Enveric Biosciences (NASDAQ:ENVB) Inc announced the closing of its underwritten public offering that generated gross proceeds of about $10 million.
The company intends to use the net proceeds for working capital and to fund other general corporate purposes.
Enveric 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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Under the scheme, the company offered 20 million shares of its common stock and warrants to purchase up to an additional 20 million shares of common stock.
A.G.P./Alliance Global Partners acted as sole book-running manager for the offering. In addition, Enveric granted the underwriter a 45-day option to purchase up to an additional 3 million shares of common stock and/or warrants to purchase up to an additional 3 million shares of common stock at the public offering price, which the underwriter has partially exercised for warrants to purchase up to 3 million shares of common stock.
All the securities being sold were offered by Enveric. At closing, Enveric received net proceeds from the offering of approximately $9.2 million, after deducting underwriting discounts and commissions and estimated offering expenses.
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