Lowell Farms Inc. Quarterly report pursuant to Section 13 or 15(d)

SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2021

8. SHAREHOLDERS’ EQUITY

Shares Outstanding

The table below details the change in Company shares outstanding by class during the six months ended June 30, 2021:

	Subordinate		Super
(in thousands)	Voting Shares		Voting Shares
Balance—December 31, 2020		57,617		203
Shares issued in connection with exercise of warrants		1,325		-
Shares issued in connection with conversion of convertible debentures		2,393		-
Shares issued in connection with asset acquisition		30,641		-
Issuance of vested restricted stock units		371		-
Stock issued in connection with exercised of stock options		76		-
Balance—June 30, 2021		92,423		203

(in thousands)
Balance—December 31, 2020				93,898
Warrants issued in conjunction with broker option exercise (1)				163
Warrants expired				(358	)
Warrants converted into subordinate voting shares				(1,000	)
Balance—June 30, 2021				92,703

(1) Excluded 390 warrants issuable should underwriter options be exercised.