Mind Medicine Shares Slide to 52-Week Low After Public Offering Prices

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by Chris Wack

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Shares of Mind Medicine Inc. fell 50% to $3.10 after the company said it had priced its underwritten public offering of 7.1 million common shares, along with warrants to buy 7.1 million shares.

The clinical-stage pharmaceutical company said the combined offering price of each share to the public plus the accompanying warrant is $4.25.

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The stock hit its 52-week low of $2.85 per share earlier in the session. The stock closed Wednesday’s session up 6%, and is down 85% year to date.

Each common share will be sold together with a warrant issued, and each warrant is exercisable to buy one share. The accompanying warrant shall be exercisable immediately and shall have an exercise price of $4.25 per share, and shall expire five years from the date of issue.

All securities are being sold by Mind Medicine, which expects to see $30 million in proceeds before deducting underwriting discounts and commissions and offering expenses.

The offering is expected to close on or around Friday.

Write to Chris Wack at [email protected]

Credit: www.marketwatch.com /

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