The market cap of Ayr Wellness Inc (OTCQX: AYRWF) rose 12.25% to $1.18B after closing at $23.831 in the previous session. Recently, 361.55K shares of AYRWF stock were traded, which was higher than the 180.31K average daily volume. Additionally, AYRWF stock has been trading in a range of $21.060 to $24.250. There are 49.62M shares outstanding versus 31.26M float left in the pink sheets company. As a result of the accelerated warrant expiry initiative, AYRWF stock spiked.
How has AYRWF been expiring warrants?
As a rapidly expanding vertically integrated cannabis operator with a footprint across multiple states, Ayr Wellness is committed to making cannabis products of the highest quality and offering the best customer experience. The philosophy of AYRWF is to cultivate superior brand cannabis products based on the belief that all things start with quality. The AYRWF strives to enhance consumers’ everyday experience through the wonder and wellness of cannabis. Leadership at AYRWF has proven expertise in growing successful businesses through disciplined operations and financial management, and is committed to positively impacting the communities in which they operate.
Ayr Wellness reminded shareholders about the accelerated expiration of the Company’s warrants provided on August 31, 2021. AYRWF Warrants’ expiration is being accelerated pursuant to the warrant agency agreement between the Company and Odyssey Trust Company, as warrant agent, as amended, dated December 21, 2017.
In accordance with the terms of the Warrants, the expiration date is September 30, 2021 (Toronto time). On the day of the Accelerated Warrant Expiry Date, Canadian banks will be closed since National Day for Truth and Reconciliation is a national holiday in Canada. AYRWF Warrantholders are urged to exercise their Warrants by September 30, 2021 and provide the needed funding.
In addition, the AYRWF reminded the holders of the warrants who exercise their warrants for cash that they have incentive exercise rights. If you exercise the issued and outstanding warrants only for cash, AYRWF will be offering C$0.75. As part of the Warrant Incentive Program, warrant holders are eligible to exercise their warrants anytime beginning September 1, 2021 until the Accelerated Warrant Expiration.
AYRWF’s expansion strategy:
With the opening of Liberty Health Sciences West Pensacola, AYR Wellness (AYRWF) has now opened 41 dispensaries across Florida. Pensacola, Florida is home to the West Pensacola dispensary located at 2146 W, 9 Mile Rd. In expanding its retail presence in Pensacola, one of the largest metropolitan areas in the Gulf Coast region with a population of more than 500,000, AYRWF has established at least one retail location of more than 1,330 square feet. With the opening of the new location, LHS will be able to offer an expanded array of flower strains, as well as Origyn concentrates, Big Pete’s Cookies, and Secret Orchard vape cartridges from AYRWF.