Mind Medicine (NEO: MMED) last night announced that it will be conducting a financing. The company is looking to raise funds via an at-the-market financing, which will be conducted on the Nasdaq Capital markets.
The financing will see the company raise up to $100.0 million via the offering, with shares to be sold directly on the Nasdaq. Shares under the program are not to be sold on a Canadian exchange or to those residing in Canada.
The company also indicated that it expects the offering to result in the issuance of up to 119.4 million shares, based on the firm trading at $0.84 at the time of the offering being filed. That however is subject to change, based upon the prevailing market prices at the time of the share sales.
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The offering is being conducted by Cantor Fitzgerald as well as Oppenheimer & Co.
While not stated directly in the news release, the company has indicated within its prospectus that the proceeds from the financing are to be used to fund the R&D of product candidates, to acquire or license products or tech, as well as for working capital and general corporate purposes.
The firm reported a cash position of $120.5 million as of March 31, 2022 within its latest financial results, which were filed last night.
Mind Medicine last traded at $1.00 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.
