Enveric Biosciences Closes $10 Million Public Offering

Psychedelics-based company Enveric Biosciences ENVB has closed its previously announced underwritten public offering of 20 million shares of its common stock and warrants to purchase up to 20 million shares of its common stock for gross proceeds of approximately $10 million, before deducting underwriting discounts and commissions and other offering expenses.

Transaction Details

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.

At closing, Enveric received net proceeds from the offering of approximately $9.2 million, after deducting underwriting discounts and commissions and estimated offering expenses.

The company intends to use the net proceeds from this offering for working capital and to fund other general corporate purposes.

A.G.P./Alliance Global Partners acted as sole book-running manager for the offering.

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