By Stacy M. Brown | NNPA Newswire Senior National Correspondent
(NNPA) – One World Products, Inc. has announced that it has filed its S-1 with the Securities and Exchange Commission as part of the recently announced common stock purchase agreement and registration rights agreement with an institutional investor for up to $10 million worth of shares issuable over 36 months.
The shares are based upon the current market price of the stock at the time.
Upon filing the S-1, the institutional investor has made its second fixed-price follow-on equity investment of $150,000, which is also subject to Rule 144 and a 6-month holding period.
Both fixed-price equity investments were priced at $0.15 per share.
One World Products Inc. (OWP) is Colombia’s largest Black-controlled, fully licensed hemp and cannabis producer.
Basketball legend Isiah Thomas serves as chairman and CEO of the company.
“We are delighted that our newest institutional investor clearly values the vision and tremendous growth potential that we see for OWP,” Thomas stated in a news release.
“Their second equity investment provides additional capital that will be used to continue to scale our operations in Colombia, enhance industrial sales of hemp products to customers and expand our carbon credits program.”
Thomas continued:
“Of tremendous importance to us has been the faith and enthusiasm this institutional investor has demonstrated, evidenced by their $300,000 investment that is priced approximately 50% higher than our recent share price.
“Even more supportive long term, they are allowing us control over the timing and amounts of future equity capital, which enables us to take advantage of sudden increases in our stock price.
“Furthermore, one of our original investors in OWP has increased his investment, enabling us to restructure our debt with much more favorable terms. I would also like to highlight that I am personally investing an additional $500,000 at $0.15 per share in $100,000 increments over the next five months.
“As an ascendant international hemp and cannabis company focused on environmental, social, and governance (ESG) standards, we believe that these latest rounds of investment and refinancing position us well to elevate the Company to the next level.”
A more detailed description of the Agreements was outlined in One World Products’ Current Reports on Form 8-K as filed with the SEC.