Why Clearmind Medicine Shares Are Nosediving

Clearmind Medicine Inc CMND shares are trading lower by 60.1% to $0.57 Tuesday morning after the company announced a $3.5 million public offering priced at $0.78 per share.

The offering is expected to close on April 6, subject to the satisfaction of customary closing conditions.

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Clearmind Medicine expects to use the net proceeds from the offering, for general corporate purposes, which may include operating expenses, research and development, including clinical and pre-clinical testing of our product candidates, working capital, future acquisitions and general capital expenditures.

According to data from Benzinga Pro, CMND has a 52-week high of $14.10 and a 52-week low of $0.55.