The Canada based company, Cronos Group Inc. (NASDAQ:CRON) closed with change of -2.32% to $8 with the total traded volume of 1624240 shares versus to an average volume of 1.88M. The stock was down in the 5 days activity -4.76%. The one month performance of stock was high 7.90%. CRON shares are above 99.64% for the quarter and driving a 273.01% rally over the course of the past year and is now up 3.50% since this point in 2018. The average volatility for the week and month was at 7.65% and 8.37% respectively.
Cronos Group Inc. (NASDAQ:CRON) declared that it has entered into an agreement with a syndicate of underwriters co-led by GMP Securities L.P. and BMO Capital Markets to sell 10,420,000 common shares (11,983,000 common shares if the over-allotment described below is exercised in full) of the Company, on a “bought deal” basis, at a price of $9.60 per common share, for gross proceeds of approximately $100.0 million (approximately $115.0 million if the over-allotment option is exercised in full).
The Company intends to use $15.0 million of the net proceeds of the offering for capital expenditures relating to international operations and capacity expansion, and the remaining net proceeds of the offering for general working capital purposes, including working capital for the Company’s international operations, and as capital on hand for potential new investment opportunities.
Completion of the offering is subject to, and conditional upon, the receipt of all necessary approvals, including approval of the NASDAQ Global Market and the TSX Venture Exchange and the applicable securities regulatory authorities. The offering is expected to close on or about April 6, 2018. Cronos Group has also granted the underwriters an over-allotment option to purchase up to an additional 1,563,000 common shares on the same terms and conditions, exercisable in whole or in part at any time and from time to time up to 30 days following closing of the offering.
Shares of Cronos Group Inc. have been recently spotted trading -32.77% off of the 52-week high price. On the other end, company shares have been noted 700.00% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 1.00 – 11.90. Switching over to some distances from popular moving averages, we see that the stock has been recorded -2.72% away from the 50 day moving average and 103.29% away from the 200 day moving average. Moving closer, we can see that shares have been trading -7.01% off of the 20-day moving average.