Enveric Biosciences Shares Fall After $10M Equity Raise

Enveric Biosciences Inc ENVB has priced its previously announced underwritten public offering of 20 million shares and warrants to purchase up to 20 million shares at a combined price of $0.50 per share.

• The warrants have an exercise price of $0.55 per share, are exercisable immediately, and will expire five years following the date of issuance.
• The gross proceeds are expected to be $10 million.
• Related: Enveric Biosciences' CBD-Based Product Reduces Dermatitis Severity In Animal Study.
• Underwriters have an option to purchase up to an additional 3 million shares and/or warrants to purchase up to an additional 3 million.
• The offering will close by February 15.
• The Company will use the proceeds for working capital and fund other general corporate purposes.
• Price Action: ENVB shares are down 46.5% at $0.35 during the market session on the last check Friday.