Tilray stock drops following announced secondary offering

Tilray Brands Inc. shares
TLRY,
-2.48%

TLRY,
-3.34%
dropped in the extended session Thursday after the cannabis company filed for a secondary offering. Tilray shares fell as much as 19% after hours, following a 2.5% decline to close the regular session at $2.36. The company said it was issuing $150 million in senior convertible notes due in 2027. Tilray said it was using a portion of the proceeds to help pay down debt. Jefferies and B of A Securities are underwriting the offering. At the close, Tilray shares were down 12.2% year to date, compared with an 8.1% gain on the S&P 500 index
SPX,
+0.88%.