Business
Enveric Biosciences Inc. Announces Closing of $12.8 Million Registered Direct Offering of Common Stock
NAPLES, Fla., Feb. 12, 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., Feb. 12, 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 February 11, 2021 of its previously announced registered direct offering of 3,007,026 shares of its common stock, at a purchase price of $4.27 per share for gross proceeds of approximately $12,840,000. Enveric has also issued to the investors unregistered warrants to acquire 1,503,513 shares of common stock at $4.90 per share, exercisable immediately and terminating five years after the date of issuance. \nThe net proceeds to Enveric from this offering are approximately $11.5 million after deducting financial advisory fees and other costs and expenses of the offering. 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 Company.\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, and an additional registration statement on Form S-3 (File No. 333-252880) filed on February 9, 2021 pursuant to Rule 462(b), which became effective automatically upon filing. The offering of the shares of common stock was made only by means of a prospectus and prospectus supplement forming a part of the effective registration statement. Electronic copies of the prospectus supplement and accompanying prospectus may 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 pursuant to an effective registration statement o...