Business
Ensysce Biosciences, Inc. Announces Closing of $3.0 Million Registered Direct Offering Priced at-the-Market Under NASDAQ Rules
SAN DIEGO, CA / ACCESSWIRE / February 7, 2023 / Ensysce Biosciences, Inc. (NASDAQ:ENSC) (the "Company"), a clinical-stage biotech company applying
About this update from Ensysce Biosciences, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / February 7, 2023 / Ensysce Biosciences, Inc. (NASDAQ:ENSC) (the \"Company\"), a clinical-stage biotech company applying transformative chemistry to improve prescription drug safety to reduce abuse and overdose, today announced that it has closed its previously announced registered direct offering for the purchase and sale of 3,571,431 shares of the Company's common stock at a purchase price of $0.84 per share of common stock in a registered direct offering priced at-the-market under NASDAQ rules.In addition, in a concurrent private placement, the Company issued warrants to purchase up to 3,571,431 shares of common stock. The warrants have an exercise price of $0.715 per share, are exercisable immediately following issuance and will have a term of five and one-half years from the issuance date.H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.The gross proceeds to the Company from this offering were approximately $3.0 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for general corporate purposes, which may include funding capital expenditures and working capital and repaying indebtedness.The shares of common stock described above (but not the warrants issued in the concurrent private placement or the shares of common stock underlying such warrants) were offered by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-269157) previously filed with the Securities and Exchange Commission (the \"SEC\") and declared effective by the SEC on January 17, 2023. The offering of the shares of common stock was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering have been filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or e-mail at [email protected] warrants described above were offered in a private placement under Section 4(a)(2...