What In The World Is Going On With Ensysce Biosciences Stock?

Ensysce Biosciences Inc ENSC shares are trading lower by 51.12% to $1.09 Wednesday morning after the comnpany announced pricing of a $4.1 million public offering.

What Happened?

Ensysce Biosciences says the offering is expected to close on or about December 9, subject to satisfaction of customary closing conditions.

20% of the gross proceeds of the offering will be used to repay a portion of the company's outstanding convertible notes. The company intends to use the remaining net proceeds from the offering for the further clinical development of its product candidates and for working capital and other general corporate purposes.

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According to data from Benzinga Pro, ENSC has a 52-week high of $140.00 and a 52-week low of $1.05.