Why Mind Medicine (MindMed) Stock Is Diving After Hours

Mind Medicine Inc MNMD shares are trading lower in Tuesday's after-hours session after the company announced a proposed public offering of common shares.

MindMed said it intends to offer and sell common shares with accompanying warrants to purchase common shares in an underwritten public offering. All of the securities that will be sold in the offering will be offered by MindMed. Terms of the offering have not been disclosed.

MindMed is a clinical stage biopharmaceutical company developing novel products to treat brain health disorders. 

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MNMD Price Action: MindMed is making new 52-week lows in Tuesday's after-hours session.

The stock was down 29.7% in after hours at $4.30 at time of publication, according to Benzinga Pro.