Debra BorchardtAt the end of June, Village Farms International (NASDAQ: VFF) filed a $200 million offering but delayed its effectiveness until today. Village Farms said that the proceeds would be used for working capital and general corporate purposes.
The offering is a mixed-shelf offering in that there are several securities options mentioned in the filing, including common shares, preferred shares, subscription receipts, debt securities, and warrants. As of May 17, the company had 111,290,189 common shares outstanding.
Village Farms also recently amended its annual report for 2023 and renewed its employment agreement with Ann Gillin Lefever, the company’s chief operating officer.
The company’s annual report stated that 2023’s sales fell to $285 million from $293 million in 2022. Net losses for 2023 also fell, to $31 million in 2023 from net loss of $101 million the year prior. The company’s total liabilities at the end of 2023 are $148 million.
