Business
Enveric Biosciences Announces Closing of $8 Million Registered Direct and Private Placement Offerings, Priced at a Premium to Market Under Nasdaq Rules
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Enveric Biosciences, Inc. (NASDAQ: ENVB) (“Enveric” or the “Company”), a neuroscience-focused biotechnology company
About this update from Enveric Biosciences, Inc.
[{"type":"text","content":" CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nEnveric Biosciences, Inc. (NASDAQ: ENVB) (“Enveric” or the “Company”), a neuroscience-focused biotechnology company developing next-generation, psychedelic-inspired mental health medicines, today announced that it has closed its previously announced registered direct offering for the purchase and sale of 375,000 shares of the Company’s common stock (or pre-funded warrants in lieu thereof), priced at a premium to market under Nasdaq rules. In addition, the Company has issued to the investors in the registered direct offering unregistered preferred investment options (the “preferred investment options”) to purchase up to 375,000 additional shares of the Company’s common stock. The purchase price for one share of common stock (or pre-funded warrant) and one preferred investment option to purchase one share of common stock is $8.00. The preferred investment options have an exercise price of $7.78 per share, are immediately exercisable, and will expire five and one-half years from the date of issuance.\n\nThe Company also closed its previously announced private placement offering for the purchase and sale of 625,000 shares of common stock (or pre-funded warrants in lieu thereof) and preferred investment options to purchase up to 625,000 shares of the Company’s common stock priced at a premium to market under Nasdaq rules. The purchase price for one share of common stock (or pre-funded warrant) and one preferred investment option to purchase one share of common stock is $8.00. The preferred investment options have an exercise price of $7.78 per share, are immediately exercisable, and will expire five and one-half years from the date of issuance.\n\nH.C. Wainwright & Co. acted as the exclusive placement agent for the offerings.\n\nThe gross proceeds to the Company from the offerings were approximately $8 million, before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offerings for working capital and general corporate purposes.\n\nThe Company also amended certain existing warrants to purchase up to an aggregate of 122,000 shares of common stock of the Company that were previously issued to the investors, with an exercise price of $27.50 per share and expiration date of February 15, 2027, effective upon the closi...