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EX-10.1 - PROSPECTUS SUPPLEMENT - GROWLIFE, INC. | phot_101.htm |
8-K - CURRENT REPORT - GROWLIFE, INC. | phot_8k.htm |
Exhibit
99.1
GrowLife, Inc. Extends Rights Offering to Shareholders through
November 30, 2018
KIRKLAND,
Wash. – November 16, 2018 – GrowLife, Inc. (OTCQB:
PHOT), one of the nation’s most recognized indoor cultivation
product and service providers, today announced it has extended
until Friday, November 30, 2018, its previously disclosed rights
offering pursuant to which it plans to raise up to $6,000,000
through the distribution of subscription rights and exercise
thereof (the “Offering”).
The
Company has chosen to extend the offering period to give
stockholders, particularly those holding shares in street name who
may have only recently received applicable materials, additional
time to participate in the Offering should they desire to do so and
due to the original expiration date falling on a
holiday.
SUMMARY
OF THE TERMS OF THE OFFERING
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Each
shareholder will receive one non-transferable right (the
“Right”) for each share of common stock held on the
record date (October 12, 2018).
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Each
Right will include one share of Common Stock and two one-half
warrants at a subscription price of $0.012. The purchase
price will be payable in cash to the company.
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The
warrants included in each Right will be exercisable for one-half of
the number of rights for one share of our Common Stock at an
exercise price of $0.018 per share and one-half warrant exercisable
for one share of our Common Stock at an exercise price of $0.024.
For example: if you subscribe for 100 Units you will receive 100
common stock shares and 100 warrants divided into 50 warrants
exercisable at $0.018 and 50 warrants exercisable at
$0.024).
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Record
date shareholders who fully exercise their Subscription Rights will
be eligible for an over-subscription privilege entitling these
shareholders to subscribe, subject to certain limitations and a
pro-rata allotment, for any additional shares of common stock not
purchased pursuant to the Subscription.
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The
Offering expires at 6:00 PM Eastern Time on Friday, November 30,
2018.
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The
complete S-1 Amendment No. 2, which is subject to final SEC
approval, can be found here.
This press release is not intended to and does not constitute an
offer to sell or the solicitation of an offer to subscribe for or
buy or an invitation to purchase or subscribe for any securities in
any jurisdiction, nor shall there be any sale, issuance or transfer
of securities in any jurisdiction in contravention of applicable
law. No offer of securities shall be made except by means of
a prospectus meeting the requirements of Section 10 of the
Securities Act of 1933, as amended.
The Offering is made pursuant to the company’s effective
shelf registration statement.
For more information on the Offering including form download and
information on how to participate, visit Growlifeinc.com/investors/rights-offering.
Additional inquiries regarding the Offering should be directed to
the Company at 206-483-0059 or investors@growlifeinc.com
For more information about GrowLife, including the CEO’s most
recent video statement, visit the company’s website. Products
can be purchased at ShopGrowLife.com.
in the US and GrowLifeHydro.ca/
in Canada.
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About GrowLife, Inc.
GrowLife, Inc. (PHOT) aims to become the nation’s largest
cultivation service provider for cultivating organics, herbs and
greens and plant-based medicines. Our mission is to help make our
customers successful. Through a network of local representatives
covering the United States and Canada, regional centers and its
e-Commerce team, GrowLife provides essential goods and services
including media, industry-leading hydroponics and soil, plant
nutrients, and thousands more products to specialty grow
operations. GrowLife is headquartered in Kirkland, Washington and
was founded in 2012.
Public Relations Contact:
CMW Media
Cassandra Dowell, 858-264-6600
cassandra@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
info@growlifinc.com
206-483-0059