Hempacco (NASDAQ: HPCO), a vertically integrated hemp manufacturing company, has closed on its upsized underwritten public offering. The offering consisted of an estimated 4,830,000 shares of common stock, including an additional 630,000 shares issued pursuant to the full exercise of the overallotment option by the underwriters. According to the announcement, the common shares were sold for $1.50 per share, resulting in gross proceeds of some $7.245 million before subtracting standard underwriting discounts, commissions and other offering expenses. The company anticipates using the offering’s net proceeds for sales and marketing along with potential acquisitions and upgrades to the company’s existing manufacturing facility, working capital, and other general corporate purposes.
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About Hempacco Co. Inc.
Hempacco’s goal is Disrupting Tobacco’s(TM) nearly $1 trillion industry with herb and hemp-based alternatives to nicotine cigarettes by manufacturing and marketing herb, spice and cannabinoid smokables and rolling paper. Hempacco owns The Real Stuff(TM) functional hemp cigarette and rolling paper brand. Hempacco’s operating segments include manufacturing of smokables, hemp rolling paper, and cannabinoid sticks; smokable technology development; The Real Stuff brand of functional smokables and rolling paper; Cheech and Chong Hemp Cigarettes and Hemp Hop Smokables with Rick Ross; and Snoop Dogg joint venture of hemp-derived products. For more information about the company, please visit www.Hempacco.com.
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