For a second time in recent months, High Times Holding said it has extended the deadline for its crowd-funded IPO — from Nov. 30 to Jan. 31, 2019.
The company, which needs to raise at least $14.7 million before it can trade on a public exchange, said it is getting closer to its goal, reporting it has raised $13.2 million from 15,000 shareholders thus far.
More important, it has apparently gotten a reprieve from one big debt holder — the original founders who sold majority control of High Times magazine and the cannabis- events business to private equity firm Oreva Capital, headed by CEO Adam Levin.
They were still owed $28.5 million, but agreed to take a 25 percent haircut and exchange the remaining $18 million debt for equity. But they have an out if the company still has not begun trading on a public exchange by Jan. 7.