has provided the underwriters with a 30-day option to buy an extra 720,894 shares at the public offering price, minus the discounts and commissions.
The Fairless Hills, Pennsylvania-based company projects that the offering will end on May 3, upon the completion of standard closing requirements.
Is Hydrofarm Holdings Group (HYFM) A Smart Long-Term Buy?
Madison Funds, an investment management firm, published its “Madison Small Cap Fund” first quarter 2021 investor letter – a copy of which can be downloaded here. The Madison Small Cap Fund Class Y (at NAV) outperformed the Russell 2000 Index by 103 basis points (bps) and by 280 bps compared to the Russell 2500 Index for the Q1 of 2021. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021.
Madison Small Cap Fund, in their Q1 2021 investor letter, mentioned Hydrofarm Holdings Group, Inc. (NASDAQ: HYFM), and shared their insights on the company. Hydrofarm Holdings Group, Inc. is a Petaluma, California-based hydroponics company that currently has a $2.04 billion market capitalization. Since the beginning of the year, HYFM delivered a 14.28% return, while its 3-month returns are down by -18.38%. As of April 28, 2021, the stock closed at $60.09 per share.
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FAIRLESS HILLS, Pa., April 26, 2021 (GLOBE NEWSWIRE) Hydrofarm Holdings Group, Inc. (“Hydrofarm”) (Nasdaq: HYFM), a leading distributor and manufacturer of hydroponics equipment and supplies, announced it has entered into an agreement to acquire Field 16, LLC, the manufacturer and distributor of HEAVY 16, a line of premium plant nutrients (collectively “HEAVY 16”). The company’s first acquisition since its December 2020 initial public offering, the move further enhances Hydrofarm’s already robust portfolio of high-performance, innovative and proprietary branded products in the lighting, climate control, nutrients and growing media categories.
“As a leading hydroponics company, a key component of our growth strategy is to bring dynamic brands like HEAVY 16 under the Hydrofarm umbrella and continue to solidify our position as the acquirer of choice in this highly fragmented and fast-growing industry,” said Bill Toler, Chairman and Chief
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