Enveric Biosciences Stock Is Nosediving Today: What's Happening?

Enveric Biosciences Inc ENVB shares are trading lower by 21.84% to $7.55 Monday morning after the company announced an $8 million registered direct offering and private placement.

Enveric Biosciences says the gross proceeds to the company from the offerings are expected to be $8 million, before deducting placement agent fees and other offering expenses payable by the company.

Enveric Biosciences intends to use the net proceeds from the offerings for working capital and general corporate purposes. The closing of the offerings is expected to occur on or about July 26, subject to the satisfaction of customary closing conditions.

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Enveric Biosciences is a patient-centric biotechnology company.

According to data from Benzinga Pro, Enveric Biosciences has a 52-week high of $187.00 and a 52-week low of $7.29.