Hempacco Co., Inc. Announces Closing of Upsized $7.245 Million Public Offering Including Full Exercise of Over-Allotment Option
San Diego, California--(Newsfile Corp. - February 14, 2023) - Hempacco Co., Inc. (NASDAQ: HPCO) ("Hempacco" or the "Company"), a vertically integrated hemp manufacturing company, today announced the closing of its upsized underwritten public offering of 4,830,000 shares of its common stock, including an additional 630,000 shares issued pursuant to the full exercise of the over-allotment option by the underwriters. Each share of common stock was sold to the public at a price of $1.50 per share. The gross proceeds to the Company from this offering were $7.245 million before deducting underwriting discounts, commissions, and other offering expenses.
Hempacco intends to use the net proceeds of the offering for sales and marketing, potential acquisitions, upgrades to its existing manufacturing facility, working capital, and other general corporate purposes.
Boustead Securities, LLC and EF Hutton, division of Benchmark Investments, LLC, acted as the representatives of the underwriters for the offering.
The registration statement on Form S-1 (File No. 333-269566) relating to the shares being sold in this offering was filed with the U.S. Securities and Exchange Commission (the "SEC") on February 3, 2023 and became effective on February 9, 2023. A final prospectus related to the offering was filed on February 13, 2023 and is available on the SEC's website at https://www.sec.gov/. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from EF Hutton, division of Benchmark Investments, LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at firstname.lastname@example.org.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Hempacco Co., Inc.'s goal is Disrupting Tobacco's™ 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™ 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
- Snoop Dogg Joint Venture of Hemp-Derived Products
Learn more at www.hempacco.com
Order products at www.realstuffsmokables.com
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: (i) potential failure to meet projected development and related targets; (ii) changes in applicable laws or regulations that may impact our products and business; (iii) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (iv) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC") by the Company. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
For investor inquiries, please contact:
Sandro Piancone, CEO of Hempacco
Investor Relations: email@example.com
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