Business
Enveric Biosciences Announces $8 Million Registered Direct Offering and Private Placement, 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 entered into a definitive agreement with an institutional investor for the purchase and sale of 375,000 shares of the Company’s common stock (or pre-funded warrants in lieu thereof), in a registered direct offering priced at-the-market under Nasdaq rules. In addition, the Company has agreed to issue to the investor 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, will be immediately exercisable, and will expire five and one-half years from the date of issuance.\n\nConcurrently with the registered direct offering, the Company entered into definitive agreements with institutional investors 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 in a private placement priced at-the-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, will be immediately exercisable, and will expire five and one-half years from the date of issuance.\n\nH.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.\n\nThe gross proceeds to the Company from the offerings are expected to be $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. The closing of the offerings is expected to occur on or about July 26, 2022, subject to the satisfaction of customary closing conditions.\n\nThe Company also has agreed that ...