The Very Good Food Company (OTCMKTS:VRYYF) has not had a particularly great time in recent weeks as investors have continued to exit the stock. Over the course of the past three weeks, the stock has slumped by as much as 25% and in this situation, it might be important for investors to figure out if this might be an opportunity to get into the stock.
The morning the company came into focus after it announced that it is going to host the annual general meeting and the special meeting with shareholders on June 29, 2021 at 11 a.m. It is going to be a virtual meeting and will be hosted through a webcast.
It goes without saying that the events from the meeting are going to be watched closely by market analysts as well as investors. While this is an important announcement, last week The Very Good Food Company announced a bought deal offering worth as much as $15 million.
The plant based food technology firm announced that is signed an agreement with Canaccord Genuity Corp by way of which the latter is going to act as the only book runner and the lead underwriter for the offering.
As per the provisions of the deal, Canaccord is going to buy as many as 4055000 units in The Very Good Food Company for $3.70 each and it is expected to raise gross proceeds of just a bit over $15 million.
One unit is going to be made up of one common share and half of a share warrant. A whole warrant will give the holder the right to exchange it for a common share in the company for an exercise price of $4.60 a share. It should be noted that the option can be exercised at any time within 18 months from the day of the closing.