A Canadian health and wellness company is selling off more than 4.7 million common shares at an offering of U.S. $2.65 per share to raise some $12.65 million.

Neptune Wellness Solutions, a Nashville hemp extractor and product manufacturer based in Laval, Quebec, said Monday in a company statement that it expects to use the net proceeds from this stock offering for working capital and general corporate purposes.
The purchasers were ehealthcare-focused institutional investors.

The offering, made in the U.S. only, is expected to close on Wednesday.

Neptune Wellness Solutions trades on the Toronto Stock Exchange and the Nasdaq as NEPT.