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

SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2021

8. SHAREHOLDERS’ EQUITY

Shares Outstanding

The table below details the change in Company shares outstanding by class during the nine months ended September 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		1,511		-
Shares issued in connection with conversion of convertible debentures		2,580		-
Shares issued in connection with asset acquisition		30,641		-
Issuance of shares associated with subordinate voting share offering		18,000		-
Issuance of vested restricted stock units		460		-
Stock issued in connection with exercise of stock options		78		-
Balance-September 30, 2021		110,887		203

(in thousands)
Balance-December 31, 2020				93,898
Warrants issued in conjunction with broker option exercise ⁽¹⁾				163
Warrants issued in conjunction with subordinate voting share offering				9,000
Warrants expired				(358	)
Warrants converted into subordinate voting shares				(1,186	)
Balance-September 30, 2021				101,517
______________
(1) Excluded 390 warrants issuable should underwriter options be exercised.