On February 11, 2022 Enveric Biosciences (NASDAQ: ENVB) ("Enveric" or the "Company"), a neuroscience company developing next-generation, psychedelic-inspired mental health and oncology treatments, reported the pricing of its previously announced underwritten public offering of 20,000,000 shares of its common stock and warrants to purchase up to 20,000,000 shares of its common stock (Press release, Enveric Biosciences, FEB 11, 2022, View Source [SID1234608020]). Each share of common stock is being sold together with one warrant to purchase one share of common stock at an effective combined public offering price of $0.50 per share of common stock and accompanying warrant, less underwriting discounts and commissions. The warrants have an exercise price of $0.55 per share, are exercisable immediately, and will expire five years following the date of issuance.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
A.G.P./Alliance Global Partners is acting as sole book-running manager for the offering.
In addition, Enveric has granted the underwriter a 45-day option to purchase up to an additional 3,000,000 shares of common stock and/or warrants to purchase up to an additional 3,000,000 shares of common stock at the public offering price, less the underwriting discounts and commissions.
All the securities being sold in the offering are being offered by Enveric. The offering is expected to close on or about February 15, 2022, subject to satisfaction of customary closing conditions.
The gross proceeds from the offering to Enveric, before deducting underwriting discounts and commissions and other offering expenses, excluding any proceeds that may be received upon the exercise of the option to purchase additional securities and any exercise of the warrants to purchase common stock, are expected to be $10 million. The Company intends to use the net proceeds from this offering for working capital and to fund other general corporate purposes.
This offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-257690) previously filed with the U.S. Securities and Exchange Commission (the "SEC") that was declared effective by the SEC on July 9, 2021. The offering will be made only by means of a prospectus supplement and accompanying base prospectus, as may be further supplemented by any free writing prospectus and/or pricing supplement that Enveric may file with the SEC. The preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available on the SEC’s website located at View Source." target="_blank" title="View Source." rel="nofollow">View Source The final prospectus supplement will be filed with the SEC and, once filed, will be available on the SEC website located at View Source, and electronic copies may be also obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.