Irvine, CA – February 15, 2023 – Boustead Securities, LLC (“Boustead”) IPO client Hempacco Co., Inc. (NASDAQ: HPCO) ("Hempacco" or the "Company"), a vertically integrated hemp manufacturing company, announced the closing of its upsized underwritten public offering of 4,830,000 shares of its common stock, including an additional 630,000 shares issued pursuant to the full exercise of the over-allotment option by the underwriters. Each share of common stock was sold to the public at a price of $1.50 per share. The gross proceeds to the Company from this offering were $7.245 million before deducting underwriting discounts, commissions and other offering expenses.
Hempacco intends to use the net proceeds of the offering for sales and marketing, potential acquisitions, upgrades to its existing manufacturing facility, working capital and other general corporate purposes.
Boustead Securities, LLC and EF Hutton, a division of Benchmark Investments, LLC acted as the representatives of the underwriters for the offering.
The registration statement on Form S-1 (File No. 333-269566) relating to the shares being sold in this offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 3, 2023 and became effective on February 9, 2023. A final prospectus related to the offering was filed on February 13, 2023 and is available on the SEC’s website at https://www.sec.gov/. The offering was made only by means of a prospectus. Copies of the final prospectus may be obtained from EF Hutton, division of Benchmark Investments, LLC, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Hempacco, Co. Inc. Hempacco Co, Inc. is Disrupting Tobacco's™ nearly $1 Trillion industry with herb and hemp-based alternatives to nicotine cigarettes by manufacturing and marketing herb, spice, and cannabinoid smokables and rolling paper. Hempacco owns The Real Stuff™ functional hemp cigarette and rolling paper brand.
Hempacco Co., Inc. operational segments include:
Manufacturing of smokables and hemp rolling paper
Smokable technology development and licensing
The Real Stuff brand of functional smokables and rolling paper
Hempacco uses and licenses these patents:
Infuse any cigarette with flavor, aroma, and functionality
Cannabis paper for manufacturing paper, blunts, or cigarettes
Spray terpenes on hemp to manufacture hemp cigarettes
About Boustead Securities, LLC
Boustead Securities, LLC is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead’s core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States, Boustead’s team moves quickly and provides a broad spectrum of sophisticated financial advice and services. Boustead is a majority-owned subsidiary of Boustead & Company Limited, a diversified non-bank financial institution. For more information visit please visit: www.boustead1828.com