Mind Medicine Prices $30 Million Offering At 30% Discount To Market

Mind Medicine (NEO: MMED) has elected to destroy shareholder value in a major way this morning, pricing yet another financing despite significant money in company coffers. What’s more, is the financing is at a significant discount to market.

The financing will see the company sell 7.1 million units, with each unit containing one common share and one common share purchase warrant at a price of US$4.25 per unit. Warrants to be issued under the financing contain an exercise price of $4.25, and are valid for a period of five years.

The offering is not being made available to residents of Canada, with the financing expected to raise gross proceeds of roughly $30 million. Both Cantor and RBC Capital Markets are acting as lead joint bookrunners on the offering.

READ: MindMed Starts Dosing Patients In Phase 1 Clinical Study On MDMA-Like Substances

Most significantly, the offering represents a 30.5% discount to yesterdays closing price on the Nasdaq.

As of June 30, the company reported a cash position of $105.7 million.

Mind Medicine last traded at $8.35 on the Neo.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

JR Rahn: Using LSD To Treat Mental Health – The Daily Dive

For our Saturday edition of The Daily Dive, host Cassandra Leah sits down with that...

Saturday, March 20, 2021, 01:30:00 PM

MindMed Expects Results For Anxiety, ADHD Trials By Late 2023

It seems it is business as usual for Mind Medicine, aka MindMed, (NASDAQ: MNMD) as...

Monday, January 9, 2023, 10:40:35 AM

Mind Medicine Sees Co-Founder Become An Activist Shareholder Demanding Changes

An activist shareholder battle might be brewing at Mind Medicine (NEO: MMED). This morning, co-founder...

Thursday, August 11, 2022, 08:41:59 AM

MindMed Declares US$93.0 Million Net Loss, US$133.5 Million Cash Balance For 2021

Mind Medicine Inc. (NEO: MMED), more commonly known as MindMed, announced this morning its financial...

Monday, March 28, 2022, 10:14:00 AM

MindMed Activist Investor Moves To Take Control Of Board

MindMed (NASDAQ: MNMD) has seen its activist investor file a preliminary proxy statement for its...

Friday, April 21, 2023, 09:41:30 AM