Why DRUG Surged Over 35% Today? Bright Minds Biosciences Inc.
Aug 24th, 2022 11:58 EST
Why DRUG surged over 35% today during the premarket hours? The stock price of Bright Minds Biosciences Inc. (Nasdaq: DRUG) flew higher than 35%, with more than 2.4 volumes today during the premarket hours. Here is what you need to know about it. On August 23rd, at 21:07 EST, Bright Minds Biosciences Inc. (Nasdaq: DRUG) announced the pricing of its previously announced overnight marketed offering of an aggregate of 2,858,000 units of the Company. The price is $1.40 per Unit for aggregate gross proceeds of $4,001,200 (the “Offering”). Bright Minds Biosciences Inc. (Nasdaq: DRUG) is a biotechnology company dedicated to developing novel drugs for the targeted treatment of neuropsychiatric disorders. The pricing has been announced per Unit. Each Unit is comprised of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder of that to purchase one Share at an exercise price of $1.76 for 24 months from the closing date. The offering will be closed under these conditions: (but it is not limited to these conditions.) The receipt of all necessary approvals. The approvals include any required approval of the Canadian Securities Exchange or NASDAQ and entry into an agency agreement between the Agent and the Company. The Company has granted Eight Capital an option, exercisable in whole or in part, at any time not later than the 30th day following the closing of the Offering, to purchase up to an additional 15% of the Units offered in the proposed Offering for market stabilization purposes and to cover over-allotments, if any. The offering financial profit will be used for preclinical development activities, clinical development activities, as well as working capital and general corporate purposes. The offering program will be conducted in every state of Canada except Quebec. It may also be offered in the U.S. according to available exemptions from the registration requirements of the U.S. Securities Act and in compliance with similar exemptions under applicable state securities laws, as well as in jurisdictions outside of Canada and the United States as agreed to by the Company and Eight Capital on a private placement or equivalent basis.