cbdMD Inc (NYSEAMERICAN:YCBD) shares dipped after the company announced an offering of 2 million shares of stock.
The cannabidiol product producer hopes to raise $12 million at a price of $6 per share, 11% below its friday closing price.
It plans to use the proceeds as general working capital.
READ: Level Brands shares soar after deal to buy CBD brand cbdMD
The offering is expected to close on May 15.
The cbdMD brand includes CBD gummies, tinctures, topical, bath bombs, oils and pet products.
The Charlotte, North Carolina company’s stock tumbled 5.5% to close at $6.40.
--updates share price
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