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Neptune Wellness To Raise US$55.0 Million In Registered Direct Offering

Neptune Wellness (TSX: NEPT) (NASDAQ: NEPT) is looking to raise US$55.0 million a day after posting dismal financial results. The company has reportedly entered into arrangements with a number of institutional investments for the financing.

Under the terms of the financing, a total of effectively 27.5 million units of the company. The financing will see common shares sold under one placement, while a concurrent placement will see the sale of warrants, with each common share and one quarter of a common share purchase warrant being sold for a combined price of US$2.00.

Warrants issued under the placement will contain an exercise price of US$2.25 per share, and are exercisable six months after the date of issuance while having an expiry 5.5 years from the date of issuance.

Proceeds from the financing are to be used for working capital and general corporate purposes.

The financing is expected to close February 19, 2021.

The announcement this morning follows a release issued early today, wherein the company indicated it has terminated its at-the-market offering that was in place via Jefferies. A total of US$18.6 million was raised in gross proceeds from the sale of 9.6 million shares.

Neptune Wellness last traded at $1.94 on the Nasdaq.


Information for this analysis was found via Sedar and Neptune Wellness Solutions Inc. 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.

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