UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
Commission File Number: 001-40258
HIGH TIDE INC.
(Registrant)
11127 - 15 Street N.E., Unit 112
Calgary, Alberta
Canada T3K 2M4
(Address of Principal Executive Offices)
Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
DOCUMENTS INCORPORATED
BY REFERENCE
Exhibit 99.1 is hereby incorporated
by reference into the Registrant’s Registration Statement on Form F-10 (File No. 333-273356) and shall be deemed to be a part
thereof from the date hereof, to the extent not superseded by documents or reports subsequently filed or furnished.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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HIGH TIDE INC.
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(Registrant)
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Date: August 2, 2024
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By
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/s/ Raj Grover
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Raj Grover
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President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit
99.1
![](https://www.sec.gov/Archives/edgar/data/1847409/000127956924000961/logo.jpg)
High Tide Announces Closing of $15 Million in
Subordinated Debt Facility
This news release constitutes
a "designated news release" for the purposes of the Company's prospectus supplement dated August 31, 2023, to its short form
base shelf prospectus dated August 3, 2023.
CALGARY, AB, Aug. 2, 2024 /CNW/ - High Tide Inc. ("High
Tide" or the "Company") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise
built to deliver real-world value across every component of cannabis, is pleased to announce the initial closing of its previously disclosed
subordinated debt facility of $1,000 principal subordinate secured debentures of the Company (each, a "Debenture") for
aggregate gross proceeds of $15 million (the "Facility") at a price of $900 per Debenture, pursuant to subscription agreements
with arm's length institutional credit providers (collectively, the "Lenders").
The Debentures will mature on July 31, 2029, and bear
interest at a fixed rate of 12% per annum on drawn amounts, payable quarterly. The Debentures are governed by the terms and conditions
of a debenture trust indenture between the Company and Olympia Trust Company in its capacity as trustee and collateral agent. The Company
may redeem the Debentures at any time prior to maturity, in whole or in part, upon sixty days' notice and payment of certain penalties
as applicable. The Company's obligations under the Debentures are collaterally secured by general security and guarantee agreements from
the Company and certain subsidiaries of the Company and rank in second position to the Company's existing senior lender.
Pursuant to the terms of the subscription agreements,
the Debentures will be drawn in two tranches: (i) $10,000,000 principal amount which has been drawn on the initial closing (the "Initial
Tranche") and (ii) $5,000,000 in November 2024 (the "Final Tranche"). The Final Tranche, until drawn, will be
subject to a 1% per annum standby fee.
In connection with the closing of the Initial Tranche,
the Company issued an aggregate of 230,760 common shares of the Company (each a "Common Share") at a price of $3.47 per
Common Share to the Lenders. The TSX Venture Exchange (the "TSXV") has conditionally approved the issuance of the Common
Shares. Issuance of the shares will be subject to the Company fulfilling all of the listing requirements of the TSXV for its final approval.
Ventum Capital Markets is acting as financial advisor
to the Corporation in connection with arranging the Facility.
All Debentures and Common Shares issued pursuant to
the Facility will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with
applicable securities legislation in Canada and restrictions on resale in the United States with applicable U.S. restrictive legends as
required pursuant to the United States Securities Act of 1933, as amended (the "U.S. Securities Act").
The net proceeds of the Facility will be used for
debt repayment, ongoing development of the Company's business model and general working capital purposes.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy the securities in any jurisdiction, nor shall there be any offer or sale of the securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offer and sale of the securities has not been and
will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold in the United States
or to United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act
and applicable state securities laws. All figures are expressed in Canadian dollars unless otherwise noted.
ABOUT HIGH TIDE
High Tide, Inc. is the leading community-grown, retail-forward
cannabis enterprise engineered to unleash the full value of the world's most powerful plant and is the second-largest cannabis retailer
globally by store count1. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated
operations across all components of cannabis, including:
Bricks & Mortar Retail: Canna Cabana™
is the largest cannabis retail chain in Canada, with 180 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba,
Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in the world.
Retail Innovation: Fastendr™ is a unique
and fully automated technology that employs retail kiosks to facilitate a better buying experience through browsing, ordering and pickup.
Consumption Accessories: High Tide operates
a suite of leading accessory e-commerce platforms across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.
Brands: High Tide's industry-leading and consumer-facing
brand roster includes Queen of Bud, Cabana Cannabis Co, Daily High Club, Vodka Glass, Puff Puff Pass, Dopezilla, Atomik, Hue, Evolution
and more.
CBD: High Tide continues to cultivate the possibilities
of consumer CBD through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.
Wholesale Distribution: High Tide keeps that
cannabis category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis
culture forward through fresh partnerships and license agreements under the Famous Brandz™ name.
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1 As reported by ATB Capital Markets based on store counts as of February 8, 2024 |
High Tide consistently moves ahead of the currents,
having been named one of Canada's Top Growing Companies in 2021, 2022 and 2023 by the Globe and Mail's Report on Business Magazine, and
was named as one of the top 10 performing diversified industries stocks in both 2022 and 2024 TSX Venture 50. High Tide was also ranked
number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023. To discover the full impact
of High Tide, visit www.hightideinc.com. For investment performance, don't miss the High Tide profile pages on SEDAR+ and EDGAR.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking
information" and "forward-looking statements within the meaning of applicable securities legislation. The use of any of the
words "could", "intend", "expect", "believe", "will", "projected", "estimated"
and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information
and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements
herein include, but are not limited to, statements regarding: the receipt of final approval of the TSXV, whether the Company will redeem
the debentures prior to maturity, the anticipated use of proceeds, and the timing of the drawing of the Final Tranche. Readers are cautioned
to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated
by these statements. Although the Company believes that the expectations reflected in these statements are reasonable, such statements
are based on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and are subject to numerous
risks and uncertainties, certain of which are beyond the Company's control, including but not limited to the risk factors discussed under
the heading "Non-Exhaustive List of Risk Factors" in Schedule A to our current annual information form, and elsewhere in this
press release, as such factors may be further updated from time to time in our periodic filings, available at www.sedarplus.ca and www.sec.gov,
which factors are incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified
by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company
undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions,
future events or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking
information, except as required by applicable law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/high-tide-announces-closing-of-15-million-in-subordinated-debt-facility-302213594.html
SOURCE High Tide Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2024/02/c4346.html
%CIK: 0001847409
For further information: CONTACT INFORMATION: Media Inquiries: Omar
Khan, Chief Communications and Public Affairs Officer, High Tide Inc., omar@hightideinc.com, 403-770-3080; Investor Inquiries, Vahan Ajamian,
Capital Markets Advisor, High Tide Inc., vahan@hightideinc.com
CO: High Tide Inc.
CNW 14:05e 02-AUG-24
High Tide (NASDAQ:HITI)
過去 株価チャート
から 8 2024 まで 9 2024
High Tide (NASDAQ:HITI)
過去 株価チャート
から 9 2023 まで 9 2024