Business
Enveric Biosciences Inc. Announces Closing of $10 Million Registered Direct Offering
NAPLES, Fla., Jan. 15, 2021 /PRNewswire/ -- Enveric Biosciences, Inc. (NASDAQ: ENVB) ("Enveric" or the "Company"), a patient-first biotechnology company
About this update from Enveric Biosciences, Inc.
[{"type":"text","content":"NAPLES, Fla., Jan. 15, 2021 /PRNewswire/ -- Enveric Biosciences, Inc. (NASDAQ: ENVB) (\"Enveric\" or the \"Company\"), a patient-first biotechnology company developing novel cannabinoid medicines to improve quality of life for cancer patients, today announced the closing on January 14, 2021, of its $10 million registered direct offering consisting of the purchase and sale of 2,221,358 shares of Enveric's common stock and common stock equivalents, at a purchase price of $4.5018 per share. Also, Enveric has issued to the investors unregistered warrants to acquire 1,666,019 shares of Common Stock at $4.9519 per share, exercisable immediately and terminating five years after the date of issuance.\nThe net proceeds to Enveric from the offering after deducting financial advisory fees and other costs and expenses were approximately $9 million. Enveric intends to use the net proceeds from this offering for working capital and general corporate purposes. \nPalladium Capital Group, LLC acted as a financial advisor to the issuer. \nThe shares of common stock (but not the warrants or the shares of common stock underlying the warrants) were offered by Enveric pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-233260) previously filed with the Securities and Exchange Commission (the \"SEC\") on August 14, 2019, and declared effective by the SEC on November 19, 2019. The offering of the securities (other than the warrants and the shares of common stock underlying the warrants) was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. The final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered were filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus can be obtained on the SEC's website at http://www.sec.gov.\nThe warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the \"Act\"), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pu...