Hightimes Holdings has apparently dodged a bullet as one in all its key lenders goes to increase a deadline for an $11.5 million debt cost that’s due on Aug. 28.
The writer of the 45-year-old pro-weed publication Excessive Occasions is within the midst of trying to raise money in an IPO and, on Aug. 2, started accepting two cryptocurrencies — bitcoin and ethereum — for funding as a part of its effort.
ExWorks Capital — the identical firm that forced Penthouse Media into bankruptcy final yr — agreed to increase the due date of an $11.5 million secured debt that was initially due on Aug. 28, in accordance with a Hightimes Holdings spokesman.
The corporate is making an attempt to go public via an providing often called a Registration A+ — through which the SEC permits fledgling corporations to boost public funds with out doing a proper IPO prospectus.
Investor Adam Levin, who headed up a $42 million takeover in June 2017, stated the corporate is seeking to elevate wherever from $5 million to $50 million.
The brand new house owners are hoping to take the magazine from its hippie roots. It was based by activist-journalist and self-described pot smuggler Tom Forcade in 1974.
He dedicated suicide in 1978, and HT was run by a basis till it bought majority management to the funding group final yr. With leisure marijuana now authorized in eight states, the brand new house owners need to remodel it into a contemporary media enterprise with occasions and model extensions to reinforce the journal.