Business based on psychedelics Enveric Biosciences (NASDAQ: ENVB) a closed its previously announced underwritten public offering of 20 million common shares and warrants to purchase up to 20 million common shares for gross proceeds of approximately $10 million, before deducting underwriting discounts and commissions and other offering expenses.
Enveric granted the subscriber a 45-day option to purchase up to 3 million additional common shares and/or warrants to purchase up to 3 million additional common shares at the public offering price, which the underwriter partially exercised against warrants to purchase up to 3 million common shares.
At the closing, Enveric received net offering proceeds of approximately $9.2 million, after deducting subscription discounts and commissions and estimated placement costs.
The company intends to use the net proceeds of this offering for working capital and to fund other general business needs.
AGP/Alliance Global Partners acted as sole bookrunner for the offering.