Enveric Biosciences (NASDAQ:ENVB) Inc said it has priced its previously-announced underwritten public offering of 20 million company common shares plus warrants to purchase up to an additional 20 million shares of its common stock, for expected gross proceeds of $10 million.
Enveric noted that each common share is being sold at a price of $0.50, with each warrant enabling the holder to purchase an additional share of the company at a price of $0.55. The warrants are exercisable immediately and have an expiry date of five years following the date of issuance.
The company said it intends to use the net proceeds from the offering for working capital and to fund other general corporate purposes.
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Enveric also announced that it has granted the underwriter a 45-day option to purchase up to an additional three million company common shares and/or warrants to purchase up to an additional three million shares at the public offering price, less the underwriting discounts and commissions.
A.G.P./Alliance Global Partners is acting as sole book-running manager for the offering which is expected to close on or about February 15, 2022, subject to satisfaction of customary closing conditions.
Enveric Biosciences (NASDAQ:ENVB) is an innovative biotechnology company developing next-generation mental health and oncology treatments and clinical discovery platform, leveraging psychedelic-derived molecules for the mind and synthetic cannabinoids for the body.
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