From Tomi Kilgore
: The U.S.-listed shares of CannTrust Holdings Inc. CTST, -13.20% TRST, -12.57%
tumbled 13% toward a four-month low in active premarket trade Thursday, after the Canada-based cannabis company announced the pricing of its common stock offering at a deep discount. The company said the 36,363,636 million share offering priced at $5.50, or 14.6% below Wednesday's closing price of $6.44. Of that total, the company is selling 30,909,091 shares for gross proceeds of $170 million, while the balance is being sold by selling shareholders. The stock offering had been announced on April 22. CannTrust's stock is on track to open at the lowest price seen during regular-session hours since Jan. 8, 2019, and for a sixth-straight loss. The stock has rallied 33.5% year to date through Wednesday, while the ETFMG Alternative Harvest ETF MJ, -1.75%
has climbed 42.3% and the S&P 500 SPX, -0.21%
has gained 16.6%.