Tilray, Hexo stocks fall sharply after M&A deal

Tilray Brands Inc.

stock is down 8% in premarket trades Tuesday after the cannabis company posted a wider-than-expected loss, missed its revenue estimate and said it would buy fellow Canadian cannabis company Hexo Corp. for $56 million in an all-stock deal. Hexo stock is down 23%. Tilray’s third-quarter loss of $1.90 a share fell short of the analyst expectation for a loss of 6 cents a share. The company’s third-quarter revenue of $145.6 million missed the forecast of $145.6 million. Hexo shareholders will receive 0.4352 of a share of Tilray for each Hexo share, for an implied purchase price of $1.25... Tilray Brands Inc.

stock is down 8% in premarket trades Tuesday after the cannabis company posted a wider-than-expected loss, missed its revenue estimate and said it would buy fellow Canadian cannabis company Hexo Corp. for $56 million in an all-stock deal. Hexo stock is down 23%. Tilray’s third-quarter loss of $1.90 a share fell short of the analyst expectation for a loss of 6 cents a share. The company’s third-quarter revenue of $145.6 million missed the forecast of $145.6 million. Hexo shareholders will receive 0.4352 of a share of Tilray for each Hexo share, for an implied purchase price of $1.

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