Enveric Biosciences (ENVB, Financials) priced a $5 million public offering, sending its shares down 40.51% to $2.32 in Friday's premarket trading.
With each valued at $3.00, the offering comprises 1.67 million ordinary equity shares along with warrants. Subject to usual closing conditions, the business anticipates the deal to completion by February 3, 2025.
Both exercisable at $3.00 per share, the offering consists of Series A and Series B warrants. The Series A warrants last five years; the Series B warrants expire in eighteen months.
The only placement agency for the deal is H.C. Wainwright & Co. Before subtracting fees and expenditures, the total income is projected to be around $5 million. Enveric said it would use the money for general company needs, working capital, and product development.
Under a registered statement on Form S-1, which the Securities and Exchange Commission deemed effective on Jan. 30, the offer is being undertaken. On the SEC's website will be a final prospectus accessible.
Developing neuroplastogenic small-molecule therapies targeted at treating anxiety, depression, and addiction disorders is the specialty of Enveric Biosciences. Designed to encourage neuroplasticity without hallucinations, EB-003, the company's flagship medication candidate is getting ready for clinical testing.
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